On The Ave

• March 2019 New York Commercial Real Estate Market Report
• Manhattan Office: 2018 was record-setting year for Manhattan’s office market. Leasing including new deals and expansions hit 32.2 million square feet. 17 million RSF of new office space will be hitting the market over the next few years, so new developments are in heated competition to land elite tenants. Midtown office leasing rose 81% in December compared to November, totaling 3.15 million square feet and making 2018’s fourth quarter the submarket’s strongest quarter since 2001. The availability rate dropped by 0.4% points to 10.3%, while the average asking rent rose to $78.43 per square foot. Leasing activity in Midtown South …
  
  
• September 2018 New York Commercial Real Estate Market Report
• Manhattan Office: This month’s top office leases had more square footage than last month. The top 9 office lease deals totaled 2.3 million square feet, greater than last month’s 1.7 million square feet. Midtown South’s office surpassed Midtown in asking rents for the first time ever. Asking rents in Midtown South climbed 9% year over year to $78.36 per square foot, compared with Midtown’s $77.13. The submarket saw 1.9 million square feet leased in the second quarter, a 42% increase from the five-year quarterly average. small_column_chart_by_brian Manhattan Retail: Retail rents across Manhattan continued to fall in 2018’s second quarter, but …
  
  
• September 2017 New York Commercial Real Estate Market Report
• Office: In July, 3.2 million square feet of office space was leased, up 10.2% from July 2015. Pricing stayed relatively flat, at $73.12 per square foot. Downtown’s office 7.5% rent increased to $63.33 per square foot. Retail: Soho has been hit hard with availability rate soaring to 23.1% in the second quarter of this year. Asking rents for ground-floor retail space in the neighborhood also decreased 12% from the end of 2015 to $478 per square foot. Upper East Side has 82 empty storefronts along Madison, Lexington, Third and Second Avenues between 57th and 96th streets. Third Avenue between East …
  
  
• August 2016 New York Buildings For Sale
• Buildings For Sale: The Blackstone Group is shopping its 665,000-square-foot office tower at 1065 Sixth Avenue and hopes to get as much as $700 million. ABC Carpet & Home is shopping around its property at 880-888 Broadway, an office-and-retail condominium that could get upwards of $200 million, or over $2,600 per square foot. ABC has owned and fully occupied the six-story, 76,400-square-foot building since 1981. The property has a 20,600-square-foot retail condo and a 55,800-square-foot condo for office and manufacturing space. It is still not clear if ABC Carpet would vacate upon selling the building or make a sale-leaseback agreement. …
  
  
• July 2016: New York Buildings For Sale
• New York Buildings sold Harry Macklowe and Qatari investment bank QInvest closed on a deal to buy 432 Park Avenue's retail space for $411.1 million. CIM Group is developing the 1,396-foot condo tower in partnership with Macklowe the seller. The cube will include 6,600 square feet of retail space and will be connected to 20,000 square feet of retail space in the tower itself through a 30,000-square-foot underground concourse. Global Holdings is in contract to buy 1250 Broadway, an office tower owned by Jamestown and Murray Hill Properties, for $565 million. 1250 Broadway is a 39-story, 721,000-square-foot tower. The contract …
  
  
• 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 …
  
  
• July 2011 New York New Developments
• New Developments Governor Andrew Cuomo, signed a statewide property tax cap legislation, caps property tax increases at 2 percent, or the rate of inflation, whichever is less. Only a 60 percent vote in local communities override Cuomo's legislation. "We are beginning a new era in which New York will no longer be the tax capital of the nation," Cuomo said Community activists opposing the Rudin family's proposed takeover of the St. Vincent's Hospital campus in Greenwich Village dropped their court appeal without ever appearing before a judge.New York led a second consecutive month of U.S. housing price gains. Nationwide home …
  
  
• September 2008 New York Commercial Real Estate Market Report
• Many more landlords are offering pre-built office and increasing the number of free rent months to attract tenants. Manhattan's vacancy climbed two points to 7.1% percent in the second quarter, compared to last year. Landlords are offering an average of three to six months of free rent, up from two to four months from last year. They are giving tenants $40 to $50 per square foot cash allowances for build outs, up from $30 to $40 from last year. The office leasing market has slowed down, but some big commercial deals are in the works.While some retailers, like Steve & …