Midtown East, the eastern portion of Midtown Manhattan, boasts a top-notch cultural scene complete with a seemingly endless list of shops, restaurants, bars, and historic sites. This commercial hub attracts tens of thousands of commuters every day thanks to the nearby Grand Central Terminal.
Midtown Manhattan—the largest central business district in the world— is sometimes divided into sections including Midtown West and Midtown East. “Midtown East” usually refers to the area between 42nd and 59th Street and between 5th Avenue and the East River, while Midtown West covers the area between 34th and 59th Streets and between 5th and 12th Avenues. Midtown East is composed of several smaller neighborhoods, such as: Turtle Bay, Tudor City, Beekman Place, and Sutton Place.
What our brokers say about Midtown East
Midtown East is one of the most internationally-recognized parts of New York City thanks to the array of postcards and TV shows that feature its buildings and streets. It is also widely known for its tourism, business, and high-end shopping. The Chrysler Building, Rockefeller Center, and United Nations Headquarters all lie within its borders. Along with the United Nations Headquarters, many foreign consulates, embassies, and international non-profits operate in the area. Therefore, companies with international and global connections, particularly law firms, will find themselves in good company in Midtown East office space. The Rockefeller Center draws tourists and houses many well-known businesses.
Midtown East tends to be full of tourists and business people during the day and slow down to some degree at night. Even during the day, visitors and locals might find quieter spots east of Third Avenue amongst some of the small parks. The population is mostly professional and highly diverse. While visitors won’t see as much greenery in Midtown East, there are a few areas for a reprieve from the city’s constant buzzing. The nearby Central Park has more than 800 acres of space to escape to, or you can head to Bryant Park. Those looking to take a break from the office and enjoy some quiet time can take refuge in the 42nd Street Library.
Midtown East contains several small neighborhoods, or sub-neighborhoods. Tudor City is a 13-building apartment complex located on the southern side of Turtle Bay. It is the world’s first skyscraper complex. Prospect Tower, Tudor Tower, and Windsor Tower are the complex’s three tallest buildings. Tudor City contains 11 co-op apartment buildings, one all-rental building, and a transient hotel, along with two parks and some shops and restaurants. Sutton Place is a quiet, sophisticated neighborhood and has been home to several famous people like Marilyn Monroe, Sigourney Weaver, and Freddie Mercury. It stretches from 53rd Street to 59th Street between the East River and Second Avenue. Some people say it’s the most prestigious neighborhood in Manhattan. Turtle Bay, which covers the area between 43rd Street to 53rd Street, is the site of the United Nations and the Chrysler Building. Fujitsu, Avianca, Ethiopian Airlines, and Trans World Airlines all operate here. Beekman Place is located within Turtle Bay between the East River and First Avenue and between 48th Street and 52nd Street. This small but beautiful neighborhood mostly contains townhomes. It is served by subway lines 6, E, and V.
Midtown East office space for lease | By the numbers
|Office Space for Lease||Price per square foot|
Lease data & trends
Midtown East office space rental prices are comparable to that of Midtown Manhattan. Overall, Midtown Manhattan currently houses just over 287 million square feet of office space, which is more than half of New York City’s total inventory. Developers were working on adding just over 13 million more square feet of office space to Midtown as of Q2 2019. Available office space in Midtown Manhattan varies dramatically by size and style, so the region offers plenty of appealing options for businesses in any industry and for companies that plan to grow fast.
The average asking rent for office space in Midtown Manhattan rests at just under $87 per square foot. This pricing is higher than the $82 per square foot NYC average. Currently, just over 7 percent of Midtown office space is vacant and available to new renters. Midtown has more than twice as much Class A office space as Class B. Class A office space rents for an average of just under $95 per square foot. Class B space in Midtown is much cheaper at approximately $67 per square foot. Leasing prices vary significantly throughout the business district.
Subleasing office space is a cost-cutting option for businesses that want to save money but still work in Midtown East. Office subleases are arranged directly with a current office tenant and may lack the assurances that come with a direct lease through a landlord. However, for businesses that need additional flexibility, lower costs, and privacy unavailable at a coworking office, subleasing could be a good strategy.
Getting around: Transportation
Midtown East offers more transportation options than most areas of NYC. With Grand Central Terminal at its core, Midtown East commuters have access to numerous trains and buses. Metro-North’s Harlem (New York), Hudson (New York), and New Haven (Connecticut) Lines all terminate at Grand Central. Commuters can travel to the Bronx in NYC; Westchester, Putnam, or Dutchess counties in New York State; as well as Fairfield and New Haven counties in Connecticut.
