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• October 2021 New York New Developments
• New Developments 2 World Trade Center is looking for an anchor tenant, which would be required for a construction loan. Norman Foster of Foster + Partners would serve as the architect on the project. Landlords are ready to fight over whether the city should regulate retail and office rents. The City Council’s Committee on Small Business is planning a hearing on a bill to create a rent guidelines board that would limit rent increases on small commercial spaces. The board would have jurisdiction over small retail and office spaces, up to 10,000 square feet, as well as manufacturing establishments up …
  
  
• July 2021 New York New Developments
• Major Developments: Life sciences leasing in New York leased 257,000 square feet, far above the 156,000 square feet rented in all of 2020. The city will throw at least another $500 million into life sciences development, bringing total investment up to $1 billion and signaling more expansion to come. A group of banks led by Wells Fargo and Goldman Sachs provided $3 billion in refinancing for SL Green’s One Vanderbilt. SL Green Realty Corp, the National Pension Service of Korea and Hines Interests own the 67-story skyscraper. The refinancing will pay off $1.75 billion in construction debt on the property. …
  
  
• February 2021 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan’s office availability hit a record high of 14.3%, 16.3% higher than the third quarter and up 43% from a year ago. A big chunk of that 24.2% was sublet inventory, which expanded by 6.45 million square feet in the past year. Overall, the pandemic left a large scar in Manhattan’s office market in 2020, reducing the annual leasing volume to 18.9 million square feet, down by 56% from a year ago. Leasing Sublease space in Manhattan’s office market continued to grow in the last quarter of the year, and has now reached the highest level this century. …
  
  
• January 2020 New York New Developments
• Major Developments: New York City’s hotel inventory includes 113 new developments to open in the next few years, with just over half located outside Manhattan. New York’s hotel inventory will reach 144,000 rooms by the end of 2021 up 65% from the 87,000 rooms the city had in 2010. Chang has filed plans for his biggest hotel yet. The 34-story, 974-room development at 150 West 48th Street. Michael Bloomberg is moving his presidential campaign headquarters from the Upper East Side to Times Square. The new headquarters are located at 229 West 43rd Street, 8th floor. New York City will end …
  
  
• August 2019 New York Commercial Real Estate Market Report
• Manhattan leasing activity which includes both renewals and new leases totaled 20.26 million square feet. The first half of 2019 saw 15% less activity than the second half of 2018, but this was still 12.2% above the five year average. Asking rents continued to rise to record highs, with an average of $77.82 across Manhattan and $84.51 in Midtown in large part to a boom in Downtown. Office leasing in Midtown South was flat year-over-year with 7.02 million square feet in total volume. TAMI tenants were on top here with 54% of total activity from WarnerMedia’s 1.3 million-square-foot sale-leaseback deal …
  
  
• November 2018 New York Commercial Real Estate Market Report
• Manhattan Office leasing: Strong Manhattan office leasing demand decreased supply by 820,000 RSF despite new construction coming along, an impressive feat. In the first nine months, more than 29 million square feet worth of new office leases and renewals were completed. Office leasing in Midtown has hit a 12-year high. During the third quarter specifically, there were 4.4 million square feet worth of deals signed. The average asking rent was $78.41 per square foot. The tech sector leased 1 million square feet for the ninth consecutive year. Over the past two years, the tech center increased hiring by 12.4%. Asking …
  
  
• October 2018 New York Commercial Real Estate Market Report
• Manhattan Office: Total Manhattan Office Market vacancy increased from 36.46 million RSF to 37.14 million RSF. There was 2.7 million square feet leased during the first 2 quarters. The technology, advertising, media and information (TAMI) sector rented 36% of the space, finance, insurance and real estate (FIRE) sector, with 18% and Flexible office space 7% . The downtown manhattan office leased 1.9 million square feet leased in 2018’s second quarter. Availability rate downtown was 14.2% up from 11.3% in early 2017. 3 WTC is 38% leased. small_column_chart_by_brian Manhattan Retail: Retail is getting worse. A recent survey of Manhattan found that …
  
  
• December 2017 New York New Developments
• New York Major Developments: Retailers south of 96th Street that pay more than $250,000 per year in rent also pay a tax on that rent. A new bill would raise the threshold to $500,000, meaning about 2,000 business would escape the tax. London-based rhubarb, a major hospitality company in England, plans to open new restaurants at 30 Hudson Yards and at the Hudson Yards Shops & Restaurants. The restaurant at the mall will contain 5,800 square feet on the fifth floor. At 30 Hudson Yards, rhubarb plans to open a 10,000-square-foot restaurant on the 92nd floor. Soho Properties, in partnership …
  
