300 E 42nd St
New York, NY 10017
Property For Lease

300 East 42nd Street is located on a prime corner in one of Manhattan’s most densely populated office areas, boosting over 65,000 employees within a 1-mile radius. The area is home to over 95,000 residents with a median HH income of $108,000. In addition, there are nine hotels located within a four-block radius of the building. Further, there are multiple marquee projects in the pipeline, including One Vanderbilt and the two new towers planned for the Pfizer and Grand Hyatt sites, which will continue to transform the area and provide significant tailwinds for the retail at 300 East 42nd. The asset, in specific, is set to undergo an impressive makeover, including updating the entrance, lobby, mechanicals, elevator cabs, and an exterior facelift to attract a wide swath of prospective tenants. The current conditions, as well as the future developments, lend us to be bullish on the retail prospects for the building. They are willing to continue to house large office tenants after a recent City Council vote affirmed the rezoning plans to add 6.8 million square feet of new office space to the midtown east area. Also, the plans will modernize 6.6 million square feet of current office space in midtown east. The projects are expected to create over 28,000 permanent jobs, which will provide an influx of employees, providing an opportunity for retailers to capture and service these tenants. In addition to the new space created and in exchange for rezoning benefits, developers will contribute to the District Improvements Fund, which will provide significant investment into the area’s transit and pedestrian network, specifically around Grand Central Terminal. The fund is expected to provide half a billion dollars in improvements, furthering the development of midtown east.