| Building Address: | 386 Park Avenue South, New York NY 10016 |
| Building Alternate Address: | 386 Park Ave South |
| Zip Code: | 10016 |
| Neighborhood: | Gramercy Park |
| Borough: | Manhattan |
| Stories: | 20 |
| Year Built: | 1927 |
| Building Class: | B |
| Block & lot: | 00857-0038 |
386 Park Avenue South, located at the northwest corner of East 27th Street in Manhattan's NoMad neighborhood, has a rich history dating back to its completion in 1927. This 20-story, all-steel building was originally known as the Mills & Gibb Building and stands at a height of 79.9 meters (262 feet).
Initially, it was involved in a residential conversion project but faced significant challenges due to the 2005 credit crisis and the New York economic downturn. By 2010, Monday Properties and Savanna recapitalized the building, launching a major repositioning effort that transformed it from an office building with over 70% vacancy to one with less than 10% vacancy.
In 2012, the building was sold to a partnership between the William Macklowe Company and Principal Financial Group for $111.5 million. Following this sale, the building underwent further upgrades to appeal to tech and creative industries, including modernizations such as an expanded entranceway and elevator improvements.
By 2015, 386 Park Avenue South was sold again, this time for $201.5 million, emphasizing its growing value in the Manhattan office market. The building offers a total of 232,133 square feet of office space and has been altered over time, with the most recent significant alterations occurring in 2017.
386 Park Avenue South, Manhattan, NYC
386 Park Avenue South is a 260,000 square foot office building located in the highly desirable midtown south office market of New York City.
- Address: 386 Park Avenue South, New York, NY 10016
- Year Built: 1927
- Year Renovated: 1990
- Building Height: 20 stories
- Building Size: 260,162 square feet
- Building Class: B
- Typical Floor Size: Approximately 8,969 square feet
- Unfinished Ceiling Height: 11 feet
This building was originally planned for residential use but was adapted for office purposes. It features large open spaces and is ideally located near Madison Square Park.
386 Park Avenue South in Manhattan, NYC, offers several amenities to enhance the tenant experience. These include:
- 24/7 Access
- Bike Storage (located in the basement, accessible via the freight entrance during specified hours)
- Lobby Attendant
- Messenger Center
- High-Speed Internet
- Telephone Services
- Bank
- Janitorial and Building Maintenance Services
The building is designed to provide a comfort-driven environment with modern amenities, making it a desirable location for businesses.
386 Park Avenue South, Manhattan, NYC - Office Tenants
386 Park Avenue South is a 20-story Class B office building located in Manhattan, New York City. The building offers modern full-floor pre-built office spaces designed for progressive companies, featuring contemporary bathrooms and spacious eat-in kitchens with bar counters to support a collaborative working environment.
Notable office tenants at 386 Park Avenue South include:
- Primary Ventures
- Adroll
- Box, Inc.
- POPSUGAR
- Chase
- Global
The building benefits from multiple high-speed internet providers offering fiber connections, including Verizon New York, Lightower, Level 3 Communications, and Cablevision/Lightpath.
Located just one block from Madison Square Park, tenants have easy access to transportation, with the subway’s #6 line steps away and N and R lines within a five-minute walk, as well as proximity to Grand Central Terminal.
Average market asking rent for Class B office space as of 2024 ranges between $60 to $75 per square foot.
Internet providers available at 386 Park Avenue South in Manhattan, NYC, include:
- Pilot Fiber: Offers fiber-optic internet with speeds from 250 Mbps to 1 Gbps and up to 10 Gbps for enterprise solutions.
- Verizon: Provides fiber-optic internet with a maximum download speed of 1 Gbps and upload speed of 25 Mbps.
- Lightower, Level 3 Communications, and Cablevision/Lightpath: Each offers fiber-optic internet with download and upload speeds up to 10 Gbps.
- Spectrum: Offers high-speed internet services but is not specifically detailed for this location.
386 Park Avenue South is centrally located in Manhattan, New York City, offering easy access to various transportation options.
Public Transit:
- Bus: Routes include 28, BXM18, BXM4, M15, M15-SBS, M5, QM10, QM24, QM21, M1, M2, M3, SIM6, SIM11, M101, M102, M103, BM1, BM2, BM3, BM4, X63.
- Train: HUDSON and PORT WASHINGTON BRANCH.
- Subway: Lines include 6, 6X, N, Q, R, W, 4.
Nearest Subway Station: 23rd Street Station, approximately a 1-minute walk.
Nearest Bus Stops:
- Madison Ave @ 26th St (3-minute walk).
- E 25 St/Park Av South (3-minute walk).
- Lexington Av/E 28 St (3-minute walk).
- Madison Av/E 28 St (3-minute walk).
Cross Streets: Park Avenue South intersects with various streets, including East 23rd Street to East 29th Street. Major cross streets include East 25th Street and East 26th Street.
Office Tenants Rented / Leased 386 Park Avenue South- Blink Fitness leased 13,000 SF
- AwesomenessTV leased 13,121 SF
- Mullen Lowe Group leased 13,000 SF
- Lowe & Partners leased 13,000 SF
- Mullen Lowe Group leased 13,000 SF
- Lowe & Partners leased 13,000 SF
Nearby Office Tenants Leased- Boston Consulting Group leased 193,295 SF at 10 Hudson Yards
- Yext leased 58,194 SF at 1 Madison Ave
- Consulate General of the Kingdom of the Netherlands leased 17,000 SF at 1 Rockefeller Plaza
- Gerling America Insurance Co. leased 14,853 SF at 100 Park Ave
- RDA International leased 14,000 SF at 100 Vandam St
- Postworks New York leased 11,000 SF at 100 Avenue of the Americas
- Melkonian Capital Management leased 7,168 SF at 1 Bryant Park
- SMEG USA leased 2,713 SF at 10 Rockefeller Plaza
- Jared Finkell, MD leased 500 SF at 10 Downing St
- Century Pharmacy leased 500 SF at 10 Rutgers St
Nearby Retail Tenants Leased- Polo Ralph Lauren leased 11,000 SF at 1055 Madison Ave
- La Mar leased 9,000 SF at 11 Madison Ave
- Burger & Lobster leased 8,900 SF at 1 Bryant Park
- New York Kids Club leased 4,000 SF at 11 Fifth Avenue
- 10 Downing leased 3,400 SF at 10 Downing St
- Clean Table leased 2,000 SF at 101 Seventh Avenue
- Sweetgreen leased 2,000 SF at 10 Hudson Yards
- Choza Taqueria leased 1,000 SF at 100 Park Ave
- The Original Soup Man and Crema Lita leased 614 SF at 10 Rockefeller Plaza
- Simit and Smith leased 400 SF at 11 Waverly Pl
