New York Toy Tenants Coordinator Steven Greenfield says a 500,000-square-foot building on West 30th Street, between Sixth and Seventh Avenues, is offering rates under $40 per square foot for 5- to 7-year subleases.
Minimum commitments for the property are significantly less than those for the Eleventh Avenue site, rejected by the industry several months ago. The landlord for the property wants 100,000 square feet in leases for the project to move forward.
The building has between 100,000 and 200,000 square feet available. The Eleventh Avenue property had 150,000 square foot of commitments “lined up,” Greenfield says.
“Even if one of two large retailers do not show, we believe the shows remain necessary for the rest of the buying community,” Greenfield said.
“That is the guiding principle that drives us to seek a new permanent home. This is likely the last opportunity to find an industry home in Manhattan.”