  
• October 2017 New York New Developments
• Major Developments: The Port Authority of New York & New Jersey seems to be leaning toward building a new bus terminal on the Eighth Avenue site, rather than expand to another location. The plan now is to build two new floors on top of the terminal that is already in place. Those levels would be for the buses while the three lower levels are being rebuilt. Barry Diller officially declared Pier 55 dead after years of legal disputes and around $40 million in pre-construction costs A startup wants to pay landlords $10,000 per month or more to install intelligent, electronic …
  
  
• August 2016 New York Commercial Real Estate Market Report
• The total volume of office leasing in Manhattan has fallen 21% in the first half of 2016, to 15.6 million from 19.7 million in the same period last year. Midtown Manhattan Office leasing volume is down 31% year-over-year/ Downtown Office Leasing activity was 610,000 square feet which was above the five-year average. Effective office rents in Manhattan increased. Incentives for free rent and landlord contributions in cash to build tenants spaces increased. Concession values, the incentives landlords offer in terms of free rent and tenant improvements, fell slightly to 13.36% of asking rents. Concessions grew 22.26%, while asking rents climbed …
  
  
• August 2016 New York New Developments
• Major Developments Hershey Company plans to open a new flagship store at the base of 20 Times Square, a location that will triple its current 2,200-square-foot space at Times Square. The new location will be a block away from the company’s rival, Mars Inc.’s M&M; World. Gary Barnett’s plans to raze 10 buildings on the block including 10 West 47th Street. Extell secured permits to demolish 10 West 47th and 2 West 47th, 3-13 West 46th Street, 562 and 564 Fifth Avenue. Extell bought 10 West 47th, a 72,000-square-foot office building for $74.4 million. L+M Development Partners and Hornig Capital …
  
  
• December 2015: New York New Developments
• New Developments AvalonBay Communities is planning a new 33-story, mixed-use residential tower at the site of the former American Bible Society located in Lincoln Square. The building will house 160 apartments. There will also be 34,000 square feet of retail space on the lower levels.Vornado Realty Trust lauded a third quarter that saw it sign seven Manhattan office leases at asking rents of over $100 per square foot. Vornado completed 43 office leasing deals totaling 509,000 square feet in the third quarter at an average starting rent of $79.80 per square foot. The total year-to-date leasing activity was nearly 1.7 …
  
  
• July 2015: New York New Developments
• New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village hasve been approved by Tthe New York State Court of Appeals.s gave an approval to New York University's campus expansion plans to expand the school by about 2 million square feet in Greenwich Village. Neighborhood activists sued to prevent the expansion, claiming it used land that was permanently designated for public park use. The plan will create new high rises on two blocks between West Third and Houston Streets and La Guardia Place and Mercer Street. FAO Schwarz is close to …
  
  
• February 2015: NYC New Developments
• Mitsui Fudosan started construction on 55 Hudson Yards. Its $1.4 billion office tower which is part of the 28-acre megaproject on Manhattan's West Side.Property Markets Group is planning to convert a four-story commercial building at 548 West 22nd Street into a 19-story residential development.Brookfield Office Properties said the total development cost for the first of its two Manhattan West office towers is more than $2 billion.A joint venture between Madison Equities, Building and Land Technology (BLT) and Joseph's Sitt Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue. BRP Corp. …
  
  
• February 2015 New York Commercial Real Estate Market Report
• Manhattan's East Side office submarket had lower asking rents, while prices in Hudson Square rose dramatically after the rezoning. New office leases rose to 63% from 55% year from the previous year to year based on square footage leased.Mayor Bill de Blasio is seeking to raise taxes on virtual retailers that do business in New York but have no physical presence in the city.A continued surge in TAMI technology, advertising and media sector coupled with modest growth in the financial sector resulted in large amount of leasing and demand at its highest in nine years. The Manhattan commercial investment sales …
  
  
• January 2015 New York Commercial Real Estate Market Report
• Fifth Avenue in the 50's is now the world's most expensive area to lease retail stores due to increasing hoards of brand-hungry shoppers coming through Manhattan.Despite a slight office market slowdown throughout Manhattan within the last month, subleasing is on the rise.The final taking rents for the very top deals are at an all-time high in Midtown and Midtown South, and are near former high rents in Lower Manhattan.Midtown Manhattan might be the most expensive office market in the U.S., but worldwide it is still a relative bargain.Midtown's finance and legal tenants are the top tenants seeking space after TAMI …
  
