Newspaper Article

COMMERCIAL PROPERTY: Office Rents; Rock-Bottom and Top-Drawer Space in Manhattan

McCAIN, MARK

1989

Overview

''But if a tenant is smart and well represented, there are some excellent opportunities right now for good, cheap blocks of space,'' said Barry Gosin of Newmark & Company Real Estate, a Manhattan firm that manages about 15 million square feet of commercial space. ''Rents are softer than a few years ago, but I think we've gone as low as we'll go.'' ''We're positioning 712 Fifth as the Seagram Building of the 1990's,'' said David L. Elovitz, with the bravado of a determined rental agent. ''Very often top-end buildings achieve their reputations over many years. What we're trying to do is achieve it instantly.'' ''The Seagram Building wasn't designed or configured for tenants that require major blocks of space,'' said Edward S. Gordon, president of an eponymous realty firm that manages the building. ''It's a building for modest-size users - anywhere from 3,000 to 15,000 feet.''

• Publisher: New York Times Company
• Subject: HISTORIC BUILDINGS AND SITES / MCCAIN, MARK / OFFICE BUILDINGS / RENTING AND LEASING / SEAGRAM BUILDING (NYC)