- 100,000 square foot
- $68 per square foot rents
Before technology and media companies began flocking to New York’s own “Silicon Alley” in the Flatiron District Centaur Properties saw the potential in this modest mid-block commercial building. Although it offered high ceilings and attractive original details it was in dire need of upgrades. The two separate, fifty-foot structures, completed in 1903 (East) and 1906 (West) respectively later became known as the Gramercy Twins for featuring similar design characteristics such as a decorative, second floor friezes. Now combined into a single 100,000 square foot building, the 110+ year landmarked structures received a top-to-bottom renovation that included brand new mechanical systems, a modern lobby and large, open-plan floors that are preferred by contemporary businesses – and in particular technology startups.
The building is now anchored by Tumblr, the popular blog publishing platform, who occupies nearly 50% of the rentable square footage, and marketing/advertising firm CBX. The newest tenant, and one that Centaur was active in pursuing, is the Cosme restaurant on the ground floor. Opened in late 2014, it is the first venture in the US by renowned chef Enrique Olvera. While it is a departure from the neighborhood restaurants that predominate in the immediate area, Centaur wanted to install a replacement to the 30-year old shuttered club that would serve both to activate the building and as a destination for folks from all across the city.
While the previous owners of the property were struggling to attract tenants with rents of $18 per square foot, Centaur began to realize bench-market lease rates of $68 per foot for the newly created boutique office space as early as 2010. By investing strategically in this ambitious renovation & rebranding project Centaur was able to attract Avenue rents to a previously ignored mid-block building.