The iconic office building at 1325 Sixth Ave in New York, known as Elaine Benes’s fictional workplace in “Seinfeld,” has lost much of its market value, according to Evercore ISI analyst Steve Sakwa. Sakwa argues that the building’s worth lies solely in the land beneath it, which he values at $300 per square foot, suggesting a property valuation of $240 million.
Lost in the payroll mess, the ISM (manu) dropped to fifteen-month low not far off it. Worst part of it is how employment has dropped off during the summer, more evidence aligning with payrolls, hiring, layoffs, nominal incomes, etc.
Firms have been cutting back production,… pic.twitter.com/O03GBs06Ph
— Jeffrey P. Snider (@JeffSnider_EDU) November 3, 2024
Despite its cultural status, the 800,000-square-foot building struggles with a 15% vacancy rate—a figure that’s neither unusual nor optimal for Manhattan office spaces. Although memorable for “Seinfeld” fans, the property lacks the architectural prestige to earn an entry in the AIA Guide to New York City. Its less-than-ideal location, distant from key transit hubs like Grand Central and Penn Station, further diminishes its appeal.
The re-evaluation of this property underscores the shifting real estate landscape in New York, where even culturally significant buildings face declining value amidst evolving market demands.
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