Office Space over $100 per Sq Ft in Hudson Yards

What the band buys in Hudson Yards right now

One floor sits on our Hudson Yards book, and it prices above $100.

• 66 Hudson Boulevard, The Spiral, partial 53rd floor: 10,517 rentable square feet at $200 per square foot per year, about $175,283 a month, roughly 60 desks at 175 square feet a person.

Seat count moves with the plan rather than the lease: about 75 in a tight open layout, closer to 47 once private offices go in. It is a partial floor, so a demising line, a shared landing and a rentable figure carrying common area come with it.

No description of the space is on record, which is worth stating plainly rather than dressing up. Condition, delivery, layout and what ownership will fund are open questions, and at $200 a foot those answers matter more than they would at $50. Ask for the plan, the measurement method and a work letter before the second meeting.

For scale: twelve of our 49 New York floors ask above $100, and the next dearest is 2 Penn Plaza's partial 17th at $135, so this floor asks 48% more than the second-highest ask we publish. Ten of those twelve are under 7,100 square feet, and only 277 Park Avenue's partial 40th is larger than this one.

The monthly math, worked plainly

New York quotes rent annually per rentable square foot, so the monthly figure is one multiplication and one division. 10,517 times $200 is $2,103,400 a year, divided by twelve, $175,283 a month. Those two steps work on any floor you are shown.

On this footprint each dollar of annual asking rent costs about $876 a month. The $100 between the bottom of the band and $200 is $87,642 a month; the $128 up from the $72 citywide median is $112,181.

Per seat it lands harder: $175,283 across 60 desks is roughly $2,921 a person a month, $2,337 at 75, closer to $3,729 at 47. One caution before those go into a board deck. 10,517 is rentable, and loss factors here commonly run 15 to 25%, leaving roughly 7,900 to 8,900 usable square feet and turning $200 rentable into about $235 to $267 per usable foot.

What the asking rent does not include

Budgets in this band rarely break on the rent. They break on the costs just outside it.

• Electric is rarely inside base rent: the floor is either submetered or charged as an inclusion of $2 to $4 per square foot per year, $1,753 to $3,506 a month here.
• Cleaning is worth reading rather than assuming, since nightly service commonly stops short of pantries and interior glass.
• Real estate tax escalations run off a base year in the lease, after which you pay a share of every increase above it. A base year agreed before a reassessment costs dollars per foot by year three.
• Operating expense escalations arrive as a pass-through over that same base year or as a porter's wage formula, on top of the annual step in base rent of 2.5 to 3%. At this rent 2.5% is $52,585 in year two, another $4,382 a month.
• Buildout past the allowance is the largest of the five. Improvement money is paid against approved work, so anything beyond it is your cash or gets amortized back into rent at interest. With no published condition here, that exposure stays unquantified until ownership shows a delivery specification.

What moves in a negotiation at $200

Face rent moves least at the top of a market, because ownership is protecting the number that prices the next floor in the building. A landlord defending a high rent will spend to defend it, so concessions run richer here than at $72.

• Free rent goes first, since it costs an owner a period of income rather than a permanent markdown. One free month on this floor is worth $175,283.
• The improvement allowance is quoted per rentable foot, so every $10 of it funds $105,170 of work across 10,517 feet. Ask for a work letter and progress payments.
• Term is the currency concessions are bought with, so trade the years deliberately and take a renewal option in exchange.
• Escalation caps decide what year seven costs: a stated percentage rather than an index, a ceiling on the operating pass-through, a fully assessed tax base year.
• The good guy guarantee is standard in New York and negotiable in every part, from who signs it to the notice you owe before vacating.

Two more belong on the list here. Argue the measurement where the lease lets you, and push on sublease consent language, because $2.1 million a year needs an exit that does not depend on a landlord's mood.

Where this band sits, and who it suits

Our New York book carries a median asking rent of $72 per square foot per year across 46 published asks on 49 floors, and this floor sits 178% above it. The same $175,283 a month spent at that median would rent about 29,200 square feet instead of 10,517.

Hudson Yards' own median is this floor, which is the caveat to carry through the decision: one floor is not a submarket, and $200 is a landlord's ask rather than a market rate. Next door on our book, Penn Plaza runs $50 to $135 across three floors and Chelsea $44 to $64 across nine.

It suits a firm of roughly 60 that wants a high floor in the newest office district in Manhattan, whose clients, investors and recruits come to it, and that can say what the address earns. It does not suit a company buying area. The same monthly rent takes about 37,500 square feet in Chelsea at its $56 median, three and a half times this floor.