The commercial heart of New York City, Midtown East has long stood as its premier central business district. Centered around the iconic Grand Central Terminal, this neighborhood boasts millions of square feet of Class-A office space as well as prestigious shops and restaurants and some of the best transit connections in the city.
In recent years, Midtown East has faced new competition from a resurgent Lower Manhattan led by the World Trade Center as well as the booming Hudson Yards development on the Far West Side and even the more affordable outer boroughs. Despite all this new competition, the neighborhood still stands tall with its many selling points. Here’s a quick look at just some of its advantages.
Plentiful Office Space
In spite of the millions of new square feet of office space currently under construction or recently opened in Downtown Manhattan or the Hudson Yards area, this district still boasts the bulk of Manhattan’s Class-A office space, offering plenty of options for companies of all sizes and sectors. In addition to its vast array of exiting office space, the district is likely to get even more commercial space in the near future once the Midtown East rezoning is fully approved, likely sometime in 2017. The rezoning plan should deliver approximately 6.6 million square feet of cutting-edge, Class-A office space for the neighborhood, offering even more options for potential tenants.
Superb Transportation Options
Perhaps the district’s greatest selling point is its excellent transit options. Grand Central Terminal offers convenient access to and from the suburbs of Connecticut and the Hudson River Valley while Penn Station and the Port Authority Bus Terminal on the west side of Midtown Manhattan are in close proximity, too. The neighborhood is also served by several subway and bus routes as well as ferry services courtesy of the East 34th Street Ferry Landing. In addition, the massive East Side Access project underway at Grand Central Terminal will bring Long Island Rail Road service to Midtown East tentatively in 2022.
Global Prestige and Acclaimed Shops and Restaurants
Finally, the district is second to none when it comes to the global prestige factor, offering a high profile and globally renowned address for financial companies, law firms, multinational corporations and other tenants seeking a respected place to do business. It’s also home to a number of acclaimed restaurants and offers a wealth of upscale retail establishments, especially along Fifth Avenue.