EliseAI Signs 109K-SF Lease at Chetrit Organization’s 401 Fifth Avenue

An artificial intelligence firm focused on housing and health care signed a 109,000-square-foot lease in Midtown, Commercial Observer has learned.

The 10-year lease for EliseAI spans half the building at the Chetrit Organization’s 401 Fifth Avenue in a relocation and expansion from 33 East 33rd Street, according to the tenant broker JLL.

Asking rent in the building was $80 per square foot, according to landlord broker Newmark.

“New York is very special to us; it’s where we started building EliseAI,” Minna Song, EliseAI co-founder and CEO, said in a statement. “Choosing our new home here was critical due to our strong in-person culture and our commitment to creating a truly exceptional experience for our people to collaborate and do their best work. The new space will let us further scale our New York team, contribute to the city’s technology ecosystem, and build the next chapter of AI in housing and healthcare.”

JLL’s Evan Margolin, Valentin Stobetsky, Calum Waddell, Will McGarry and Hale King handled negotiations on behalf of EliseAI, while Brian Waterman, David Waterman and Alex Kesseler from Newmark represented the Chetrit Organization.

“[EliseAI’s] presence brings new energy to the corridor and underscores the continued transformation of the area, particularly as it emerges as a hub for innovative, AI-driven companies,” Juda and Michael Chetrit said in a statement.

The building from 1905, designed by McKim, Mead & White, was formerly known as the Tiffany & Company Building. It spans 218,000 square feet and is actually composed of two buildings, with a more official address 393-401 Fifth Avenue.

Renovated in 2004 and refinanced with a $95 million CMBS loan in 2024, the building once had American Eagle leasing the retail component, but it’s unclear if that spot has been backfilled with another tenant.

Mark Hallum can be reached at mhallum@commercialobserver.com.