|
|
 |
|
|||||||
Old NYC Real Estate News Archive for 2006 |
| December 2006: Lease Office New York Commercial Rents in NYC: The office, retail and industrial markets continue to tighten, and with limited new construction being built. The City of NY agreed to pay for the extension of 7 Subway line to 34th and 11th Avenue and to buy the unused air rights over the MTA’s East Yards for $200 million. |
|
| November 2006: Lease Office New York Commercial Rents in NYC: The office, retail and industrial markets continue to tighten, and with limited new construction being built. The City of NY agreed to pay for the extension of 7 Subway line to 34th and 11th Avenue and to buy the unused air rights over the MTA’s East Yards for $200 million. |
|
| October 2006: Lease Office New York Commercial Rents in NYC: The office, retail and industrial markets continue to tighten, and with limited new construction being built. The City of NY agreed to pay for the extension of 7 Subway line to 34th and 11th Avenue and to buy the unused air rights over the MTA’s East Yards for $200 million. |
|
| September 2006: Lease Office New York Commercial Rents in NYC: If you think the Manhattan commercial real estate market was tight before, think again. Nevertheless, property is moving all over New York. Moody’s executed a lease to become the anchor tenant at 7 WTC taking 600,000 SF on 15 floors. Stuyvesant Town and Peter Cooper Village on the Lower East Side are up for sale and the reported price is $5 Billion. 5 Times Square is for sale with an asking price $1.25 Billion. Stephan Siegel and SG2 Partners are in contract to buy 4,000 apartments in the Bronx. |
|
| August 2006: Lease Office New York Commercial Rents in NYC: August: Manhattan office and retail rents are rising and should continue to rise over the next two years until new construction starts to come online. Companies need to be much more aggressive in evaluating their strategies and options regarding their firms' space needs for offices New York City. Companies should start to review their space options i.e. extend existing leases, negotiate expansion spaces or evaluate subleasing their current locations and finding a new long term solution. Over the next two years rents are projected to continue to rise and landlord concession packages (free rent, contributions towards build out) are expected to continue to decline. |
|
| July 2006: Lease Office New York Commercial Rents in NYC: July: Manhattan rents are near an all time high. In the first six months of 2006, there have been more leases signed over $100 than all of last year. Asking rents at 767 Fifth Avenue, the GM building, and 9 West 57th Street are $175 per RSF for the top floor office towers. Larry Silverstein and The Port Authority of NY/NJ filed a lawsuit to compel the insurance companies to pay more than $3.5 billion due under the insurance policies for the World Trade Center. The insurance proceeds are needed for the development of the Freedom Tower and three additional buildings along Church Street. US Customs, a former tenant of 6 world trade center, is renting 600,000 square feet in the Freedom Tower. |
|
| June 2006: Lease Office New York Commercial Rents in NYC: June: Midtown Office space continues to tighten while Midtown South and Downtown vacancy increase. Midtown Landlords are offering only partial buildouts, while increasing rents. Many mid-sized and small firms are moving Downtown where rents start in the $20/RSF. |
|
| May 2006: Rent Office NYC Commercial Leases in New York: Office space continues to tighten in Midtown with no end in sight. The new developments surrounding the World Trade Center represent the best opportunity for relief of scarcity of vacant space in Manhattan. On April 27th, ground was finally broken on the Freedom Tower. |
|
| April 2006: Rent Office Manhattan Commercial Leases in New York: Downtown rents have risen 10-20% over the last two months for Class B and C Buildings. In the midst of this activity, the WTC site has still not been solidified. There are numerous rumors that Larry Silverstein will give up the development rights to the Freedom Tower and Tower 5 on Liberty Street. |
|
| March 2006: Rent Office Manhattan Commercial Leases in New York: Total office vacancies increase in Midtown and Downtown for the second straight month, after almost 10 months of consistent declines. Even though vacancies increased, demand for small office space users remain brisk with quality available units moving quickly. |
|
| February 2006: Rent Office Manhattan Commercial Leases in New York:This year, a record number of leases higher than $100 per square foot have been signed, led by Wachovia's expansion at the Seagram Building. High rents in general have become common in Midtown, with averages hovering around $50 for Class A space. |
|
| January 2006: Manhattan Office Rentals; Monthly Update of New York City Real Estate Great deals abound Downtown. With higher vacancy rates than Midtown, and the Downtown incentives renewed, good space rents from $19-$30 per square foot. Great space can be rented for $30-$50 per square foot which is about half the price of comparable space in Midtown. |
 |
