The new 40,000-square-foot building on the northwest corner of 125th Street and Lexington Avenue, designed by New York City architects Gran Associates, offers potential tenants advantages found only in locating their businesses in an Empowerment Zone.
The attractive office rental rate is $28 per square foot, with a modest 3% escalation and real estate tax increases limited for 15 years. In addition, tenants get a work letter valued at $20 per square foot, on-site parking, 24/7 dedicated access, and tenant-controlled HVAC system.
According to architect Warren Gran, Gateway has some unusually user-friendly features. For example, tenant merchants appreciate the security gates being recessed to the interior of the showcase glass, proving an open, warmer view, day or night. The building’s floor plan, stated Gran, also permitted wide spans, relatively few columns, and a great deal of natural light.
The building is a result of a design-build competition conducted by the New York City Economic Development Corporation, which originally controlled the site. The design and development team of Gran Associates and ddm Development were awarded the project. Nina Demartini-Day, a principal of ddm, said her firm has long been active in the neighborhood and has established itself as a long-term partner dedicated to housing and community facilities as well as commercial development.
Publication date: 07/08/2002