104-110 Greene Street: Office Space for Lease

The one floor available right now

One space sits on our book at 104-110 Greene Street, and the client's own description is unusually specific about what a tenant walks into.

• Partial 11th Floor, 5,375 rentable square feet, asking $110 per square foot per year. That is $591,250 a year and roughly $49,271 a month before electricity, and at the 175 square feet per person we plan every floor against it seats about 31 people, meaning desks plus the rooms around them rather than desks pushed wall to wall. Benched tighter it takes 38; a plan heavy on private offices lands nearer 22.

We are told it is move-in condition, a corner space with strong light and views, built with two windowed offices, two interior offices, a conference room seating twelve, 25 workstations, a lounge, storage and a wet pantry. Read that built plan against the model: 25 workstations and four offices is 29 seats already standing, so a team of 29 walks in without drawing a line, and getting to 31 is a furniture order rather than a construction job. We hold a floor plan and our own photography of the space, which is enough to test a headcount before anyone gives up a morning. Per seat, $49,271 across 31 desks is about $1,589 a month.

What $110 means against the market

SoHo asks near the top of our book, level with Bryant Park and behind only Midtown and the single Hudson Yards floor. The nine floors we represent here run $68 to $125 per square foot per year with a median of $98, against the $75 median across the 49 floors we hold in eleven submarkets, which puts the submarket roughly 31% above the city. On that reading $110 is 12% above its own neighborhood and 47% above the citywide number.

First pass flatters the cheap end, and size is the reason. The one floor holding the SoHo median down is much the largest we carry, 27,344 square feet at One Soho Square asking $68, and blocks that size take a per-foot discount everywhere in Manhattan. Set it aside and the boutique floors a 25 to 45 person company would actually shortlist read $78 at 6 Greene Street, $85 at 540 Broadway, $95 at 110 Greene Street, $98 at 50 Greene Street, $110 here, $120 at 60 Charlton Street, and $125 at both 520 Broadway and 503-511 Broadway. The median of that set is $104, six dollars under this floor.

Our honest read is that this floor asks market for what it is. The closest thing to it by size, 520 Broadway at 5,539 square feet, asks $125 and runs about $57,698 a month, $8,427 more for 164 more feet.

The submarket around the building

SoHo is served by the N/Q/R/W, the 6, the A/C/E and the B/D/F/M, four groups of trains arriving from four directions, which is the quiet reason hiring here rarely stalls on the commute.

Companies that pick this submarket tend to be brand-led businesses that treat the address as part of the pitch, joined lately by founders who already live downtown. The district trades on loft stock rather than tower stock, which brings idiosyncratic plates, frequently long and narrow with the windows at the ends, so a plan drawn for a Midtown box usually needs redrawing. What this plate does is a tour question, and the floor plan we hold answers most of it in advance.

Nearby our book also carries 110 Greene Street at 3,750 square feet, 6 Greene Street at 4,900, 520 Broadway at 5,539, 503-511 Broadway at 5,552 and 540 Broadway at 6,350. NoHo, Hudson Square and Tribeca sit adjacent, and a requirement under 3,750 square feet has to cross one of those borders.

What the tour has to settle, and what $110 leaves out

An hour on the floor earns its keep only by settling what a listing cannot. This is a partial floor, so it has a neighbor by definition: establish who shares the landing and what the common areas look like. Furnished is a word used loosely across this market, so walk the inventory and get in writing what stays. Ask about electrical capacity and overtime air, and confirm whether this is direct or a sublease, because that answer alone changes term, buildout money and who sits opposite you.

Treat 5,375 as a rentable number rather than a floor you can furnish. Manhattan loss factors ordinarily run 15% to 25%, so the usable area behind it lands somewhere near 4,569 to 4,031 square feet once corridors, lobby and restrooms are apportioned back. The swing is wide enough to belong on the space plan rather than in a footnote.

Base rent covers occupancy and, in most Manhattan leases, nightly cleaning of the office areas. Electricity sits outside it, typically $2 to $4 per square foot per year, $10,750 to $21,500 annually here, with internet, insurance, overtime HVAC and the tax and operating escalations riding on top. One dollar of asking rent is worth $5,375 a year here, the figure to hold before conceding one.

How Nomad works on this floor

We represent tenants and never landlords, so there is no version of this in which we sit on both sides of the table at 104-110 Greene Street. We publish the size, the rent and the approximate monthly openly, because a withheld number is usually one about to be marked up.

Condition decides where we push. A floor already built and furnished needs far less improvement allowance than raw space, which moves the leverage onto free rent, the escalation cap, the security amount and the restoration clause at the far end of the term. Left alone, a 3% annual step turns $110 into roughly $124 by year five and averages near $116 across a five-year term, while three months free on sixty takes about 5% off and brings the blend back near $110. Those two clauses are worth more than any argument about the headline.

Touring is straightforward. We can generally get a team onto the floor inside the same week, and we walk the SoHo comparables on the same trip so the $110 gets judged against something rather than accepted on its own. Construction questions get answered by the same people who negotiate the lease.