  
• November 2014 NYC Commercial Real Estate Market Report
• New York City Market Overview There was more new residential construction than commercial construction in New York. Commercial construction investment is on pace to dip to $7.8 billion, rising residential spending of $10.9 billion from just $6.8 billion from the previous year.The following building department applications were filed in September. Half of the top 10 projects were filed in Manhattan and the other half in Brooklyn. 401 Ninth Avenue a1,600,000 SF office building in HudsonYards. 227 Cherry Street a 1,100,000 SF, a Residential building. 420 Albee Square 751,548-SF mixed use building in Brooklyn.Retail rents along 57th Street have surged as …
  
  
• February 2014 New York Commercial Real Estate Market Report
• Chinese Real estate investors were the largest investors in New York City in the world Increased availability of debt and an uptick in office rents drove demand for large Manhattan office towers in 2013. The top 10 priciest building sales of the year included nine office buildings — a threefold increase over the three office towers that cracked the top 10 list in 2012. Sales volume for all New York City properties could reach a record $63 billion this year, soaring 68 percent from last year. The dollar volume of New York City investment property trades is up 35 percent …
  
  
• January 2014: New York New Developments
• NYC New Developments Brookfield Property Partners has increased its cash offer to buy Brookfield Office Properties to roughly $5.1 billion. Brookfield Office's board plans to recommend to shareholders to accept this new offer. In place of cash, shareholders can receive one limited partnership unit under the offer. In September, Brookfield Property's offer was valued at $5 billion. Hotel developer Zelig Weiss is planning a new 183-room hotel to Wythe Avenue in Williamsburg. The 150,000-square-foot building will be located at 55 Wythe Avenue. Citibank signed a lease worth more than $1 billion to renew its 2.7 million-square-foot lease in a two-building …
  
  
• 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, …
  
  
• October 2013: NYC New Developments
• NYC New Developments Ace Hotel is converting a 10-story building at 225 Bowery into a hotel, despite earlier plans to turn it into apartments. The Lower East Side building’s owner, the Salvation Army Chinese Community Center, will close within the year. Ace is serving as a silent partner and developer on this and the Jarmulowsky Bank project at 52 Canal Street. That development, from DLJ Real Estate Capital Partners, is slated to be a 12-story, 105-unit hotel, and will be operated by Ace under a different name.Fairway Market is coming to the World Trade Center neighborhood. The market just signed …
  
  
• September 2013 New York Commercial Real Estate Market Report
• Lower Manhattan continued to have above-average leasing. Leasing activity in Lower Manhattan totaled 2.46 million square feet year-to-date in 2013. Relocations and first-time renters, rather than renewals, were the cause of the boost.TAMI (technology, advertising, media, and information) tenants accounted for over a quarter of the top ten leasing deals in the second quarter of 2013, continuing the previous trend.Andrew Penson’sof Argent Ventures claims the city’s proposal to re-zone Midtown East is selling air rights at far below market value. A recent appraisal shows the value to be over $400/SF. The city aims to charge developers about $250 per square …
  
  
• August 2013: New York New Developments
• New York New Developments Brookfield Office Properties has begun construction of a bridge 120,000 square feet for its Manhattan West project. Brookfield will be the first platform on Amtrak rail yards between ninth and 12th avenues. Time Warner has agreed in principle to move in 80-story skyscraper related companies planned for yards at the 10th Avenue and West 33rd Street, capping weeks of speculation on the movement of the media company in Hudson Yards, IMG Worldwide extend its lease at 304 Park Avenue South. And will now occupy 72,080 square feet. The lease also increased its initial term of 10 …
  
  
• June 2013 New York City New Developments
• NY New Developments The Federal Department of Transportation will give New York $185 million to help build a rail tunnel under the Related Companies’ Hudson Yards project that will allow for high-speed train service between Manhattan and Newark, N.JTwo recent Plaza District office leases have broken new price records, being the most expensive office leases since 2008. Hedge fund Ruane, Cunniff & Goldfarb and the Brazil-based Banco Itaú will pay just under $200 per square foot for space at 9 West 57th Street and the GM Building.The Lower East Side is getting a new 12-story, 44,000-square-foot, 38-unit residential building at …
  
