Crains New York: 51 Astor Place Turnaround

By Amanda Fung on February 03, 2014.

After a slow start, Edward Minskoff is finally luring tenants to 51 Astor Place. The developer said the newly built 400,000-sqaure-foot property, which opened in May, will be 90% leased up in weeks, according to The Wall Street Journal.

Earlier this month, IBM agreed to take 120,000 square feet at the tower for its new supercomputer unit Watson and became 51 Astor's anchor tenant. Mr. Minskoff won't discuss rents at the property but he said he is fetching the rents he needs to make the development profitable. According to real estate data firm CompStak, rents for the IBM space start at $80 per square foot.

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