This new availability offers 4,000 square feet on two selling levels, 20 feet of frontage along 42nd all-glass storefront, ceiling heights of 14 feet on the ground floor and 15-18 feet on the lower level, and an existing internal elevator and stairs.

The space, which is available for occupancy in January 2011, was made available when the existing tenant Charles Schwab decided to move to a new, larger space when the adjacent Payless Shoes lease expires at the same time.

"The 4,000 square feet space is between JP Morgan/Chase and Charles Schwab… there is no better blue-chip location in this neighborhood," notes Amira Yunis of Newmark Knight Frank, who handles retail leasing for One Grand Central Place. "More than 550,000 people work within a half mile radius, and more than one million pedestrians pass the space daily during the holiday season. Plus, the location is extremely convenient to commuters, with direct access to nine subway lines and Metro North trains."

Ms. Yunis adds that area retailers have had strong sales figures of late, and that with new retailers Sephora, H&M and Zara, the neighborhood has evolved from a five-days-per-week location to a seven-day location. "Given the demographics of the area's commuters and visitors, I expect more and more big-name retailers to establish a presence here," she says. "The market has not yet been fully tapped."

For more information about this rare leasing opportunity, please contact Ms. Yunis at 212-372-2397 or ayunis@newmarkkf.com.