A new Fulton Market building is on track to break a price-per-square-foot record if it sells for its full asking price.
The 45,380-square-foot building at 1100 W. Fulton Market by developer Fulton St. Cos has just entered the market for more than $40 million. That breaks down to about $881 per square foot, which would break the neighborhood’s all-time record, according to Crain’s.
That was set in May when a German real estate firm paid nearly $87 million — or $879 per square foot — for Mondelez International’s new headquarters at 905 W. Fulton Market.
“It was definitely a [property] we wanted to hold longterm, but it makes the most sense to see what the market will yield and go from there,” Fulton St. co-founder Alex Najem told Crain’s.
The furniture company Herman Miller signed a 15-year lease for the building, and is moving its offices and showroom there.
Read more
Commercial
New York
Housing demand sent construction spending up in August
Construction
New York
Bloomberg construction director pleads guilty to tax fraud
The market has been shaky in recent months as a result of the coronavirus pandemic. WeWork, for example, abandoned plans to open two locations in Fulton Market.
Days later, however, Marquette Companies, a Naperville-based development firm, secured construction financing for two rental projects on the west end of the Fulton Market District at 1400 and 1454 West Randolph Street.
[Crain’s] —Sasha Jones