Midtown Manhattan’s Central Park, an urban oasis sandwiched between Upper East Side and Upper West Side, serves as the template for numerous parks all over the world. Central Park remains one of the city’s most iconic locations, right along with Times Square and the Empire State Building. Established in 1858, the park spans 843 acres and boasts 42 million visitors annually. Though many people imagine Central Park as chiefly a tourist destination, the Central Park area also offers ideal opportunities to rent office space. Viva Lifestyle & Travel notes that the Central Park area of Manhattan might be New York City’s most desirable, and The Wexler Team says it provides a ridiculously convenient lifestyle.
What our brokers say about Central Park
Leasing office space in and around Central Park holds many benefits. For one, the south end is located in Midtown Manhattan, the world’s largest central business district. Two, its insane number of daily visitors ensures local businesses will have access to an enormous talent pool and a group of potential clients. Three, employees working in buildings near Central Park will always have quick access to walking trails and greenery when they need a break from the office. Four, Central Park has something for everyone, including countless restaurants, museums, nature sanctuaries, historic landmarks, theaters, athletic areas, and even a zoo.
When locals discuss Central Park office buildings, they may consider them to be in the Upper East Side, the Upper West Side, the Plaza District, Park Avenue, or Central Park South. Sometimes buildings are assessed based on how many blocks they are from Central Park. However you decide to designate them, securing office space in the Central Park neighborhood is great for business. Some of the tallest and most well-known skyscrapers in the Central Park area include 432 Park Avenue, 38 Park South, 53 West 53rd Street tower, 111 West 57th Street, One57, and 220 Central Park South. To learn about SquareFoot’s most recommended properties near Central Park, visit the “Top commercial real estate listings” section.
Central Park contributes greatly to New York City’s economy because of its significant draw for tourists, numerous major events, private investments, and close by businesses. A 2015 report indicated that visitors in 2014 helped generate $203.8 million in city-wide economic output. New York residents, too, often visit the park—27 million times in 2014, according to the report. “Using data obtained from the New York City Department of Finance, we estimate that in fiscal year 2014, proximity to Central Park added more than $26.0 billion to the market value of properties on the blocks closest to the Park—from Lexington Avenue on the east to Amsterdam Avenue on the west, and from 53rd Street on the south to 116th Street on the north,” according to the report.
Most information about business in the Central Park neighborhood discusses the geographic locations immediately adjacent to the park itself. However, we’d be remiss if we failed to mention the amenities of Central Park itself. National Geographic neatly divides Central Park into the south end, midpark, and the north end. The Grand Army Plaza entrance stands at the south end of Central Park and featuring a statue of General Sherman. Across the street lies the Sherry-Netherland Hotel. Just inside the park on the south end lies the Wollman Rink, where visitors can ice skate in the winter or roller skate during warmer weather. Also nearby are the Central Park Zoo and the Dairy Visitor Center. Venture a bit farther into the park to find the Bethesda Terrace and Fountain, a popular place to take selfies.
Midpark, find the Metropolitan Museum of Art and the American Museum of Natural History, as well as the Great Lawn, which is both a sports complex and a concert venue. The north end of Central Park contains the Duke Ellington Memorial and the six-acre Conservatory Garden. The Garden offers a wonderful reprieve from the hustle of the city. Employees working in nearby buildings may enjoy taking a stroll through it or finding a spot to eat lunch during the workday. Highly recommended lunch destinations in the neighborhood include Loeb Boathouse, Tavern on the Green, Cantor Roof Garden Bar, and Kerbs Boathouse Cafe.
Central Park office space for lease | By the numbers
|Office Space for Lease||Price per square foot|
|Upper East Side||$73.75|
|Upper West Side||$71|
Lease data & trends
Central Park is part of the Midtown Manhattan office market, where office space varies considerably by size and style; therefore, the region offers plenty of appealing options for businesses in any industry and for companies that plan to grow. In Midtown, office space leases for an average of just under $87.25 per square foot. Office spaces near Central Park tend to lease for less than that, but it depends on what side of the park a building is on.
Central Park is sandwiched between Upper West Side and Upper East Side, so office rental pricing can vary depending on proximity to those neighborhoods. Upper East Side office space costs an average of just under $73.75 per square foot to rent, just below the $74 per square foot Manhattan average. Similar to the UES, the Upper West Side is an affluent and primarily residential neighborhood. However, office rental prices are slightly lower in the Upper West Side—an average of just under $71 per square foot.
