With its towering skyscrapers, packed sidewalks and cosmopolitan energy, Midtown East is quintessentially New York City. The city’s largest and most prestigious Central Business District has long been coveted by major companies and also holds many of the city’s most iconic landmarks, such as Grand Central Terminal, the Chrysler Building and the New York Public Library. The neighborhood is set to undergo a transformation in the years ahead thanks to the looming Midtown East rezoning planned for the district, ushering in a new era to the Big Apple’s business hub.
Like just about every neighborhood in the city, Midtown East’s borders are up for debate. Roughly, it’s thought to be bounded by Sixth Avenue to the west, the East River to the east, 59th Street to the north and 34th Street to the south. As the city’s primary central business district, the neighborhood began to develop in the middle of the 19th century but didn’t really boom until the opening of Grand Central Terminal in 1913. Since then, it’s become globally renowned for its iconic skyline as well as its upscale shops along Fifth Avenue and vaunted cultural institutions like the Museum of Modern Art.
The district hosts the densest concentration of office space in the entire city, making it ideal for tenants of all sizes and sectors. Banks, media firms, professional services companies and retailers of every kind will feel right at home here, with plenty of office space options to go around. Grand Central Terminal’s presence makes commuting to and from the northern suburbs of the city easy while numerous subway lines offer additional transit options within city limits. Plenty of shopping can be found long Fifth Avenue while cultural attractions like the Museum of Modern Art and the Morgan Library & Museum abound. Finally, the district is unbeatable for companies seeking prestige and a truly global address.
Despite the planned rezoning, the district’s office stock is still widely seen as outdated. Midtown East also offers less accessibility to the suburbs compared to its western counterpart while its main subway artery, the Lexington Avenue line, is severely crowded, notwithstanding the recent opening of the first phase of the Second Avenue Subway. Although the full completion of that line and the East Side Access project will eventually improve transportation options for the district, both are years away from completion. The area is also extremely expensive when it comes to rents, making it a poor choice for companies looking to save money.
In spite of its aging office stock, expensive rents and somewhat limited transportation options, Eastern Midtown is still an excellent place to do business. It’s wealth of office space, central location, excellent amenities and unmatched prestige make it an easy choice for businesses looking for a truly global and cosmopolitan address.