Tami Tenants

• May 2023 New York Commercial Real Estate Market Report
• Manhattan Retail Market: Burberry rented a short term lease at 693 Fifth Avenue. This means the cash flow from the property is short of revenue to cover its $250 million loan. Burberry took 14,000 square feet of retail space, 15% of the property at 693 Fifth, paying just $372 annually per square foot, a third of the $1,144 that Valentino agreed to pay when it inked a 15-year lease in 2013. David’s Bridal layoffs target 14 New York stores including three locations in New York City: including 45 West 25th Street in Manhattan, Plaza 48 at 3460 48th Street in …
  
  
• November 2020 New York Commercial Real Estate Market Report
• Manhattan Office: At the current rate of office leasing, leasing volume in 2020 would be the lowest in the last 20 years. The third quarter saw 4.81 million square feet of office leasing, just half of what was leased during the same time last year. The year’s total is 14.81 million square feet so far and is down 50% from the same period in 2019. There are 16.1 million square feet of Sublease space in Manhattan or 27% of the total available office space. This is a 47% increase year-over-year, far outpacing the 14% increase in direct space availability over …
  
  
• October 2019 New York Commercial Real Estate Market Report
• Market Overview: Leasing was slow last month with the top 10 leases comprising only of 464,100 versus last month total of 2.9 million square feet. The total is also down year-over-year. The top 10 office leasing deals of August 2018 totaled about 1.3 million square feet. EisnerAmper inked a 15-year lease for 125,000 square feet of space at 733 Third Avenue, The landlord is the Durst Organization. New York Times signed a 15-year lease for 57,846 square feet of space at 24-01 44th Road. The landlord is United Nations Federal Credit Union. WeWork firm inked a 15-year lease for 56,000 …
  
  
• 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 …
  
  
• 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 2017 New York Commercial Real Estate Market Report
• Manhattan Office Leasing activity totaled 9.6 million square feet for the first six months of the year, an increase of 11.8% over the same period of 2016. There has been 836,000 square feet of positive absorption but less than the 1.7 million square foot from the first half of last year. Manhattan’s average asking office rent rose slightly year-over-year to $73.07. The Lower Manhattan office market saw asking rents grow year-over-year during the first half by almost 9% to $63.46 per square foot. June was a solid month for Manhattan office leasing. The 10 biggest office lease deals totaled 938,748 …
  
  
• July 2017 New York Commercial Real Estate Market Report
• The first signs of distress have emerged in several areas of the New York City’s commercial real estate market in recent months. Retail vacancies increasing, declining hotel revenues and foreclosures on Park Avenue are among indications that the market is inching closer to financial trouble. Manhattan Office: Leasing activity in Manhattan’s office market is the same as mid-2016, with less new supply coming online. Less supply means the absorption picture is looking better. Leasing activity was down 21% year-over-year at 2.3 million square feet. Midtown office leasing activity dipped to 920,000 square feet from just over one million square feet …
  
  
• June 2017 New York Commercial Real Estate Market Report
• The commercial real estate market is getting murky as low interest rates are to blame for asset inflation and impending oversupply issues. The city’s investment-sales market limped listlessly through the first few months of 2017, with dollar volume falling by more than 50% from the same time last year. The first quarter of 2017 saw 846 properties trade hands for a total dollar volume of $7.06 billion. That was a drop of 33% from the 1,258 properties sold the same time a year ago, and a 55% decline from the $15.52 billion worth of deals inked in the first quarter …
  
  
• October 2015 New York Commercial Real Estate Market Report
• The prime New York Retail market is dead as tenants hold off to Landlord's demands for record rents. Retail demand is strong in up-and-coming areas.New York office leasing volume was nearly half the previous month's rate of 4 million square feet. Large lease signings are down year to date, though the number of office workers has been rising.TAMI tenants accounted for 47 percent of all relocations to the Financial District between 2011 through 2015, and are driving up demand for Class A office space.Companies looking to spend between $60 and $70 per square foot on office space can choose between …
  
  
• April 2015 New York Commercial Real Estate Market Report
• The most valuable office lease both in size and price signed in Manhattan last year was the $1.7 billion to the owners of 11 Madison Avenue over 20 years. The 1.1 million-square-foot renewal by Credit Suisse starts at $84 million/year for the building's owners.TAMI tenants continue to dominate the Manhattan office market.New York City's largest banks are now primed to delve into the real estate market after years of laying low in the wake of the financial crisis.The Garment District area has seen an influx of hotels in the last decade. The city is now considering zoning changes that would …
  
  
• 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. …
  
  
• 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 …
  
  
• 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 …