Getting around: Transportation in Central Park
Central Park offers decent transportation options, especially subways and buses. Central Park has several close by subway stations, including 59th Street—Columbus Circle (subway lines 1, 2, A, B, C, and D); 57th Street (subway lines N, Q, R, and W); and Fifth Avenue—59th Street (N, R, and W). Buses M1, M2, M3, M4, M5, M7, M66, M72, M79 SBS, M86 SBS, M96, and M106 stop in the Central Park area.
To drive into the Central Park neighborhood, take 66th Street, 79th Street, 86th Street, or 97th Street. Central Park Tours recommends LaGuardia Airport, Newark Liberty International Airport, or Midtown Skyport for those who need to fly nationally or internationally.
Top commercial real estate listings
Ready to secure office space in Central Park, one of the most iconic locations in New York City? Contact one of our experienced brokers for suggestions. Or, just look at these three SquareFoot-recommended properties in the area. All of them currently have units available for rent.
– 57 West 57th Street: 57 West 57th Street is an Art Deco-style office building with a marble facade and lobby. Located two blocks from Central Park, this building benefits from its close proximity to Columbus Circle’s transportation opportunities and Midtown Manhattan’s bustling commercial area. 57 West 57th Street tends to attract dental and medical tenants. Toothsaver, Health Smile Dental Arts, Institute for the Study of Aging, and New York Physical Rehabilitation & Wellness Center all have offices at this location. Currently, 57 West 57th Street offers six units available for rent ranging from 80 to 3,034 square feet in size. Contact us for pricing details or for a tour of the property. Take trains B, D, E, F, M, N, Q, R, W, or 1 to access the building. The immediate area contains a great variety of coffee shops and lunch restaurants. Visit Mangia, Joe’s Shanghai, FIKA 58th Street, Wayfarer, or Five Guys just steps from the office.
– 625 Madison Avenue: The Revlon Building (or the Plaza Building) rests at 625 Madison Avenue in the Plaza District, also called Central Park South. Built in 1956, this office building stretches 10 stories high and contains 563,000 square feet of office space; it also features a glass window wall, a newly-renovated two-story atrium lobby, and 24/7 access. It lies in close proximity to many of the city’s 5-star hotels and highly recommended restaurants, such as the 21 club, Daniel, and II Gattopardo. Key tenants renting space in the Revlon Building include Neiman Marcus, Swarovski, Polo/Ralph Lauren, Baccarat, and Fratelli Rossetti. Right now, 18 units are open to new tenants at 625 Madison Avenue. Available spaces range from 3,305 to 45,796 square feet in size, so there is something for everyone. To tour the spaces or learn more about pricing, contact us. Easily reach 625 Madison Avenue via trains 4, 5, 6, E, F, M, N, R or W. Several parking garages are located within reasonable walking distance for those who want to drive.
– 600 Madison Avenue: Emery Roth & Sons designed 600 Madison Avenue, a 26-story office building constructed in 1965. The building features a freight elevator, a well-kept lobby, and a sleek exterior. This office building boasts a prime location on Madison Avenue in Midtown Manhattan, which offers its tenants close proximity to other businesses, endless restaurant options, and excellent transportation. Alvarez & Marsal, Weil Gotshal & Manges, Mont Blanc, and 600 Fee LLC already rent office space at 600 Madison Avenue. The building currently has two units available for rent; one is 2,303 square feet in size, and the other is 13,115 square feet in size. Contact us for pricing information and other details. The area has a Walk Score of 98, and Alpha Parking Garage is available less than .25 miles away. Take trains 4, 5, 6, E, M, N, R or W to access this property via public transportation.
As the New York City population grew, especially between 1821 and 1855, open spaces became farther and farther between. People looking for a break from the fast-paced city life were hard-pressed to find a park or somewhere to relax unless it was in Lower Manhattan. By the 1840s, thought leaders had begun to recognize the need for a sizable park in Midtown Manhattan. After haggling over the location for the park for several years before deciding on a site in 1855. Though people expected the park to cost around $1.7 million to build, in the end, it cost closer to $7.39 million.
The consulting board for the upcoming park solicited proposals from those who wished to design the park. After examining 33 submissions, the board appointed Frederick Law Olmsted and Calvert Vaux’s “Greensward Plan” as the winning design. The park’s construction was, of course, a group effort. The swampy landscape presented quite a challenge, and developers had to begin by removing around 5 million cubic feet of soil and rocks before they began adding to the space. It wasn’t until the late 1850s that builders were able to begin adding fences and leveling uneven terrain. They faced some funding issues as well. Finally, Central Park was officially completed in 1876.
City officials have worked hard to keep the park in good condition, and it has been renovated and updated several times in recent years. For example, in 2018, Belvedere Castle was closed to the public so it could be renovated, and it re-opened earlier this year. The Delacorte Theater is expected to close from 2020 to 2022 for repairs.