Park Avenue is a neighborhood located within Midtown East. Originally called Fourth Avenue, Park Avenue is home to some of the nation’s most expensive commercial and residential real estate, and a lot of name-brand companies, such as MetLife, JP Morgan, Bristol-Myers Squibb, Bloomberg, Deutsche Bank, Citigroup, and Alcoa.
Park Avenue | Lease Data & Trends
Park Avenue office space doesn’t come at a discount. Between the premium tenants pay for an address on one of the most famous streets in America and the already higher than average prices in Midtown for Class A office space, Park Avenue is primarily home to hedge funds, banks, consulting firms, law firms, and insurance companies. The average Park Avenue office space rents for $90 per square foot. All inventory on Park Avenue is considered Class A office space.
For more affordable options that are still on the east side, consider the Upper East Side or Murray Hill. Budget-strapped companies will struggle to find options on Park Avenue, Madison Avenue, and in the Plaza District.
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Park Avenue is a Manhattan boulevard that runs parallel to Madison Avenue to the west and Lexington Avenue to the east. Nearby neighborhoods include the Plaza District, Madison Avenue, and Grand Central Station. Park Avenue spans north into Harlem, and Park Avenue South runs until Union Square.
Visitors and residents have plenty of options for getting around the area and visiting nearby districts, especially with the close proximity of Grand Central Station. Nearby subway lines include 1, 5, 6, 7, E, F, M, and S. Nearby bus lines include BM2, BM5, B15, C32, M1, M4, M5, M42, 163, QM6, and X27.
Looking to get out of the office for a meeting or business lunch? Check out these great restaurants near Park Avenue: K Rico, Bocado Wine Bar & Restaurant, Ristorante Morini, or Le Pain Quotidien. If you need to book a room for a visiting business contact to stay in, look up The Marmara Manhattan, The Mark, or Courtyard New York Manhattan/Upper East Side.
Get to Know the Neighborhood
Park Avenue is known for housing a number of Fortune 500 companies and other businesses. The following companies are headquartered or have some offices located in the neighborhood: Mutual of America, Hachette Book Group, British Airways, Major League Baseball, Maserati, and The National Football League.
Because Park Avenue has some of the nation’s most expensive real estate, it’s no surprise that so many CEOs and billionaires choose to live there. 740 Park Avenue, known as one of NYC’s “Towers of Power,” will only consider applicants who have a net worth of at least $100 million. Current resident Stephen Schwarzman, Blackstone founder, lives in the triplex once owned by John D. Rockefeller. Hedge fund manager David Ganek owns a duplex in 740 Park Avenue that’s now worth $32.5 million. Park Avenue is also home to 432 Park, which is the best-selling building ever in NYC; it’s already closed sales for more than $2 billion.
Though Park Avenue isn’t really a tourist destination, it is one of the best-looking boulevards in New York City. That’s because the Fund for Park Avenue provides funding for upkeep and maintains the numerous flower boxes that decorate the median between the north and south traffic. The area does feature some interesting architecture, including the Medieval Gothic designed Seventh Regiment Armory that’s known for its picturesque interior. Other landmarks of note include Ritz Tower, the Helmsley Building, St. Bartholomew’s Episcopal Church, the Italian Cultural Institute of New York, Harold Pratt House, and Perishing Square Building.
Park Avenue served as a filming location in many well-known movies, the Park Avenue Viaduct in particular. For example, Will Smith jumps off the Viaduct to chase a criminal in Men in Black. In I Am Legend, Will Smith is cornered by a zombie on the Viaduct. The final showdown in The Avengers also takes place on the Viaduct.