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The market continues to tighten as the employment continues to increase and demand is strong. Landlords are diminishing rent concessions in terms of work offered and free rent while slowly increasing prices. Downtown 7 World Trade Center is still mainly vacant with only one 20,000 lease signed out a total building size of 1.7 million square feet. The recent bill offering incentives to firm renting downtown should help 7 World Trade Center get tenants along with a reduction in the asking rent for the building.
The MTA (Metropolitan Transportation Authority) voted to give Forest City Ratner Company the exclusive right to negotiate for the development rights for the rail yards in Brooklyn. FCRC beat the Extell Development group who had purposed a $1 billion dollar redevelopment.
The recent sale of the Riverside Development for $1.76 Billion was not enough according to Donald Trump. Trump says that he had offers of over $3 Billion for the property and is suing his Hong Kong investors for not allowing a public auction or negotiating with developers and investors. Trump will receive 30% of the sale price.
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New York City Buildings for Sale: |
- The former Old Dutch Mustard Company in North Williamsburg is for up for sale. The 47,000 SF parcel can support a 127,000 SF residential development and is expected to sell for $25.4 million or $200 a buildable foot.
- The High School of Art Design and PS 59 on the southwest corner of 57th Street and 2nd Avenue are for sale and is expected to draw offers of over $150 million.
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New York Land Sold: |
- 225 East 34th Street, a 15,800 SF development parcel, was sold for $73 million.
- 1 East 35th Street , a 4,940-sf, 50 ft-wide vacant, parcel was sold for $20.2 million and a 100,000 SF residential building is planned.
- 55 West 25th, Street, a flea market site, will be converted to a 36-story, 407 unit rental building.
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Manhattan Office Leases: |
- Piper Rudnick Gray Cary leased 200,000 SF at 1251 Sixth Avenue.
- New York City Transit leased 109,000 SF at 33-00 Northern Blvd.
- United Health Group leased 69,000 SF at 1 Penn Plaza.
- Moet Hennessey leased 56,000 SF at 85 Tenth Avenue.
- Mahoney Cohen leased 54,000 SF at 1065 Sixth Avenue.
- Pucci II renewed for ten years its 45,750 SF at 44 West 18th Street.
- JH Cohn LLP leased 43,750 SF at 1212 Sixth Avenue.
- Decorative Fabric leases 38,348 SF at 11 West 42nd Street.
- Soljitz subleased 32,359 SF at 1345 Sixth Avenue.
- ForsidePlus subleased 25,249 SF at 500 Seventh Avenue.
- Global Business Institute leased 25,000 SF at 145 East 125th Street.
- Jones MediaAmerica leased 22,382 SF at 1133 Sixth Avenue.
- Scout Capital Management leased 20,000 SF at 640 Fifth Avenue.
- Ford Models leased 19,000 SF at 111 Fifth Avenue.
- Brahman Capital took 15,376 SF at 655 Third Avenue.
- New York & Company leased 14,700 SF at 715 Lexington Avenue.
- Corporate Suites leased 12,631 at 641 Lexington Avenue.
- Disguise, a costume designer, leased 11,731 SF at 1115 Broadway.
- Vera Wang Intimates leased 10,500 SF at 193 Madison Avenue.
- GL Consultants took 10,333 SF at 261 Madison Avenue.
- Kathy Van Zeeland, a handbag designer, leased 10,200 SF at 411 Fifth Avenue.
- Bernado Fashions leased 10,111 SF at 463 Seventh Avenue.
- Knowledge Networks leased 10,000 SF at 440 Park Avenue South.
- Lindamood-Bell Learning Processes leased 7,725 SF at 26 East 64th Street.
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New York City Office Rental: |
- Total Manhattan Office Class A vacancies increased from 18.94 million RSF to 20.05 million RSF, and Total Market vacancies increased from 32.92 million RSF to 32.95 million RSF.
- Total Manhattan Office Market Vacancies increased as Total Direct availability increased from 26.90 million RSF to 27.18 million RSF and Total Sublease Lease availability decreased from 6.02 million RSF to 5.77 million RSF.
- Total Manhattan Office Direct Lease availability increased from 26.90 million RSF to 27.18 million RSF, while Total Sublease vacancies decreased from 6.02 million RSF to 5.97 million RSF.
- Total Manhattan Office Market vacancy increased as Midtown South availability rose from 4.77 to 4.88 million RSF and Midtown availability increased from 17.83 million to 18.18 million RSF. However, Total Downtown Vacancy rates decreased from 10.32 million RSF to 9.90 million RSF.
- Total Vacant Office space in Midtown increased led by a increase in Total Direct availability from 14.27 to 14.56 million RSF. Total Sublease space availability increased from 3.56 to 3.62 million RSF.
- Midtown South Office Direct Lease availability increased from 4.26 million RSF to 4.45 million RSF, while Sublease vacancies dropped from 0.51 to 0.43 million RSF.
- Total Downtown Manhattan office vacancies decreased with Direct space dropping from 8.38 million RSF to 8.17 million RSF, in addition to Sublease availability decreasing from 1.95 million RSF to 1.72 million RSF.
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New York City Retail Rental: |
- Total Manhattan Retail availability decreased slightly from 0.46 million RSF to 0.43 million RSF, with an increase in Midtown South availability from 0.18 to 0.22 million RSF while in Midtown availability decreased from 0.24 to 0.13 million RSF. In Downtown, availability rose from 0.05 million RSF to 0.09 million RSF
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New York City Industrial Rental : |
- Total Manhattan Industrial Vacant space increased from 0.51 to 0.53 million RSF. Midtown vacancy rose slightly from 0.29 to 0.30 million RSF. Midtown South vacancy held steady at 0.22 million RSF. Available Manhattan Downtown Industrial space remains at zero.
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New York City Buildings Sold: |
- 25 Broad Street was sold for over $200 million a record for downtown.
- 101 West 87th Street and 225 Rector Place were sold for $165 Million and are planned to be converted to condominiums.
- 220 Central Park South, a 150,000 SF,124-unit residential, was sold for $132 million.
- 123 William Street , a 500,000 SF office building, was sold for $108 million.
- 19 West 44th Street , a 292,000 SF office building, was sold for $91.2 million.
- 25 Fifth Avenue , a 107,410 foot pre-war apartment house, was sold for $46.3 million.
- 90 Williams Street , a 146,000 SF office building, is expected to sell for $32 million.
- 67 Vestry Street , a 9-story mixed-use building, was sold for $16.6 million.
- 445 Fifth Avenue , a 2-story, 37,159 SF retail site, was sold for $13.83 million.
- 55 John Street , a 102,000 SF office building, sold for $12 million.
- 4 West 76th Street , a 8,525 SF building, was sold for $12 million.
- 549 Hudson Street , an apartment building in the West Village was sold for $5.45 million.
- 73 Lexington Avenue , five-story elevator apartment building, sold for $3.2 million.
- Valley National Bank bought the retail condo at 90 Franklin Street for $2.5 million.
- 160 Central Park South, the Essex House hotel, was sold for an undisclosed amount.
- JP Morgan Chase is under contract to sell 575,000 SF at 522 Fifth Avenue.
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