The school is scheduled to make the move this month. No dollar amount has been put on the deal; however, asking rents for office space at the hotel are currently in the mid-$20s per sf.
"From the outset the New Yorker Hotel has shown that it is on our team and has gone to great lengths to ensure that our newly designed space meets all the special requirements of a school," explains Jay Goldstein, head operator of Barbizon.
The New Yorker Hotel is located at 34th Street and Eighth Avenue. It has 1,013 guest rooms and approximately 300,000 sf of office space on 12 floors. It maintains a strong reputation for working with smaller clients like lawyers and psychiatrists who need smaller office spaces. According to Raymond Mosley, director of commercial real estate, the hotel is considering more creative ways to maintain its commercial occupancy levels--despite the challenging economy.
"The Barbizon School certainly represents a departure from our usual tenant mix; yet, it is a perfect fit for the space," Mosley says. "We have been able to meet all of Barbizon's expectations, including build-to-suit space, round-the-clock access and security and the opportunity to rent out banquet area and ballrooms for events. Our proximity to Seventh Avenue and the fashion district also appealed to the school."
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