Realtors savor Clinton's move.
Bill Clinton officially moved into his 8,300 SF office penthouse at 55 West 125th street last week, ending one of the most highly publicized quests for office space. It was a day of rejoicing and celebration in Harlem as the former president made reference to the cost of gentrification gentrification, the rehabilitation and settlement of decaying urban areas by middle- and high-income people. Beginning in the 1970s and 80s, higher-income professionals, drawn by low-cost housing and easier access to downtown business areas, renovated deteriorating in his speech.
"I don't want small business people to run out because I'm coming in," said Clinton, receiving applause from the crowd.
With the possible exception of mom-and-pop businesses that rely on minimal rents for survival, Harlem's commercial real estate owners stand to benefit from Clinton's move which has shined a national spotlight on this once-barren area of Manhattan.
Not that vestiges of this past no longer exist--across the street from 55 West is an abandoned, four-story brownstone brownstone, red to brown variety of sandstone. Its unusual color is caused in some instances by the presence of red iron oxide which acts as a cement, binding the sand grains together. building, a hair salon A hair salon (also called 'Hairdresser' and 'Hair Parlour')is a place where one goes to get their hair cut, as well as styled, highlighted or coloured.
There are many different types of hair salons that one can choose to go to. and a pharmacy. Several underutilized properties line 125th Street not far from this building, located between Lenox and Fifth Avenue. Cogswell Realty, the owners of 55 West 125th street, spent $14 million to renovate the building, which they bought four years ago.
The General Services Administration The General Services Administration (GSA) was established by section 101 of the Federal Property and Administrative Services Act of 1949 (40 U.S.C.A. § 751). The GSA sets policy for and manages government property and records. signed Clinton's 10-year lease for $354,000 in April. In addition to the $354,000, the GSA (1) (Global mobile Suppliers Association, Sawbridgeworth, U.K., www.gsacom.com) A membership organization of suppliers of GSM products and services. Its goal is to promote GSM as the worldwide mobile communications standard. See GSM Association and GSM. is expected to pay more than $300,000 to upgrade his office space, which is located on the penthouse floor. Though Clinton's new office is markedly cheaper than the space he initially sought in Carnegie Hall Tower Carnegie Hall Tower is a 60-story skyscraper located on 57th Street in New York City. Part of a cluster of three very tall buildings (along with CitySpire Center and Metropolitan Tower), the tower was built in an architectural style in harmony with its neighbor Carnegie Hall, a , his office space still tops the list as the most expensive of any former president.
Joel Burns Joel Burn (born February 27, 1975 in Wisconsin, USA) is an American professional basketball player, currently starring for Leicester Riders in the British Basketball League.
The 6ft2 Guard attended Western Michigan University, before signing for Watford Royals in 1997. , managing director of Brown Harris Stevens, said that he and Clinton visited several locations before settling on the 125th Street space. Since the terms of the transaction were confidential, Burns could not elaborate on it.
"We are delighted to have him there," Burns said, who along with Kathy Sloane and Gregg Slotnick brokered the deal.
The same could be said of Clinton's new neighborhood. Harlem itself has been the focus of several economic revitalization projects, one of which includes the nearby Harlem USA complex. This development cost $65 million to build, and is located near a $15 million Pathmark supermarket. There is a dearth of quality office space in this area, however. Harlem has become somewhat of a tourist draw, with double-decked buses crossing 125th Street and camera-laden tourists passing by.
Clinton's presence could boost this sector's interest in the area, and it may already have done so. Ernst & Young's real estate advisory services advisory services
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"There's no question that Clinton's move to Harlem will give this street more credibility, especially in terms of retail. And there are already several national retail tenants here," said Barry Fishbach, executive vice president at Robert K. Futterman Inc, a retail leasing firm.
In the very building that Clinton now works inside, there are 3,000 SF of ground floor retail available. Costar reports that the space has been on the market for over 23 months.