Office Space $75 to $100 per Sq Ft in Flatiron

What this band buys in Flatiron right now

We carry six available floors in Flatiron, five of which publish a rent, and exactly one lands between $75 and $100. It is the smallest plate we hold here, which is most of why it prices where it does.

• 900 Broadway, partial 9th floor: 2,940 square feet at $92 per square foot per year, $270,480 annually, about $22,540 a month before electricity, roughly 17 desks at the 175 square feet per person we plan against.
• Our record lists hardwood floors and exposed ceilings, a floor plan and a Matterport walkthrough. No furniture, pantry or built rooms appear in it, so condition is the first tour question.

Seventeen desks already carries meeting rooms, phone booths and circulation; a denser plan takes about 21, private offices nearer 13. It is a partial floor, so another tenant holds the balance and the corridor and restrooms are shared.

The monthly math, worked plainly

New York quotes rent annually per rentable square foot, so the figure a finance team needs is one multiplication and one division. Multiply 2,940 square feet by $92 for $270,480 a year, then divide by twelve for $22,540 a month.

A dollar of asking rent on this plate costs $245 a month, so moving $92 to $87 is worth $14,700 a year. Per seat, $22,540 across 17 desks is about $1,326 a person, the figure that maps onto headcount.

The 2,940 is rentable, not usable, since loss factor allocates the shared corridor, lobby and restrooms back across the tenants paying for them. Ask for a measured plan and compare on cost per usable seat.

What the asking rent does not include

Budgets in this band break under the headline, not at it. Five costs sit outside the $92, and each can be priced before signing.

• Electric is rarely inside base rent, arriving as a submeter with an administration factor or a fixed inclusion of roughly $2 to $4 per square foot per year, $5,880 to $11,760 annually on 2,940 feet.
• Cleaning gets read line by line, since pantry cleanup, interior glass and construction debris are carved out of nightly service often enough to warrant the specification in writing.
• Real estate tax escalations run from a base year fixed in the lease, and that base year matters more than the percentage, since one struck before the building is fully assessed bites by year three.
• Operating expense escalations arrive as a pass-through over a base year or a porter's wage formula, and they sit on top of the annual step in base rent, commonly 2.5-3%. A 3% step adds about $8,100 to year two.
• Buildout above any allowance is the largest of the five, since anything past it is cash or gets amortized back into rent at interest, with DOB filing on the critical path.

What moves at $92 a foot, and what we push on

Face rent moves least here, since ownership is protecting what it will quote on the next floor that comes back. Taking rent is the number that matters, and five items build the gap.

• Free rent is parted with first, since it costs a period of income rather than a lower rate on the rent roll. One month here is $22,540, and it belongs across construction and the opening months.
• The improvement allowance beats a dollar off the rent on a floor that needs work. A work letter with progress payments funds the job as it runs; reimbursement on completion makes the tenant fund it first.
• Term length is the currency the other concessions are bought with, since five years will not carry what ten carries. Where the years are conceded, take an expansion or renewal right back.
• Escalation caps decide what year five costs: a base rent step at a stated percentage rather than an index, a capped operating expense pass-through, a fully assessed tax base year.
• The good guy guarantee is negotiable in every part: who signs, the notice owed before vacating, whether it burns off after clean payment, and how fast liability ends after surrender.

How $92 sits against the market, and who this band suits

The median across our New York book is $75 per square foot per year, so this floor sits $17 above it, about 23% more. Flatiron's own median is $72 across the five priced floors we carry, three dollars under the city, which puts $92 about 28% over its own submarket.

The rate and the check point in opposite directions. At $22,540 a month this floor carries the smallest rent obligation in our Flatiron book, under the $23,760 at 54 West 21st Street, the $23,833 at 276 Fifth Avenue and the $29,770 at 137 East 25th Street. The second highest rate here buys the lowest monthly obligation.

The band suits a company of roughly 17 that wants Flatiron and the trunk lines at 14th and 23rd Street, and would rather pay a strong rate on a floor it fills than a soft one on a floor it half uses. Above that headcount the band empties: the next floor up is the $115 penthouse, the next ones down ask $72 and $52.