A new article from the New York Times takes a look at the booming high-tech corridor, oft called "Silicon Alley", growing in Chelsea and the Flatiron district. Late last year Google announced that it would be purchasing an office building in the area for over $1.8 billion, effectively assuming ownership of an entire city block. But it's not the only internet-and-tech player in the neighborhood; companies like Mashable, Demand Media, Tremor Media and Bluewolf have all recently inked deals in Silicon Alley. An excerpt from the article:
Many companies have chosen Silicon Alley to be close to similar companies, which might be their clients, their suppliers, their competitors or a source of new hires. Mr. Dunn of Bonobos, for example, hired his vice president of merchandising from J. Crew, which is at 770 Broadway at East Ninth Street, and his vice president of marketing from the Gilt Groupe, at 2 Park Avenue, between 32nd and 33rd Streets, both nearby.
Prices are substantially lower than in Midtown and other prime office neighborhoods. Along Fifth, Madison and Park Avenues, rents can range from $50 to $75 per square foot, said Grant Greenspan, a principal of the Kaufman Organization. On the side streets, prices can fall to $26 or $27.
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