32 Old Slip: Office Space for Lease

The one floor available right now

A single space sits on our book at 32 Old Slip, and at 6,997 square feet it is the largest of the four floors we currently represent in the Financial District.

• Partial 32nd Floor, 6,997 square feet, asking $64 per square foot per year. That is $447,808 a year and roughly $37,317 a month before electricity, and it seats about 40 people at 175 square feet a person, which leaves room for meeting rooms and a pantry. Pushed to a dense open plan it takes 50; broken into private offices it suits closer to 31.

Our record describes a bright modern buildout with glass-fronted rooms, expansive windows and Downtown and waterfront views, furnished and wired for immediate move-in. We hold a floor plan and our own photography, so a team can test its headcount before touring. At 40 desks the rent works out near $933 per seat per month.

What $64 means against the market

The four floors we represent in FiDi run $60 to $115 per square foot per year with a median of $71.50, which sits a few dollars under the $75 citywide median on our book. Against its own neighborhood, $64 comes in roughly 10% under; against the city, eleven dollars light.

Size is the reason to read that discount carefully. The one cheaper FiDi floor on our book, 45 Broadway at 2,624 square feet asking $60, is not a floor a 40 person company would shortlist. Among downtown floors above 5,000 square feet the set reads $64 here, $79 at 17 State Street and $115 at 4 World Trade Center. The cheapest large floor we have downtown is this one, and it is not close.

We read $64 as pricing at or slightly below the FiDi market, which is notable given that a delivered fit-out usually carries a premium. The check sits outside the neighborhood: 104 West 27th Street holds 7,047 square feet at $59 in Chelsea, about $32,000 a year cheaper for fifty more feet.

The submarket around the building

The trains make the practical case for the address: 4/5, 2/3, R/W, 1 and J/Z at Fulton and Wall Street, PATH and the Oculus at the World Trade Center, and nearly every line within a ten-minute walk. Teams hiring across the boroughs and into New Jersey rarely lose a candidate over the commute.

Companies that choose the Financial District trade proximity to Midtown for rent, and take harbor views the same budget will not buy uptown. Manhattan's original downtown became a real neighborhood after 2000, as residential conversion filled in around the towers. The floors we hold here suit teams of 15 to 40 people rather than the tower tenants the skyline implies.

Beyond this floor, our downtown book holds 17 State Street at 6,606 square feet, 4 World Trade Center at 5,023 and 45 Broadway at 2,624. A requirement larger than 6,997 has to cross into Tribeca, Battery Park City or Seaport.

How to read the floor, and what sets the real cost

A tour settles what a listing sheet cannot. A partial floor has a neighbor by definition, so establish where the demising line falls and who shares the elevator landing. Furnished can mean a full workstation count or a few conference tables, so walk the floor with the plan in hand and get the inventory written into the lease.

Read 6,997 as a rentable number, not as floor you can furnish. Manhattan loss factors typically run 15-25%, so the usable area lands near 5,250 to 5,950 square feet once core, corridors and restrooms come out. Test the 40 desks against the floor plan.

Base rent covers occupancy and, in most Manhattan leases, office cleaning. Electricity is billed separately at $2 to $4 per square foot per year, $1,150 to $2,350 a month here, and insurance, overtime HVAC and the tax and operating escalations sit outside it. The security package surprises most first-time tenants: a letter of credit sized in months of rent, backed by a good guy guarantee.

Blended rent across the term decides the deal. An uncapped 3% annual escalation carries $64 to about $72 by the fifth year and averages close to $68 over five, while three free months on a five-year term takes roughly 5% back off. A furnished floor needs little improvement allowance, so leverage moves toward free rent, the escalation cap and the security amount. A sublease, if that is what this is, runs shorter and cheaper with the space as-is.

How Nomad works on this floor

We represent tenants and never landlords, so we never sit on both sides of the table at 32 Old Slip. Size, rent and the approximate monthly are published here rather than gated behind a form, because a number a broker withholds is usually one about to move.

Touring is straightforward. We can generally get a client onto the Partial 32nd Floor inside the same week, and we will walk 17 State Street and 4 World Trade Center on the same trip so $64 gets judged against something real. Having run 300+ buildouts across New York, we can price what changing the fit-out would cost before you sign.