Search
 

In Preemptive Strike Against Recession, 10,917 SF in Lincoln Building Marketed

NEW YORK-Fred C. Posniak, in an exclusive interview, reports a consensus was finally reached for the Lincoln Building and that it is now offering more than 10,000 sf of contiguous space in a particularly tight neighborhood.

By Anthony Garritano | Updated on February 01, 2001

NEW YORK-60 East 42nd Street Associates, owners of the Lincoln Building, a 70-year-old landmark structure sited at 60 East 42nd St., have just declared 10,917 sf of prime office space available for lease-out after repositioning several smaller tenants to free up the new area. This is a strategic move, highlighted at an event held yesterday, Jan. 31, to tap the dwindling vacancy rate in the Grand Central Park District and to prepare for a possible market downturn, according to Fred C. Posniak in an exclusive interview.

“This is a proactive move, from a market standpoint, because the market isn’t going to stay wonderful forever,” explains Posniak, vice president of W&M Properties and the director of marketing and supervisory services for Wein & Malkin LLP, the building supervisors. “This will position us in a very good way when a down-cycle comes.”

This new space coming online is not entirely a sudden decision–ownership has been considering similar improvements for over a year. “It has been in the planning stages for a while, but we’re ready to let the whole world know about it now,” says Posniak. “There was never really a consensus about what was going to be done exactly, until recently.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.