New York Market Overview

Office:

Hope for longer and larger office spaces was encouraged as more people showed up to work and tenants continued to sign leases. Last month office leasing was 3.5% higher year-over-year. Manhattan’s year-to-date activity of almost 21 million square feet with leasing on track to surpass 30 million square feet for the year.

Midtown South leasing volume jumped 45% month-over-month and up 28% from last year, from Yeshiva University’s 160,000-square-foot condominium leasehold at 1293 Broadway. Midtown South 17.4% availability. Average asking rents dropped slightly to foot to $74.56/RSF

Midtown leasing activity dropped from 3 million to 1.4 million square feet month-over-month, that was due to Blackstone’s 1 million-square-foot lease expansion and extension at 345 Park Avenue.

RFR Holding stated it would resolve the debt problem at its Class A office buildings without selling them. It is likely that RFR will have to put up more capital and/or sell equity stakes in the buildings, or both.

Office buildings have lost value, interest rates on CRE have doubled. Lenders have reduced loan-to-value ratios on new office debt.

American Express is talking to Larry Silverstein along with other Manhattan trophy buildings about occupying 2 World Trade Center. or renovate its current home at 200 Vesey Street aka 3 World Financial Center where it owns and occupies the top portion.

Eretz Group got a 28-month extension and refinanced on a $34 million in CMBS debt backed by 252 West 37th Street, renovated 164,000-square-foot building. Occupancy rate at the 17-story Class B building plunged to 62% as of September, down from 100% in 2014.

Michael Shvo just landed an inventory loan for the condo portion of 685 Fifth Avenue.

One Vanderbilt hits 100% occupancy with the last lease signed for 6,000 RSF on the 54th floor, Asking rents for the space on the 54th floor were $265 per RSF.

1. Christie’s renewed its 400K sf lease at 20 Rockefeller Plaza.
2. Yeshiva University rented 160,000 RSF at 1293 Broadway for a healthcare campus.
3. Louis Vuitton Moet Hennessy has leased 150,000 square feet at 590 Madison Avenue.
4. Chobani signed a lease to occupy 121,000 RSF at 360 Bowery.
5. Stubhub rented 103,000 RSF at 4 World Trade Center over three floors vacated by Spotify.
6. Catholic Charities signed a 77,000 SF 30-year lease at 80 Maiden Lane.
7. Earl Monroev New Renaissance Basketball School signed a 70,000 SF 31 year triple net lease at 647 Elton Avenue for $49/SF.
8. PubMatic rented 60,000 RSF at 498 Seventh Avenue.
9. Otto Environmental Systems signed a 60K sf at 807 Bank Street.
10. School in the Square signed a lease for 60,000 RSF at| 4650 Broadway.
11. Daiwa Capital Markets signed a lease for 44,100 RSF at 1251 Sixth Avenue.
12. Hazen Sawyer leased 44,000 RSF at 498 Seventh Avenue.
13. Orchestra leased 42,000 RSF office lease at 195 Broadway.
14. Virtus Investment Partners leased 41,000 RSF at | 1301 Sixth Avenue.
15. Weaver and Tidwell leases 36,000 RSF at Penn 1
16. Circle Internet Financial is subleasing 34,000 square feet at One World Trade Center.
17. O’Melveny & Myers leased 29,500 RSF at 1301 Sixth Avenue.
18. Sam Edelman leased 29,300 RSF at 1325 Sixth Avenue.
19. Wholesale Electric Caribe leased 26,000 RSF at 182-20 Liberty Avenue.
20. Christofferson, Robb & Co. signed a 19,000 RSF lease at 680 Fifth Avenue.
21. Armanino signed a 19,000 SF office lease at 437 Madison Avenue.
22. Loeb Enterprises renewed its 18,000 SF lease at 712 Fifth Avenue.
23. 17Capital signed a 16,000 SF lease at 452 Fifth Avenue aka 10 Bryant Park.
24. Aveda Arts & Sciences signed a 16,000 SF 10-year lease at 35 Pearl Street in Brooklyn.
25. Posh signed an 11,000 SF five-year lease at 40 Crosby Street.
26. Injective Labs signed a five-year lease for 8,685 RSF at 205 West 28th Street.

Retail:

1. 99 Ranch Market signs 44K sf lease at 37-11 Main Street
2. Bonhams signed a 42,000 square feet lease at 111 West 57th Street. Bonhams will move into the Midtown Manhattan location late next year.
3. Crunch Fitness signed a 20,000 SF lease at 401 West 207th Street development
4. Artefacto, opened a two-story, 15,000-square-foot store at 149 Madison Avenue.
5. Dante NYC signed a lease at 210 Elizabeth Street in Nolita for 10,000 sf
6. Carneval signed a lease for 7,500 SF at 470 Driggs Avenue
7. Please Don’t Tell signed a 6,000 SF new lease at 162 West Fourth Street sf.
8. Unya NYC signed a lease for 5,000 RSF at 237 West 35th Street for a new eatery.
9. Pura Vida signed a 4,100 SF lease at 25 Kent Avenue
10. Alex Mill signed a new lease for a 2,000 SF store in Rockefeller Center.
11. Medium Rare signed a lease for 2,000 SF at 488 Third Avenue.