Midtown East commuters can choose from a variety of subway lines and buses. Subway lines 4, 5, and 6 stop at 42nd Street and 39th Street, and the 6 also stops at 51st Street and 33rd Street. Lines B, D, F, and M stop at 34th Street, 42nd Street, and 47-50 Street station. Line F stops at 57th Street, and the E and M lines stop at 5th Avenue and Lexington Avenue. The 7 and S stop at Grand Central Terminal, and the 7 also stops at 5th Avenue. Lines N, Q, R, and W stop at 34th Street and 6th Avenue. Midtown East’s bus options include: M1, M2, M3, M4, M15, M34A, M42, M101, M102, and M103 all stop in Midtown East.
We don’t recommend traveling by car unless you absolutely have to. In general, Manhattan’s traffic tends to be very congested. According to the annual INRIX Global Traffic Scorecard, New York City is the third most congested city in the world and second in the United States, only behind Los Angeles.
The two closest airport options are Newark Airport and LaGuardia Airport, and JFK lies within reasonable driving distance as well.
Top commercial real estate listings
Ready to secure a Midtown East office space? Contact one of SquareFoot’s experienced brokers for assistance. Or, check out one of these three highly recommended properties. They all currently have space available:
– 560 Lexington Avenue: 560 Lexington Avenue is an office building located at the corner of Lexington Avenue and East 50th Street between the General Electric Building and St. Bartholomew’s Church. The Eggers Group designed 560 Lexington Avenue, which opened officially in 1981. This 22-story building has 350,000 square feet of rentable space and currently houses KPMG, Bayern LB, Vodafone, Vector Media, and Mitsui & Co. At the moment, one unit that is 17,204 square feet in size remains open and available to rent at 560 Lexington Avenue. Contact us for pricing information or for a tour. This building possesses an impressive Walk Score of 98 and rests in close proximity to subway lines 4, 5, 6, 7, E, and M. Get lunch nearby at The National, San Martin, Dos Caminos, Four Seasons, or Maloney & Porcelli.
– 375 Park Avenue: The Seagram Building, located at 375 Park Avenue between East 52nd and 53rd Streets, stretches 38 stories tall and spans 891,998 square feet in size. Built in 1958, the Seagram Building earned the designation “the millennium’s most important building” from The New York Times. Amenities include a plaza, a 150-car parking garage, and three restaurant spaces. MIC Capital, Nearwater Capital, Temasek, Park Avenue Hotel Acquisition, and RFR Realty rent space at 375 Park Avenue already. To join them, consider touring one of the building’s 20 currently available units ranging from 150 to 194,442 square feet in size. Contact us to see floor plans, schedule a tour, or learn more about pricing for the available units. Take subway lines E, M, N, R, W, 4, 5, and 6 to access this property.
– 211 East 43rd Street: 211 East 43rd Street is an office building located in the Grand Central neighborhood between 2nd and 3rd Avenues. It features new windows, a variety of floor plans, lobby updates, and a new fire and life safety system. Currently, 26 units are open and available to new renters. They range from 100 to 4,725 square feet in size. Contact us for pricing and floor plan details. Businesses already renting space at 211 East 43rd Street include Knotel, Clarion Partners, Meadow Partners, Rennert International, and Project Sunshine. The property has a Walk Score of 100. Take trains S, 4, 5, 6, or 7 to access the property. Grab coffee just steps from the office at Aroma Espresso Bar, Pret a Manger, or Macchiato Espresso Bar.
The Bureau of Manhattan’s name came from the word ‘manahahtaan’ from the Lenape language. The Lenape Native Americans lived in the area now known as Manhattan for many generations. In the early 1500s, Giovanni da Verrazzana visited the region and became the first known European to see the land. About 100 years later, Europeans began settling there as well. Through the years, Manhattan changed from farmland to a battle site during the American Revolution to an economic center. The construction of the New York City Subway in the early 1900s spurred the city’s economic development.
Like the rest of Manhattan, Midtown East used to be mainly composed of farms, but in the 1920s, Midtown was reborn for a different purpose. Once a forgotten part of town, investors transformed the neighborhood into a business district, complete with the engineering feat of Grand Central Station. Though Lower Manhattan had previously driven most of the city’s economy, Midtown became a force of its own that rivaled even Wall Street with its business influence. Factories, coal yards, and breweries brought new life to the neighborhood.
Sutton Place was born in 1875 when E. B. Sutton constructed upscale homes to bring affluent people to the area. At first, his strategy didn’t appear to be working, but eventually in the 1920s, the rich took a renewed interest in the area. Even today, Sutton Place is one of the most expensive neighborhoods in NYC—lots of politicians and diplomats have chosen to purchase homes there.
Another major part of Midtown East’s history involves the construction of Grand Central Terminal. Cornelius Vanderbilt opened a railroad station at Grand Central in 1871. Though it was torn down at one point, it was rebuilt in 1913, and that same terminal stands today.