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950 3rd Avenue

Plaza District

New York, NY 10022

  • 994 - 11,590 sqft
  • inquire for pricing

Building Details

  • Attended Lobby✔︎
  • Turnstile✔︎
  • 24/7 Access✔︎
  • Owner/Leasing Manager950 Third Avenue LLC
  • Floors34
  • Height381 feet
  • ArchitectKahn & Jacobs
  • Walk Score®100
  • Year Built1971; Renovated in 2007
  • Noise Index0.53

The Greenwich Savings Bank Building is located on 950 3rd Avenue, New York, NY 10022, on 57th Street and 3rd Avenue. The structure was completed in 1971, tops out at 34 stories, reaches a height of 381 feet, and contains over 305,000 square feet of office space for rent. Since 950 Third Ave is a larger structure, it is well suited for organizations looking for premium commercial real estate and large blocks of contiguous office space. Many of the newer buildings that are springing up around Midtown and the Financial District have large vacancies that have yet to be filled. These kinds of spaces are ideal for large firms that are looking up to open a base of operations in New York City. The Greenwich Savings Bank Building was renovated recently in 2007, with improvements that have brought the building up-to-date and have created a better interior experience for the tenants. Class A Buildings are the highest quality spaces that any organization can expect on the market today. As a class A structure, 950 3rd Avenue features some of the best construction, has great accessibility, is professionally managed, and is well-located. Generally, class A structures are often professionally managed and attract high quality tenants. 950 3rd Ave is located in Midtown, which is Manhattan’s premier business district. Midtown Manhattan features a huge amount of commercial real estate and is one of the most densely populated pieces of land in the world. There are a huge number of skyscrapers, hotels, restaurants, retailers, bus stops, and train stations that saturate the neighborhood with high quality tenants and both native and tourist foot traffic. The result is a great selection of office space for tenants, and huge foot traffic numbers for retailers. The Greenwich Savings Bank Building is highly accessible thanks to New York City’s extensive bus and train network. The Metropolitan Transit Authority (MTA) features a huge bus network which make nearly all portions of the city accessible. In addition, the building lies in close proximity to the MTA’s green and yellow subway lines. These transportation options help make the building easily accessible.

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  • Availability

    UnitSizePriceInquire
    Partial 27th Floor994 sqftInquire for pricing
    Office Space1,687 sqftInquire for pricing
    31st Floor2,110 sqftInquire for pricing
    18th Floor3,029 sqftInquire for pricing
    18th Floor3,100 sqftInquire for pricing
    Partial 19th Floor4,379 sqftInquire for pricing
    4th Floor5,133 sqftInquire for pricing
    Office Space5,133 sqftInquire for pricing
    Office Space5,133 sqftInquire for pricing
    20th Floor6,360 sqftInquire for pricing
    Partial 20th Floor6,363 sqftInquire for pricing
    24th Floor8,436 sqftInquire for pricing
    8th Floor11,305 sqftInquire for pricing
    Office Space11,590 sqftInquire for pricing
    Office Space11,590 sqftInquire for pricing
    3rd Floor11,590 sqftInquire for pricing
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    Neighborhood

    Plaza District

    The Plaza District is anchored by the southeast corner of Central Park. Most agree that the district is defined between the East River and Seventh Avenues, with 65th and 42nd streets as its North-South borders. The Plaza District derives its name from the landmark 19th-century Plaza Hotel and the Grand Army Plaza. The district is home to many famous buildings and landmarks, including Radio City Music Hall, Rockefeller Plaza, the Chrysler Building, and MoMa.

    Midtown Manhattan is the largest central business district in the world, and the Plaza District boasts some of the most premier commercial real estate in the city. Its tall buildings primarily provide office space for holding companies, investment groups, media groups, consulting firms, accounting firms, and hedge funds. Two-thirds of hedge funds located in NYC have office space in the Plaza District.

    Notable Plaza District tenants include Deloitte, Accenture, Mizuho Americas, Bloomberg Media, Colgate-Palmolive, JP Morgan, Pfizer, Cisco Systems, Fox News, and NBC Studios.

    Plaza District Office Space | Lease Data & Trends

    The Plaza District sees a range of asking rents and holds a Class A average of $94.19 per square foot, compared to the Midtown Class A average of  $83.71. Many upper floors — especially those with views of Central Park — can lease for up to $200 per square foot, and many of the most expensive Plaza District buildings (such as the SoLow and General Motors Buildings) have an average asking rent of $144 per square foot.

    The cost of office space is largely determined by location, building class, lease terms and length, and renovation costs. Not sure about the differences between Class A and Class B office spaces? What about gross lease, triple net leases, and tenant improvement allowance? A licensed tenant broker will leverage these factors to negotiate your lease, but if you want to learn more for yourself, check out our Leasopedia.

    What Our Brokers Say

    Inventory stands at nearly 102,000,000 square feet, with vacancy around 10%. As some tenants such as Blackwater choose to leave the Plaza District for Hudson Yards, vacancy is expected to go up. The Plaza District is ideal for small to mid-size financial services. Between 2015 and 2017, 65% of signed leases for less than 20,000 square feet in Midtown were concentrated in the Plaza District.

    Co-working spaces are also finding their way into the Plaza District. WeWork has four Plaza District locations and signed a lease at the beginning of 2018 for a 400,000 square foot office space at 750 Lexington Ave. NYC Office Suites has 75,000 square feet covering three floors in the LOVE Building, and Grand Central Tech resides at 335 Madison Ave. Plaza District is also an ideal location for any business that interacts with the United Nations ecosystem of organizations, which are mostly based in Midtown East and Murray Hill.

    Neighborhood History

    Construction above 42nd Street soared in the 1920s after the completion of Grand Central Station. Thirty new skyscrapers went up in 1927 alone, and Midtown’s reputation as the epicenter of business in New York City only continued to solidify throughout the 20th century.

    Unlike the up-and-coming neighborhoods that value repurposing old warehouses and factories into workspaces, the majority of older buildings in the Plaza District were designed with businesses in mind. There has been little to no large-scale construction in recent years, although landlords are starting to issue significant renovations to attract the younger workforce.

    Getting Around the Plaza District

    The Plaza District provides a variety of transportation options for easy commuting around the city,with Grand Central Station as the primary hub in the south-east corner of the district. Subway lines B, D, F, M, 1, N, Q, R as well as bus lines M1, M2, M3, M4, M5, M7, and M50 service the area. Suburban commuters take the Metro North from Westchester, Putnam, and Dutchess Counties, and much of Connecticut. Taxis are readily available to drive you to your next destination.

    The Plaza District has heavy foot traffic. From the north, employees can enjoy walking or biking to work through Central Park. There are also bike lanes on Second Avenue (southbound) and First Avenue (northbound).

    Nearby neighborhoods include: Columbus Circle, Times Square, Park Avenue, and Fifth-Madison.

     

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