277 Park

• May 2024 New York Commercial Real Estate Market Report
• Office: The chief executive of Manhattan’s second-largest landlord bemoaned free rent and tenant allowances as a “killer.” Vornado needs to commit as much as $300 per square foot on concessions to secure companies as tenants for more than $40 per square foot over 10-year deals. The weighted average rent of Vornado’s Manhattan office buildings is $100 per square foot. Demand for the best office buildings in New York has not only recovered but it’s causing a spillover effect. Large tenants that have lease terminations over the next several years are racing to snap up space while it’s hot in trophy …
  
  
• May 2019 New York New Developments
• Major Developments: Financial services accounted for 39% of the leasing activity, of which 13% was leased by co-working companies. Coworking had accounted for 12% of leasing volume last year and 5% in 2017. TAMI followed with 16% of leasing volume in the first quarter. There were six Midtown deals over 100,000 square feet. Sumitomo’s 266,000 square foot renewal and expansion at 277 Park Avenue and the Bank of Montreal’s 215,000 square foot relocation to 151 West 42nd Street. Job growth in New York City increased by 1.8% with 68,700 jobs added by the private sector from 2018 to 2019. The …
  
  
• September 2016 New York New Developments
• Major Developments: SL Green Realty says it has shaken a pesky lawsuit that threatened to stall the construction of its office building near Grand Central Terminal, One Vanderbilt. The REIT has settled a lawsuit filed by the owner of Grand Central, which alleged that the office landlord and the city rendered his 1.2 million square feet of air rights useless when it rezoned the area. The settlement was made possible, in part, by the recent sale of a stake in Grand Central to Michael Dell’s MSD Capital. In 2012, the Witkoff Group announced it would build a new hotel at …
  
  
• November 2013: NY New Developments
• NY New Developments Harlem's rapid development and emergence as a viable tourist and business destination has suddenly led to a spike in the demand for hotels in the area, so much so that the neighborhood is now short of about 1,500 hotel rooms. Even future growth in the hotel industry will not be able to meet demand. Although two hotels are in the works with a 210-room property near the old Victoria Theater on 125th Street and a 230-room property near Columbia University's West Harlem expansion. The Landmarks Preservation Commission has recently voted in favor of the Nordstrom tower cantilever, …
  
  
• May 2012: Commercial Real Estate Market Report
• {dynamic_word1} Commercial Real Estate Overview There were several large new subleases coming on the market, such as: Dewey & LeBoeuf, the massive law firm that is considering filing for bankruptcy, is looking to sublease up to 160,000 square feet of the firm's space at 1301 Sixth Avenue. Pfizer recently put 274,000 square feet at 150 East 42nd Street up for sublet and JPMorgan & Chase is looking to unload 50,000 feet at 277 Park Avenue. In the interim Citigroup and Societe Generale have recently shed a combined 172,000 square feet and Nomura has cut 200,000 square feet from the 900,000 …
  
  
• September 2009 New York Commercial Real Estate Market Report
• Manhattan's office rents are declining more sharply than those in other U.S. markets, though it's probably due to a soaring multi-year run-up. Average Manhattan asking rents were $60.23 per square foot, down from $71.59 a year ago, or an almost 16 percent plummet. Midtown leasing velocity beat its five-year average for the first time in 18 months while the availability rate of office space improved slightly for only the second time since late 2007. There was 1.58 million square feet leased in Midtown in July,up from 1 million in June, besting its 60-month average of 1.32 million square feet. The …