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Starrett Lehigh Building: 'window of opportunity.'

Starrett Lehigh Building: |Window of opportunity'

At a time when cost cutting is on the minds of most New York City businesses, the "window of opportunity" for commercial tenants doesn't open much wider than at the Starrett Lehigh Building, the 2 million-square-foot landmark property on the Hudson River waterfront at West 26th Street, according Alvin Schwartz, executive vice president of Helmsley-Spear.

"Rents are unbelievably affordable, lease terms flexible, and the facilities are extraordinary. Unfortunately, the vast majority of space-users don't know a building like this exists in Manhattan," asserts Schwartz of Helmsley, which owns, leases and manages the 19-story structure which features floors as large as 130,000 square feet -- the equivalent of three acres.

Occupying the entire block between 26th and 27th Streets from 11th to 12th Avenues, the Starrett Lehigh Building, the first industrial facility built with cantilevered construction in New York City, is today home to virtually every type of warehousing, light industrial and back office tenancy, although its primary targets continue to be large secondary office users and computer operations.

"Those are the types of tenants who probably would derive the most benefits, financially and operationally, from our facilities," noted Schwartz. "But we're willing to accommodate virtually any tenant requirement or usage. We certainly have enough room here."

Tenants include: printers, hospitals, museums, movers, and makers and distributors of baby furniture, costumes, and computer parts. There's even a photography studio and architecture firm in the building, along with Baby Watson Cheesecake, the specialty baker.

In addition to its large floor-plates, other unusual features of the building include a 200-car garage on the second floor that serves tenants as well as their guests; a 150,000-square-foot ground floor with 25-foot high ceiling heights; elevators that can carry 29-foot long trucks directly to individual loading bays on every floor; a private driveway leading to a loading platform that features its own private elevator; unmatched shipping, loading and distribution facilities; and an on-site restaurant and cafeteria.

While the demand for traditional industrial facilities has changed dramatically since the building first opened in 1932, Schwartz sees a growing need today for affordable back office and computer operations in Manhattan.

PHOTO : ON THE AUCTION BLOCK The Willowcreek Townhomes in Fairlawn, New Jersey, new two-bedroom two and one-half bath deluxe townhomes, originally priced to $270,000 will be offered for sale at a public auction on Oct. 1, it was announced by Sheldon Good & Co., America's largest real estate auction firm. Six of the residences will be sold "absolute," regardless of price, to the highest bidders. Opening bid on all 21 homes will be $85,000.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Sep 11, 1991
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