  
• May 2013: NYC New Developments
• NYC New Developments Waterman Interests has signed a new 75-year deal with Benenson Capital Partners for the master lease at 400 Park Avenue. The Benenson family has owned the East 54th Street site since 1971. In 2010, Waterman along with some institutional investors paid $35 million to RFR Realty for the leasehold on the 270,000-square-foot property. At the time, the leasehold had 17 years remaining. Manhattan hotels have been popping up especially in the area around 29th Street. . Now there are nearly a dozen hotels clustered on and around 29th Street, including the trendy Ace Hotel, which opened in …
  
  
• April 2013 New York Commercial Real Estate Market Report
• About two million square feet of space at the World Financial Center is expected come to market, due to lease rollovers by Nomura and Deloitte, along with other tenants. 50 Midtown Manhattan buildings have at least 100,000 square feet of contiguous availability. The average size of these Midtown blocks is just under 310,000 square feet, Hudson Yards Number 1 (has 1 million square feet, 1221 Avenue of the Americas has 780,000 square feet available. these buildings have about 15.5 million square feet available. Four of the 50 blocks are subleases, and 46 are direct by landlord. 40 of the 50 …
  
  
• March 2013 New York Buildings For Sale
• NYC Buildings For Sale The nearly 41,600-square-foot Colonial Revival U.S. Post Office location at 217 West 18th Street between Seventh and Eighth avenues is for sale.The SUNY board of trustees voted to close the Cobble Hill-based Long Island College Hospital. The sale of the 200,000-square-foot building, which could be converted into a residential development, may bring up to $500 million.Lehman Brothers is looking to sell its 90 percent stake in 425 Park Avenue. The 31-story, 567,340-square-foot building, located in Midtown East, is to be demolished and replaced with a 650,000-square-foot Norman Foster-designed office tower being developed by L&L Holdings, which …
  
  
• January 2013 NY New Developments
• NY New Developments Starchitect Norman Foster’s plans for the renovation of the New York Public Library flagship on Fifth Avenue were revealed, with features including a multi-level atrium, Bryant Park views and a teen center. Project construction will kick off this summer and will be completed in 2018. A long-stalled Midtown construction site has started construction again on a residential project at 325 Lexington Avenue. Permits for construction were renewed in July 2011. The new plans call for a ground floor restaurant and bar, 103 apartments with two full-floor penthouses, a club room and a fitness center. Construction may have …
  
  
• November 2012 NYC City Office and Retail Market Report
• The office vacancy rate in Midtown jumped to its highest level since late 2010 as big blocks of space hit the market and {dynamic_word2} activity remained slow. Midtown saw its vacancy rate jump by 0.7 points in the third quarter, compared to the previous quarter to 10.5 percent. It was the highest figure since the fourth quarter of 2010, when the vacancy rate was 10.6 percent.More than $5 billion are now available for {dynamic_word4} including two buildings, 11 Madison Avenue and 825 Eighth Avenue that are expected to fetch more than $1 billion each. If either sells before Dec. 31, …
  
  
• November 2012 New York New Developments
• New Developments The Chrysler Building just got a little greener. The Owner has received a LEED gold certification for the 1.2 million-square-foot office tower. Tishman spent two years updating the building’s energy, waste, water and maintenance systems. The upgrades include new plumbing fixtures that will cut the property’s water consumption by 64 percent; a waste-management policy that will ensure 81 percent of the building’s waste is recycled; and a 21 percent reduction in energy usage. The city’s plan to sell of three historic but outdated office buildings in Lower Manhattan, all of which would likely become luxury housing or hotels, …
  
  
• October 2012 New York Buildings For Sale
• NYC Buildings For Sale SL Green Realty is looking to sell its 575,000-square-foot building at 120 West 45th Street, known as Tower 45, for a price of $270 million or more.Morgan Stanley’s Prime Property Fund has put its New York Marriott East Side on the block for $350 million. The hotel has 646 rooms and is located at 525 Lexington Avenue and 49th Street. The 2.3 million-square-foot office tower at 11 Madison Park is hitting the market with a sales price of $1.5 billion. Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 …
  
  
• August 2012 New York Buildings For Sale
• NYC Buildings For Sale One of the city’s oldest non-profit organizations has put its Gramercy Park headquarters on the block. The Xavier Society for the Blind will sell the 16,000-square-foot building at 154 East 23rd Street, starting with an asking price of $13 million. The organization is downsizing drastically because its services which provide large print and braille books and periodicals are no longer needed due to technological advances. Milstein is selling all but two of his 32 Emigrant Bank branches. Apple Bank is buying all of the branches, and their $3.2 billion in assets, except for the one at …
  
