April 29, 2009

ABS Partners Real Estate, LLC is pleased to announce their appointment as leasing agent for 16 East 40th Street effective immediately. The 12 story, 90,000 square foot office building, located between Fifth and Madison Avenues offers easy access to Grand Central Station, the Port Authority Terminal and Penn Station. The building maintains high occupancy by being responsive to the needs of the market and providing ready-to-occupy space at very competitive rentals. The owners will commence renovation of the lower façade in the late Spring including replacement of the facing stone from the ground to the 2nd floor level.

“We believe the building offers an excellent, economical choice for efficient quality space in the Grand Central market” says Doug Regal of ABS. Mr. Regal will work with team members, Mary Gallagher and Jay Caseley in marketing one entire 7500 square foot floor and one 5,500 square foot partial floor. “Pricing flexibility and good housekeeping are essential to attracting tenants in the current market” adds Ms. Gallagher, the newest member of ABS’s midtown team. Medical groups, are among the types of tenants that can find a conveniently located space where they can take advantage of low rent and very high space efficiency, plus a long lease.

“16 East 40th Street has, perhaps, the lowest loss factor in the Midtown market, so the effective per square foot rent makes this building highly cost effective, even in this competitive market”, says Caseley adding, “smart tenant-rep brokers looking for value will recognize the savings available in this efficiency”.

Surrounded by 270 Madison, 280 Madison and 10 East 40th Street, all higher profile and costlier properties, 16 East 40th Street represents an opportunity for tenants in those buildings to expand in their own back yard, perhaps even breaking through horizontally between buildings.

ABS now acts as leasing and managing agents for over 5.5 million feet in the Metropolitan area, most of which is located in Manhattan.

ABS Partners Real Estate LLC is a New York based real estate investment, brokerage, management and consulting firm specializing in representing owners of real estate in the acquisition, repositioning and development of commercial and residential properties. “We Build Partnerships That Last.”

For additional information contact Jason Fein at 212.400.2357 or jfein@absre.com.