LeFrak's 40 West 57th St. remains a sought-after office location, showcasing remarkable resilience with nearly 100% occupancy and 82,000 square feet in new and renewed leases.
CBRE's Howard Fiddle emphasized, "Fashion is a big growth industry and we expect we'll get more of it. The building's current tenants roster is mostly finance," highlighting diversification.
In preparation for upcoming vacancies, LeFrak is investing in upgrades, including a new lobby by KPF and an amenities center featuring a Nobu-operated food program.
Asking rents for the upgraded higher floors have seen an increase from $110 to $140 per square foot, reflecting the building's demand and attractive offerings.
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