237 West 27th Street: Office Space for Lease

What is available in the building today

One floor sits on our book here, a whole plate rather than a partial, so the eleventh is yours end to end with no demising line to agree and no landing shared. At 7,158 square feet it is, exactly, the median floor size on our Chelsea list, which runs from 2,937 to 18,668.

• Entire 11th Floor: 7,158 square feet, $44 per square foot per year, about $26,246 a month, roughly 41 desks at the 175 square feet per person we plan against.

Our listing describes a fully built, move-in-ready floor with open seating for 36, one large conference room, two private offices or meeting rooms, two dedicated phone rooms, a wet pantry, reception and lounge areas, and private restrooms. A finished office rather than a shell. That is the case for this floor.

Hold onto the number 36. Our 41-desk figure is a planning average at 175 square feet a head, not a count of what is standing, and any room added beyond those already framed comes out of open area. Four photographs are published; no floor plan is, which on a built floor is the first thing we will ask ownership for.

What $44 means here

Across our Chelsea list asking rents run $44 to $64 per square foot per year, median $56 on nine floors. This one sits at the floor of that range, tied with the partial 3rd at 153 West 27th Street, $12 under the Chelsea middle. The median across everything we represent in New York is $75, drawn from 46 published asks on 49 floors in eleven submarkets between $43 and $200, so $44 is roughly 41% below the city. One floor on the whole book asks less: the 6th at 137 East 25th Street in Flatiron, at $43.

The comparator that does most work is the one closest in size. 104 West 27th Street's entire 9th is 7,047 square feet, 111 feet smaller than this, and asks $59, about $34,648 a month. Same submarket, effectively the same footprint, roughly $100,000 a year apart.

Now the part worth saying plainly. A floor at the bottom of a submarket's range is normally cheap because somebody still has to build it; the discount is a construction budget in disguise. This one is priced at the bottom and comes finished, which is unusual enough to be worth a question rather than a celebration. The mundane answers are the likely ones: an installation older than it photographs, ownership wanting a fast lease with no work letter and no allowance, a floor going as-is with nothing repaired. Any of those can still make a good deal. None should surface after signing, so here we push on condition rather than on price.

The submarket around the building

The transit we publish for Chelsea is A/C/E, 1, F/M at 14th and 23rd, and that is the whole of what we will claim about the commute. Walk it from whichever line your team actually rides; five minutes against twelve decides how people feel in February.

Chelsea reads on our book as a gallery district turned tech corridor between the High Line and Midtown South, and the nine floors we hold there suit teams of roughly 17 to 107 people who want a floor of their own rather than a numbered suite in a tower.

If 7,158 square feet is wrong in either direction, the same walk holds alternatives: 115 West 30th Street's partial 4th at 3,500 and $55; 104 West 27th Street's entire 9th at 7,047 and $59; 127 West 26th Street's entire 7th at 9,500 and $50; 275 Seventh Avenue's entire 24th at 18,668 and $63. Flatiron, Meatpacking and Hudson Yards sit adjacent, though our Hudson Yards book holds one floor asking $200, so nothing there is a fallback from this price.

What a tour has to settle

That 7,158 is a rentable figure, and rentable is a leasing convention rather than a measurement of your floor. Loss factors in New York commonly run 15 to 25%, which here would leave roughly 5,369 to 6,084 usable square feet and turn $44 rentable into somewhere between about $52 and $59 per usable foot. A full plate usually loses less than a partial, but ask how it was measured and test it with a fit plan.

Rent is not occupancy cost. Electricity is billed on top and commonly adds $2 to $4 per square foot per year, about $1,193 to $2,386 a month here, and with restrooms on the floor, establish who cleans them and at whose expense. Tax and operating escalations will be there in some form, where the base year matters more than the percentage. Expect an annual step in base rent of 2.5 to 3% and a cap to argue for on it.

The rest of the tour is the installation, which on this floor is the main event. Establish when it was built and for whom, whether it comes as-is or with work, and what ownership will repair or replace before you take occupancy. Get the age and condition of what you inherit in writing: the HVAC serving the floor, the plumbing behind a wet pantry and private restrooms, electrical capacity against your real headcount, cabling, and whether the existing partitions were built under permit and signed off. Ask how long the floor has sat, and confirm that seating for 36 is a delivery, not a drawing.

How Nomad works on this building

We are tenant-side only. We do not represent this building's ownership, which is why the asking rent sits on this page in plain view instead of behind a form, and why our read on whether $44 is a bargain or a warning can be unflattering.

We arrange the tour, usually inside the same week, and set this floor beside the other eight Chelsea options. We have run 300+ office buildouts across 2M+ square feet in New York, so when we price what it takes to bring this installation where you want it, that number is ours, not the landlord's.