New York Market Overview

Office:

1. Paul, Weiss, Rifkind, Wharton & Garrison leased 765,000 sf at 1345 Sixth Avenue for 20-years.
2. WeWork and the landlord agreed to modify its lease for a shorter term at a lower rent to keep its 300,000 SF lease at 1440 Broadway.
3. HPS Investment Partners’ signed a renewal and expansion for 159,000 SF at 40 W. 57th Street.
4. Verizon recently listed 143,000 square feet for sublease at 155 Delancey Street.
5. Ralph Lauren signed an 11-year renewal for 133,000 SF headquarters at 650 Madison Avenue, shrinking its footprint by 39%.
6. Quinn Emanuel Urquhart & Sullivan signed a 132,000 SF lease at 295 Fifth Avenue.
7. Stonepeak Partners signed a 77,000 sf lease for 15 years at 245 Park Avenue.
8. Banco Bilbao Vizcaya Argentaria signs a 74,000 SF lease at 2 Manhattan West.
9. Current signed a 72,000 SF lease at 620 Sixth Avenue.
10. Solomon Partners signed a lease for 71,000 RSF lease for 15-years at 1251 Sixth Avenue.
11. Notion Labs signed a lease for 50,000 SF at 75 Varick Street.
12. Payoneer signed a 42,000 SF 10 year lease at 195 Broadway.
13. Ro signed a 10-year lease for 35,000 SF at 625 Sixth Avenue.
14. Hawthorne Country Day School leased 34,000 SF for a 15-year term at 233 Broadway.
15. Headway signed a 5-year sublease for 32,000 SF sf at 205 Hudson Street.
16. Duquesne Capital Management renewed its lease for 25,000 SF at 40 W 57th Street.
17. Silverpeak Real Estate Partners signed a 25,000 SF lease at 40 W. 57th Street.
18. Access Industries rented 25,000 SF lease at 40 W. 57th Street.
19. Eisner LLP signed a lease for 21,000 at 40 W. 57th Street.
20. Safe Horizon has signed a 20,000 SF lease at Quinlan Development Group LLC’s Pioneer Building at 41 Flatbush Avenue in Brooklyn.
21. Elliot Management Corp. signed for a lease expansion to 15,000 SF at 40 West 57th Street.
22. Olgam Life signed a 10-year lease for 11,200 square feet at 1584 Flatbush Avenue.
23. Nelson Worldwide signed a lease for 10,000 RSF at 470 Park Avenue South.
24. Dealpath signed a lease for 8,000 SF at 40 West 57th Street.

Retail:

1. Macquarie Asset Management renewal of Icon Parking Systems for its 56,000-square-foot garage at 200 East 66th Street.
2. 52 Broadway, Kings College, renewed at 52 Broadway with a 12-year renewal for 52,542 SF.
3. Vital Climbing Gym leased in the Lower East Side, 45,000 square feet at 182 Broome Street.
4. Complete Playground leased in the Financial District, 40,000 square feet at 30 Broad Street with a 15-year lease.
5. Food Bazaar Supermarket leased in Inwood, 37,000 square feet at 375 West 207th Street. Food Bazaar’s lease is for 25 years, opening in 2025.
6. Louis Vuitton signed a lease for 36,000 SF at 6 East 57th Street for 5 years that will reportedly cost LVMH $20 million.
7. The Life Time gym leased 36,470 SF at 18 Sixth Avenue in Brooklyn.
8. Crate & Barrel leased 35,000 square feet at 881 Broadway for a 10-year lease.
9. P.C. Richard & Son rented 30,000 SF at 2372 Broadway.
10. Daily Deals Bins signed a lease at 485 Fulton Street in Brooklyn for 29,000 square feet. Asking rents on the 2,500 square feet ground floor was $200 per square foot, while basement space was $50 per square foot.
11. Ralph Lauren signed a 10-year renewal for its 28,000 SF of retail space at 867 Madison.
12. TMPL signed a lease for 26,000 SF at 200 Madison Avenue, paying $100 per square foot for the ground-level space.
13. Look Dine-in Cinemas signed a 15-year lease for 25,000 SF that replaces another movie theater at 625 West 57th Street.
14. The Fresh Grocer rented 21,000 SF at 523 Fulton Street Brooklyn.
15. Golfzon Social signed a 10-year lease for 18,000-square-foot lease at 11 Hoyt Street in Brooklyn. The virtual golf simulator space also includes a cafe and a lounge with craft beer.
16. Salons by Salons by JC signed a 20-year deal for 13,316 square feet at One Boerum Place in Brooklyn. The ground floor asking rent was $150 per square foot and $75 on the second level.

Largest New Construction Projects Approved in 2023:

1. The Gotham Organization’s complex at 30 and 35 Inspiration Lane, Brooklyn will contain 930,781 square feet within 846 apartments.
2. 39-02 Northern Boulevard, Long Island City. Gotham Point is a two-building complex that is 75% affordable housing with plans to add 883,470 square feet.
3. L+M Development Partners’ plans for 895 Erskine Street and 888 Fountain Avenue include two 14-story buildings that will add 563,312 square feet or 634 affordable living apartments. The project is part of a $1.2 billion state-backed “Alafia” development, which plans to create 2,400 new apartments over six construction phases.
4. 356 W 58th St, Manhattan, CSC filed plans for a major conversion of the Hudson New York Hotel into a 454,756-square-foot, 438-unit rental building.
5. BFC Partners, 1709 Surf Avenue, Brooklyn will contain 421,740 square foot affordable housing development with 430 apartments.
6. New York City’s Department of Housing Preservation and Development has a 10-story mixed-use project planned at 116 Beach 36 Street that contains 370,000 square feet.
7. Extell Development filed plans that would renovate the former Wellington Hotel at 871 7th Avenue and keep the existing structure as is.
8. Yellowstone Real Estate Investments bought the 600-room Watson Hotel at 440 West 57th Street and plans to convert some of the north tower into 249 residential units totaling 301,971 square feet. The south tower will continue to operate as a hotel.
9. Atlantic Development Group filed for a 15-story multifamily building in the Bronx at 1959 Jerome Avenue. The project will contain 285,216 square feet, of which 29,000 square feet is commercial space and 333 affordable rental units.