Yes. Typically in Commercial NYC office rent, you see anywhere from $3 and up to $4.50/sq ft for electricity. Is this a markup/profit for the landlord, typically yes. Don't know how high in demand the space is, but I would hope you could negotiate to $3, but the market supports this floor.
Now I don't know much about your space and the amount of shared common spaces/services (elevators, etc), but sometimes you can negotiate for sub-metering for actual usage with a fixed markup (~15-20%) for the landlord.
However, with the base generation cost for electricity (nearly 2x in the last 18 months), and ConEd's power purchase agreements to smooth rate hikes already gone, the actual rates may exceed $3/sq ft soon, and will only move higher in the near-term.