Craig Deitelzweig's Midtown Office Renovation Pays Off with Sky-High Rents
Marx Realty's CEO Craig Deitelzweig's bold office renovation at 10 Grand Central leads to record-setting rent increases amidst the cautious return to office spaces in New York City.
As New York City cautiously begins its return to office spaces, one developer is reaping the benefits of a daring renovation project. Craig Deitelzweig, CEO of Marx Realty, transformed the drab 708 Third Avenue building into a sleek, hotel-like office space with top-of-the-line amenities. And it's paying off big time.
The 35-story building, now known as 10 Grand Central, is nearly fully occupied, with tenant demand so high that Deitelzweig has been able to raise rents four times in the past year alone. "It's one of the strongest office markets that we've seen in a decade," Deitelzweig boasts.
But he's not alone in his optimism. While not all office dealmakers in New York City are as bold as Deitelzweig, most are acknowledging the sector's impressive comeback. Just a year ago, office spaces were considered the "edges of hell" due to the COVID-19 pandemic, but now they seem to be in purgatory, with a promising future on the horizon.
Originally reported by The Real Deal.
https://therealdeal.com/magazine/october-2025/tales-from-new-yorks-cautious-office-comeback/