|Address:||57 West 57th Street||Class:||B|
|Cross Streets:||Sixth Avenue||Size:||170,000 SF|
|Year built:||1928||Architect:||Warren & Wetmore|
The office building located at 57 West 57th Street in the heart of Midtown Manhattan was completed in 1928. It boasts a design by Warren & Wetmore, who were also responsible for the design of Grand Central Terminal, the Biltmore Hotel, and other New York City landmarks.
The building was developed to serve as an outpost for physicians, dentists, and other healthcare professionals, which is why it was dubbed the Medical Arts Building. The neo-classical, brick-and-terracotta structure was renovated in 1988, and today houses modern office space fit for healthcare companies, startups, and any kind of office-using businesses.
170 KSF of Class B Plaza District Office Space
The Medical Arts Building offers 170,000 square feet of Class B Plaza District office space, as well as roughly 15,000 square feet of retail space. The 21-story property was acquired by current owner Colliers International in 2004, for a price tag of $25 million.
Colliers redesigned the property internally and incorporated a new type of office configuration dubbed Fast Office at 57 West 57th Street. The concept involves easy-to-move walls, doors, and wall-mounted furniture and workstations that allow the landlord to set up a pre-built office for a new tenant timely and efficiently.
Amenities at 57 West 57th Street include on-site security, a lobby attendant, passenger and freight elevators, 24/7 concierge service, and tenant-controlled HVAC systems. A unique feature of the building is a two-story Art Deco entrance, which has been carefully preserved and restored.
Getting to and from 57 West 57th Street
The Medical Arts Building benefits from an excellent location in the prestigious Plaza District of Midtown Manhattan, connecting tenants to a plethora of shopping, dining, and cultural destinations in the area. The building is located close to Carnegie Hall, the Rodin Studios building, the Fine Arts Society, and the Museum of Modern Art. Nearby transportation options include the N, R, Q, W, and F subway lines.
Who is renting office space at 57 West 57th Street?
57 West 57th Street remains a popular destination for healthcare businesses, housing various tenants in this industry, including the New York Center for Healing, Directions Physical Health, and Midtown Dental. The building is also home to tenants in other industries, including Hunter, Capital One, and Verizon, as well as shared office provider Regus. The ground floor is occupied by a Quality Italian restaurant.
How much is the rent price for office space at 57 West 57th Street?
The Medical Arts Building at 57 West 57th Street is located in one of the most prestigious and coveted submarkets of Manhattan, in the heart of the Plaza District. Here, office asking rents often surpass $80 and even $90 per square foot, however, Class B assets like 57 West 57th Street command more affordable rents, hovering around $65-$70 per square foot. The more affordable price makes them ideal for small or midsize businesses in industries like architecture and design, healthcare, or technology.
Image via Google Street View