Exploring the Price Range of Apartments at 120 Broadway, NYC

Understanding Apartment Prices at 120 Broadway, NYC

When discussing 120 broadway nyc apartments price, it's important to note that 120 Broadway, also known as the Equitable Building, stands as one of New York City's most iconic structures. Nestled in the heart of the Financial District and managed by Silverstein Properties, this commercial building offers a prime location for businesses and aspiring residents alike.

Quick Facts on 120 Broadway Prices:

• Price Per Square Foot: Varies based on unit size and lease terms.
• Current Leasing Availability: Floors 35, 34, 29, 21, 19, 18, 14, 13, 6, 5, and 4.
• Lease Terms: Typically between 5-15 years.

Historically built in 1915 and stretching across 41 stories, 120 Broadway is not just a commercial building – it's a landmark that reflects the architectural grandeur of early 20th-century New York. Over the years, it has been carefully maintained and modernized, ensuring that it offers both historical charm and contemporary amenities.

Located in the Financial District, this building is surrounded by the hustle and bustle of Wall Street and boasts easy access to various transit options, making it a coveted spot for both businesses and residents. The building provides a blend of office and retail spaces, catering to a diverse range of professional needs.

Overview of 120 Broadway

Historical Significance

120 Broadway, also known as the Equitable Building, is a hallmark of New York City's architectural history. Built in 1915, this 41-story structure was one of the tallest buildings in the world at the time of its completion. Its construction marked a significant advancement in skyscraper design, influencing zoning laws due to its massive, shadow-casting presence.

Over the years, 120 Broadway has earned landmark status, recognized for its Beaux-Arts architectural style. The building has undergone several renovations to preserve its historical integrity while updating its facilities to meet modern standards.

Building Features and Amenities

Architecture and Design: The Equitable Building is a stunning example of Beaux-Arts architecture. Its façade features intricate stonework and grand arches, embodying the elegance of early 20th-century design.

Office and Retail Space: The building offers a mix of office and retail spaces, making it a versatile location for various businesses. The available units range from raw, customizable spaces to pre-built, furnished offices.

Leasing Options: Leasing terms typically range from 5 to 15 years, providing flexibility for tenants. Floors such as the 35th, 34th, and 29th are currently available, with spaces varying in square footage to suit different business needs.

Amenities: While specific amenities are not detailed in the available data, buildings of this stature generally offer high-speed elevators, 24/7 security, and advanced HVAC systems. The proximity to numerous dining and retail options in the Financial District further improves its appeal.

Location and Transit Options: Situated in the heart of the Financial District, 120 Broadway is surrounded by iconic landmarks like Wall Street and the New York Stock Exchange. It boasts excellent transit connectivity, with multiple subway lines within a short walking distance. This prime location ensures easy access for employees and clients alike.

Community District: The building is part of Community District 101, City Council District 1, and Police Precinct 1. It's also located in Hurricane Evacuation Zone 5, highlighting its preparedness for emergencies.

120 Broadway stands as a testament to New York City's rich architectural heritage while offering modern conveniences for today's businesses. Its blend of historical charm and strategic location makes it a coveted address in the Financial District.

Next, we will dig deeper into the current leasing and pricing information for 120 Broadway, NYC.

Current Leasing and Pricing Information

Leasing Availability and Terms

120 Broadway offers a range of leasing options, catering to various business needs. Let's break down the availability and terms for different floors:

• 35th Floor (E)
• Available: April 2022
• Square Footage: 51,536 SF
• Term: 10-15 years

• Condition: Raw

• 34th Floor (P)

• Available: Immediately
• Square Footage: 25,490 SF
• Term: 10-15 years

• Condition: Existing law firm installation, with options for modification or new installation

• 29th Floor (P)

• Available: Immediately
• Square Footage: 28,022 SF
• Term: 10-15 years

• Condition: Raw

• 21st Floor (P)

• Available: Immediately
• Square Footage: 6,993 SF, 3,379 SF, and 2,194 SF
• Term: 5-10 years

• Condition: Pre-built

• 19th Floor (E)

• Available: Immediately
• Square Footage: 52,124 SF
• Term: 5-10 years

• Condition: Built and furnished

• 18th Floor (E)

• Available: Immediately
• Square Footage: 35,000 – 52,124 SF (divisible)
• Term: 10-15 years

• Condition: Raw

• 14th Floor (E)

• Available: Immediately
• Square Footage: 51,220 SF
• Term: 10-15 years

• Condition: Built

• 6th, 5th, and 4th Floors (E)

• Available: Immediately
• Square Footage: 31,782 SF, 57,398 SF, and 57,284 SF respectively
• Term: 10-15 years
• Condition: Creative Open Installation (5th and 6th) or Raw (4th)
• Notes: Can be combined

For leasing information, contact Newmark's Brian Waterman, Scott Klau, or Erik Harris.

