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The market continues to tighten as new construction is delayed and existing space gets absorbed.�With only a few new construction projects in Midtown, Midtown Landlords continue to offer less and less soft dollars for work and free rent.�Downtown Landlords breath a sigh of release as 4.5 million square feet of new construction has been delayed.
The Freedom Tower�s development has been postponed by a year as the New York Police Department said the tower was to close to West Street and was susceptible to an attack.�Goldman Sachs plan for a new 2,000,000 square foot headquarters has been cancelled but is still subject to last ditch attempts to save it.
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New Manhattan Construction: |
- The Woolworth building is being converted into condominiums after a successful $250 million dollar refinancing.
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New York City Buildings for Sale: |
- 261 Fifth Avenue a 402,000 square foot office building asking $175 million.
- 515 East 72nd, a 41-story residential and retail tower expected to sale for about $400 million.
- 101 West 87th Street is a 108,000 square foot residential building is on the market for close to $50 million.
- 160 Fifth Avenue a 101,000 square feet building is under contract for $70 Million.
- 141 Fifth Avenue on the corner of 21st Street is under contract for $60 million.
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Noteworthy Manhattan Leases: |
- Piper Rudnick leased 205,000 square feet at 1251 Avenue of the Americas.
- American Express leased an additional 100,000 square feet at 2 World Financial Center.
- Li & Fung leased 94,250 square feet at 1359 Broadway.
- Mahoney Cohen took 54,000 square feet at 1065 Avenue of the Americas.
- Business Loan Center leased 51,771 square feet at 1633 Broadway.
- Regent leased 45,000 square feet at 1325 Avenue of the Americas.
- REIS signed a lease at 530 Fifth Avenue for 33,500 square feet.
- Fairchild publications added 28,000 square feet in 750 Third Avenue to the 230,000 square feet they already had.
- Pzena Investment Management is doubling its size to nearly 25,000 square feet in Tower 45.
- YWCA of the City of New York leased 22,645 square feet at 52 Broadway.
- New York Software Industry Association leased 21,000 square feet at 55 Broad Street and plan to provide 19 offices for small high tech firms.
- Mitsui subleased 20,000 square feet from DNB at 200 Park Avenue.
- United Stations Radio Networks leased 19,712 square feet at 1065 Avenue of the Americas.
- JS Capital leased 19,569 square feet at 500 Park Avenue.
- Bloomberg’s reelection campaign leased 17,933 square feet at 1065 Avenue of the Americas.
- Kronos leased 15,750 square feet at 2 Grand Central Tower.
- Disons Gems leased 13,900 square feet at Madison Avenue.
- Gilbert Securities leased 12,200 square feet at 777 Third Avenue.
- Kanematsu leased 13,496 square feet at 75 Rockefeller Plaza.
- Redac Real Estate leased 11,300 square feet, at 1010 Sixth Avenue.
- Vendome leased 11,075 square feet at 149 Fifth Avenue.
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New York City Office Rental: |
- Total Manhattan Office Class A vacancies decreased from 20.44 million RSF to 19.15 million RSF, and Total Market vacancies decreased from 34.40 million RSF to 32.59 million RSF.
- Total Manhattan Office Market Vacancies decreased as Total Direct availability decreased from 27.31 million RSF to 26.63 million RSF and Total Sublease Lease availability decreased from 7.09 million RSF to 5.97 million RSF.
- Total Manhattan Office Direct Lease availability decreased from 27.31 million RSF to 26.63 million RSF, while Total Sublease vacancies decreased from 7.09 million RSF to 5.97 million RSF.
- Total Manhattan Office Market vacancy decreased as Midtown South availability dropped from 5.23 to 4.74 million RSF and Midtown availability decreased from 18.75 million to 17.56 million RSF. However, Total Downtown Vacancy rates decreased from 10.41 million RSF to 10.29 million RSF.
- Total Vacant Office space in Midtown decreased led by a decrease in Total Direct availability from 14.34 to 14.11 million RSF. Total Sublease space availability decreased from 4.41 to 3.45 million RSF.
- Midtown South Office Direct Lease availability decreased from 4.52 million RSF to 4.14 million RSF, while Sublease vacancies dropped from 0.71 to 0.60 million RSF.
- Total Downtown Manhattan office vacancies decreased due to an decrease in Direct space from 8.44 million RSF to 8.38 million RSF, in addition to Sublease availability decreasing from 1.97 million RSF to 1.91 million RSF.
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New York City Retail Rental: |
- Total Manhattan Retail availability increased slightly from 0.46 million RSF to 0.48 million RSF, led by an increase in Midtown South availability from 0.16 to 0.17 million RSF while in Midtown availability decreased from 0.27 to 0.26 million RSF. In Downtown, availability rose from 0.03 million RSF to 0.05 million RSF.
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New York City Industrial Rental : |
- Total Manhattan Industrial Vacant space decreased from 0.57 to 0.53 million RSF. Midtown vacancy dropped slightly from 0.31 to 0.30 million RSF. Midtown South vacancy rates rose from 0.22 to 0.23 million RSF while available Manhattan Downtown Industrial space dropped off completely with no available space listed.
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New York City Buildings Sold: |
- Donald Trump and his Hong Kong Investors sold their 72 acre site including three existing residential buildings and the raw land to build 8 additional buildings for $1.8 billion dollars to the Extell Development Corporation. The sale also includes a 5 acre parcel on 59th to 62nd Street that could yield an additional 1,500 apartments if rezoned.
- 315 West 33rd Street a 333 unit apartment building sold for $240,000,000
- 15 East 69 Street, 17,000 square feet of retail sold for $113,000,000
- 867 Madison Avenue 28,000 square feet building sold for $80,000,000
- 83 Maiden Lane a 150,000 square feet building sold for $30,000,000
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