Rent per sf on the 10-year lease at 1001 Avenue of the Americas is in the low-$30s, according to Gregory Kraut and Peter Sabesan, who represented the school on behalf of locally based Hunter Realty. Leon Poll represented building owner Helmsley-Spear.
According to Kraut, the deal came together in four weeks. "We were very fortunate to locate such a substantial amount of space so quickly," Kraut says. "Many building owners are reluctant to take on schools as tenants because of such additional needs as extended hours for air-conditioning and security."
The Institute will use the space at 38th Street and Avenue of the Americas for classrooms. The deal calls for the school to handle any build-out expenses, the extent and cost of which are still under discussion.
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