Price Range and Cost Analysis

Understanding the 120 Broadway NYC apartments price involves several factors. While specific rental rates per square foot are not provided directly, they are available upon request. Here are some key points:

• Raw vs. Pre-built Spaces: Raw spaces are usually more affordable per square foot compared to pre-built or furnished spaces, which command higher rates due to additional amenities and ready-to-use conditions.

• Average Rent: The average rent can vary significantly. For instance, the 19th floor, which is built and furnished, may have a higher rate compared to raw spaces on the 35th or 29th floors.

• Commercial vs. Residential: 120 Broadway primarily offers commercial spaces. Commercial rates in this prime Financial District location are likely to be competitive, reflecting its high demand and strategic location.

• Cost Factors: Several factors influence the price per square foot:

• Location: Proximity to Wall Street, transit options, and other financial hubs.
• Condition: Raw spaces are cheaper but require investment to build out, whereas pre-built spaces save on initial setup costs.
• Lease Terms: Longer lease terms might offer more favorable rates.
• Amenities: High-speed elevators, security, and HVAC systems add to the cost but improve tenant experience.

As we dig deeper into the factors influencing apartment prices at 120 Broadway, we'll explore demand, location, operating costs, and space limitations.

Factors Influencing Apartment Prices at 120 Broadway

Demand and Location

The demand for spaces at 120 Broadway is driven by several key factors.

First, the prime location in the Financial District is a major draw. This area is a hub for financial, legal, and corporate firms, making it highly desirable for businesses looking to establish a presence in New York City. The building's proximity to major transit options, with multiple subway lines within 500 feet, adds to its appeal.

The Financial District itself is a busy area with numerous amenities, including restaurants, shops, and cultural attractions. This makes it a vibrant place to work and do business, further increasing demand for office spaces in the area.

Operating Costs and Space Limitations

Operating a historic building like 120 Broadway comes with high operating costs. Built in 1915, the building requires ongoing maintenance and renovations to meet modern standards. These costs are often passed on to tenants in the form of higher rents.

Space limitations also play a significant role. With 41 stories and a fixed amount of square footage, the available space is limited. High demand combined with limited supply naturally drives prices up.

Renovation costs are another factor. As older spaces are updated to meet contemporary needs, these improvements can increase the overall cost of leasing. However, they also improve the building's appeal, offering modern amenities in a historic setting.

Global Appeal

120 Broadway is not just a local landmark; it has global appeal. Companies from around the world seek office space in this iconic building, contributing to its high demand. This international interest helps to maintain competitive rental rates.

In summary, the 120 Broadway NYC apartments price is influenced by the building's prime location, high operating costs, limited space, and global appeal. These factors combine to create a dynamic and competitive market for leasing at this historic address.

Conclusion

In summary, the 120 Broadway NYC apartments price reflects a combination of factors that make this historic building a highly sought-after location. The prime location in the Financial District, high operating costs, limited available space, and global appeal all contribute to the competitive pricing for both commercial and residential spaces.

At Intrabuild, we understand the complexities of New York City's real estate market. Our expertise in design-build services ensures that each space we work on meets the highest standards of quality and functionality. Whether you're looking to renovate an office or transform a residential unit, our team is here to help you achieve your vision.

For more information on our services and to explore how we can assist with your renovation needs, visit our Apartment Renovation page.

Feel free to reach out to us with any questions or to schedule a consultation. We're here to help you steer the dynamic landscape of New York City's real estate market and make your renovation project a success.

Thank you for considering Intrabuild for your design-build needs. We look forward to working with you!

For inquiries, contact us via email:

• Brian Waterman: brian.waterman@nmrk.com
• Scott Klau: scott.klau@nmrk.com
• Erik Harris: erik.harris@nmrk.com

Or visit our website for more details: Intrabuild

We hope this article has provided you with valuable insights into the price range and factors influencing apartment prices at 120 Broadway. If you have any further questions or need assistance, don't hesitate to contact us.