On average, listings lease in the $90's per square foot per year. The Lenox Hill submarket is experiencing a decrease in rates. In the last 3 months, the median rate decreased $9 per sqft per year. That's a 9% decline in rent.
Compared to the rest of the New York City market, the Lenox Hill submarket has more expensive rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 29 listings have been listed, which means listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 14% of the available space in the Lenox Hill are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
Even though the median size is 3,700 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this region are around 6 stories. Most buildings in this area were built in 1920 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Construction is the dominant industry in this market. Commute by car is the most popular way to get to work amongst Lenox Hill folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.