Thursday, September 26, 2019

Is Facebook leaving Astor Place?

Facebook is reportedly in talks to lease space at the revamped Farley Building (the former James A. Farley Post Office) across from Madison Square Garden, according to Lois Weiss at the Post.

The company had also been said to be looking at Hudson Yards.

So why are we writing about this? To the Post!

It’s unclear what will happen to Facebook’s current NYC offices, including 758,000 square feet at 770 Broadway and 266,000 square feet at 225 Park Avenue. So.

Both Farley and 770 Broadway are owned by Vornado and its chairman Steve Roth, who has been wining and dining tech companies for years in an effort to lease them the top floors of the post office.

Roth, whose reps didn’t immediately return a request for comment, could cut Facebook a deal for Farley that also lets it off the hook for its current East Village lease, which expires in 2025.


As you may recall, Kmart downsized its space at 770 Broadway, the landmarked building on Astor Place, in early 2018. There were reports in late 2017 and early 2018 that Vornado bought Kmart out of its lease on the second floor, which was revamped from low-price to high-tech for Facebook.

The smaller Kmart still has 82,000 square feet in building, including most of the property's ground-floor retail space as well as basement level.

Also, as you'll see in the top photo, Kmart recently unveiled a new logo on the building.

Previously on EV Grieve:
Kmart staying on Astor Place, minus the 2nd floor (for Facebook?)


noble neolani said...

Could this be the beginning of a migration of tech companies from our neighborhood towards midtown where businesses like that should be? Let's hope it happens and this takes the wind of De Blasio's "Silicon Alley"expansion.

Eveddie said...

Thank gawd they stopped saying Midtown South to describe the area for 770 broadway and the death star buildings!

Anonymous said...

The opposite is what is happening. Tech companies are expanding rapidly here. They just don't want to be in the EV. They want to be in midtown where they belong. NYC is the new destination for tech. Been to SF lately? It's more expensive to rent there than Manhattan. The city streets are covered in poo and needles. They have 9000 people living on the sidewalks. It's horrifying. The idea is to have both tech and finance here.

Anonymous said...

Yes, FB is better situated in midtown or even in the horrendous Hudson Yards, a place as soul-less as FB itself is.

I am glad kmart has hung on, and I hope the tide is turning in favor of our neighborhood!

Anonymous said...

I swear, most of the commentators on this blog must wear "They Live" like sunglasses and see bogeymen or aliens where the rest of us don't.

Anonymous said...

They are expanding, they already have other offices

Jill W. said...

I wouldn't mind if they left. Unfortunately it's after a lot of negative changes around St. Mark's & 3rd Ave, that I'm sure can partially be attributed to Facebook's & other tech companies' proximity. Thanks Facebook

afbp said...

NEVER understood and still do not---the allure of exposing ones PRIVATE (or what you would like it to be) LIFE/THOUGHTS on the internet :(

Anonymous said...

@Jill W.: I agree with you; I feel the presence of FB has had a very unwelcome "bro-y" effect on the whole area.

I don't even want to think of how many bro's they must have working in 758,000 square feet of office space at 770 Broadway.

May they relocate to Hudson Yards, which is so soul-less that even a zillion bro's working there wouldn't make a dent in it.