Office Space over $100 per Sq Ft in SoHo

What over $100 a foot buys in SoHo right now

Nine floors sit on our SoHo book between $68 and $125 a foot, and four of them clear $100. The two profiled below land within 536 square feet and three desks of each other, so the comparison is clean.

• 60 Charlton Street, partial 8th floor: 5,003 square feet at $120, $600,360 a year, about $50,030 a month, roughly 29 desks. Our record has it as a newly built plug-and-play sublease, furniture included, behind floor-to-ceiling glass.
• 520 Broadway, entire 10th floor: 5,539 square feet at $125, $692,375 a year, about $57,698 a month, roughly 32 desks. A whole floor rather than a partial, and our building note calls it a new high-end prebuild delivering in the first quarter of 2027.

The five dollars a foot and 536 square feet between them come to $92,015 a year. The furniture at 60 Charlton seats 16 while the floor plans to 29 at the 175 square feet per person we work to, and one floor is finished while the other is a 2027 delivery.

Running the monthly number yourself

Rent is quoted annually per rentable square foot, so the number a finance team needs takes one multiplication and one division. At 60 Charlton, 5,003 times $120 is $600,360, and that over twelve is $50,030 a month.

A single dollar of asking rent is worth $5,003 a year at 60 Charlton and $5,539 at 520 Broadway, so five dollars off either ask saves $25,015 or $27,695 a year. Per seat per month the two run about $1,725 and $1,803.

All of it is rentable rather than usable square footage, since loss factor pushes corridors, lobby and restrooms back onto the tenants paying for them, so we compare on cost per usable seat.

What the asking rent leaves out

Budgets at this level break underneath the asking rent, on five costs outside it that can be priced before signing.

• Electric rarely sits inside base rent, arriving as a submeter with an administration factor or a fixed inclusion of $2 to $4 per square foot per year, $10,006 to $22,156 across these two floors.
• Cleaning gets read line by line, since nightly service covers desks and trash while pantry cleanup and interior glass are often carved out of it.
• Real estate tax escalations run from a base year fixed in the lease, and that base year matters more than the percentage. A sublessee usually inherits whatever the prime lease struck.
• Operating expense escalations arrive as a pass-through over a base year or a porter's wage formula, sitting on top of the annual step in base rent itself, commonly 2.5-3%. A 3% step adds $18,011 to year two at 60 Charlton.
• Buildout above any allowance is the line most often missing from a model, and even a finished floor needs cabling, signage and whatever the restoration clause demands.

What moves above $100, and where we push

Ownership defends the face rent hardest here, because the rent signed on one of nine floors becomes the number quoted on the next. The two argue differently anyway, one a sublease answering to a sublandlord, one a prebuild the owner has already paid for.

• Free rent goes first, costing a stretch of income rather than a permanent mark on the rent roll. A month is $50,030 at 60 Charlton and $57,698 at 520 Broadway.
• An allowance on a built floor converts into other currency, a furniture credit or money to reconfigure what is there, and progress payments beat reimbursement on completion.
• Term length buys the other concessions, and a sublease is capped by the prime lease, so the useful ask is a direct extension negotiated now rather than in the final year.
• Escalation caps decide what year five costs: a stated percentage instead of an index, a capped operating expense pass-through, a fully assessed tax base year.
• The good guy guarantee is arguable in every part, who signs it, the notice owed before vacating, and whether it burns off after clean payment.

How the band sits against the market, and who it suits

Our New York book runs to a $75 median asking rent, and SoHo's own median is $98 across the nine floors we carry, on a range of $68 to $125. These two ask about 60% and 67% above the city, and 22% and 28% above the neighborhood.

Two more floors clear $100 alongside them, 104-110 Greene Street at $110 on 5,375 square feet (about $49,271 a month) and the 503-511 Broadway penthouse at $125 on 5,552. Below all four sit 50 Greene Street at $98 on 7,300 square feet, 110 Greene Street at $95 on 3,750 square feet (about $29,688 a month), 540 Broadway at $85, 6 Greene Street at $78, and the single large plate that pulls the median down, One Soho Square at $68. The cheapest rent per foot belongs to the biggest block, One Soho Square's 27,344 feet, which a 30-person company cannot use.

What the premium buys is a floor already built, and the gap narrows once a custom fit-out and its ten to sixteen week calendar are priced. The band suits a 25 to 32 person company that wants SoHo for what the address does for hiring and would rather take a finished floor than build one. Below 25 people the money goes further at 110 Greene Street.