  
• July 2012 New York New Developments
• Major Developments While details are sparse, Bowery Boogie is well underway on the 65,000-square-foot building, which has been covered in scaffolding for weeks. The renovation is being carried out by Lower East Side architecture firm Studio Castellano. The city’s Economic Development Corporation wants proposals from developers who would like to build and maintain underutilized industrial plots in three New York City boroughs. These include 95,000 square feet at 2399 Watson Avenue in the Bronx’s Zerega section, 80,000 square feet in East New York, Brooklyn, 53,000 square feet in Sunset Park, Brooklyn and 40,000 square feet in Queens’ College Point Corporate …
  
  
• March 2012 New York New Developments
• New Developments There are thousands of acres of rooftop space in New York City where growing farm operations are looking to expand. Groups such as Gotham Greens, Brooklyn Grange and BrightFarms are looking for elevated space where they can grow crops to sell to local restaurants and supermarketsSheldon Solow outdueled his West 57th Street rival and acquired an office building on the block at a near record price. Solow, bid $120 million for 12 West 57th Street to beat out One57 developer Gary Barnett, president of Extell Development, for the 12-story property. The price works out to more than $1,400 …
  
  
• October 2011 New York New Developments
• New Developments Time Warner is evaluating its plan to possibly move out of the Time Warner Center and consolidate its operations at new headquarters elsewhere to save costs. Time Warner moved to Columbus Circle in 2004, where it had partnered with Related Companies to build the building that is its company headquarters now. Many of its leases, including ones for more than 2 million square feet of space in Midtown, will expire as soon as 2017 and 2018. Since not many buildings could hold all of Time Warner's 6,000 employees in the city, possible alternative options would be Hudson Yards, …
  
  
• August 2011 New York Buildings For Sale
• NYC Buildings For Sale 397-401 East 8th Street a development site is on the market for $5.2 million, EV Grieve. Chang's McSam Hotel Group purchased the 4,324-square-foot vacant lot, at 397-401 East 8th Street, for $4.9 million site. Chang appears to be in the midst of a selling spree -- he recently unloaded stalled hotel project sites in the Financial District and in Union Square, as well as his new Holiday Inn Express at 126 Water Street. A month after merging with EBSCO Publishing, library reference publisher H.W. Wilson has decided to market its former headquarters and nearby land holdings …
  
  
• January 2011 New York New Developments
• New Developments Columbia University may be moving forward with plans for a $6.3 billion expansion after the U.S. Supreme Court rejected an appeal by local businesses whose properties may be subject to eminent domain. The justices refused to question findings by a state development agency and said that the area is blighted and that the expansion has a legitimate public purpose. Several years back, retail giant Walmart tried to open stores in Queens and Staten Island, but backed off after fierce community opposition. Now the discount chain store is trying again to break into the New York City market, since …
  
  
• July 2010 New York New Developments
• New York Developments The closure of St. Vincent's Hospital in Greenwich Village dominated the news, neighborhood institution succumbing to financial troubles. Despite the credit crunch, New York-area hospitals are finding ways to fund major expansion projects. Through the support of philanthropists, often from the real estate sector, there's funding to build state-of-the-art health care institutions, keeping New York a world leader in health care. The Port Authority of New York & New Jersey yesterday approved an agreement with the city, under which the city will reimburse the agency up to $44 million for building underground foundations and infrastructure for a …
  
  
• February 2010 New York New Developments
• New Developments The year-end review of Manhattan commercial real estate casts doubt on 2010's outlook. Commercial property sales volume was weak through the end of 2009, with projections suggesting that the total volume for the year was just $5.7 billion, a decline from $23.6 billion in 2008 and $62.8 billion in 2007.Manhattan commercial property sales volume remained slow through the end of 2009. Total commercial property sales for the year were just $5.5 billion, down from the peak level of $62.8 billion in 2007, and less than a third of the total sales made in 2008. There is pent-up energy …
  
  
• February 2008 New York New Developments
• New DevelopmentsNew York City's office market has gained on the world's two most expensive cities, London and Hong Kong. London vaulted over Hong Kong to become the world's priciest office market with rent for Class A hitting $265 per square foot. The peak rate in New York City's Midtown reached $225 per square foot. The next most expensive U.S. office markets were San Francisco, with a rate of $110 per square foot; Boston, with a rate of $90 per square foot; and Manhattan's Downtown, with a rate of $65 per square foot. Steven Witkoff, Developer, pulled bid to develop Pier …