New York University Signs 116K-sf Renewal for Midtown Campus
The School of Professional Studies will remain in its longtime Midtown campus at 11 West 42nd Street. New York University (NYU) has signed a 5-year, 6-month renewal for the 115,785-square-foot space that spreads across three floors within the building. As part of the deal, NYU will have a dedicated building entrance. Base rent is starting at $55.50 per square foot, rising to $61.28 per square foot over the term of the renewal. However, the tenant improvement allowance of $30 per square foot and rent concession of 6 months results in a net effective rent of $46.18 per square foot.