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Now that numerous office leases are over $100/SF the economics are good to build new office product. Below is a partial list of sites that are being actively studies to build new developments.
Sheldon Solow is completing the demolition and community board approvals to make way for a 5 million SF residential and office complex located between 39th Street to 40th Street and First Avenue to towards the East River.
Brookfield Financial Properties just bought a development site from Harvey Schulweiss at 31st and 33rd street and Ninth Avenue for $100 million. The new site in conjunction with the old site they acquired from Olympia and York years ago can build up to 4.6 million square feet of office space.
SJP Properties has a site to and plans to break ground soon on a 1.1million SF office tower on the SE corner of 42nd Street and 8th Avenue .
Developers are reopening talks to build a 1.3 million SF office tower over the The Port Authority site at 42nd and Eighth Avenue .
Vornado owns a development site, which is currently the Pennsylvania Hotel .
Related and Boston Properties own a development site on 8th Avenue and 45th Street on the East Side of the Street.
World Trade Center where the Freedom Tower and Towers 2,3,4 and 5 are waiting to be built. |
New York City Retail Leases: |
- Total available New York City Retail Space rose from 0.70 to 0.72 million RSF.
- Midtown South Retail space vacancies dropped from 0.40 to 0.38 million RSF while in Midtown vacancy stayed at 0.13 million RSF.
- In Downtown, New York City Retail vacancy also remained constant at 0.15 RSF.
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New York City Industrial Leases : |
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| Legend |
RSF-Rentable Square
Feet
SF- Square Feet |
 Graphs and Statistics |
New York City Buildings Sold : |
- 575 Lexington Avenue, a 35-story office building, was sold to Silverstein Properties, California State Teachers’ Retirement System, for $400 million.
- 11th Avenue between 53rd and 54th Street, a Development site, was sold to David Walentas, Two Trees Management, for $130 million.
- The Fairfield Towers in Brooklyn, a 19-building, 983 –unit condo complex, was sold to Taconic Investment Partners, Apollo Real Estate Advisors, for $90 million.
- 330 West 38th Street, a 16-story commercial loft office building, was sold to Hudson 38 Holdings LLC for $51 million.
- 59-65 Hope Street in Brooklyn, a 6-story, 113,000 sf industrial building, was sold to Hope Street Ventures LLC, for $26 million.
- 440 West 41st Street, a 13-story, 55,640 sf mixed-use building, was sold to Long Island hotelier, for $ 21 million.
- 203 Jay Street in Brooklyn, a 20,000 sf parking lot, was sold to Amtrust Realty Corporation, for $17 million.
- 40 West 20th Street, a 30,000 sf commercial condo, was sold to National Resources Defense Council, for $15 million.
- 350 Park Avenue is up for sale and may get more than $500 million.
- 5 Times Square is up for sale for $1.3 billion.
- 60 Wall Street is up for sale.
- A section of offices at 1745 Broadway is up for sale for more than $500 million.
- A federal lawsuit has been filed to stop the Atlantic Yards project.
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Manhattan Office Space Rentals : |
- Total New York City Office Class A vacancies decreased from 15.15 million RSF to 14.58 million RSF, as total vacancy decreased from 25.31 million RSF to 24.28 million RSF.
- Total New York City Office direct lease vacancy decreased from 21.19 million RSF to 20.57 million RSF, as sublease vacancy decreased from 4.12 to 3.72 million RSF.
- Total New York City Office Market vacancies decreased as Midtown South Office vacancy from 4.44 to 4.36 million RSF. Midtown Office vacancy dropped from 12.48 million to 12.10 million RSF while total New York City Downtown vacancy decreased from 8.40 million RSF to 7.91 million RSF.
- Total vacant Office Space in Midtown New York City decreased with a drop in sublease space from 2.13 to 2.09 million RSF.
- Total vacant direct space decreased from 10.34 million RSF to 9.93 million RSF.
- Midtown South Office direct lease vacancy rose from 3.78 million RSF to 3.79 million RSF, while sublease vacancies decreased from 0.66 to 0.56 million RSF.
- Total Downtown New York City Office vacancies decreased with direct lease space decreasing from 7.07 million to 6.84 million RSF.
- Total vacant sublease space continues to decrease from 1.33 to 1.07 million RSF.
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New York City Office Leases: |
- Moody’s Financial Services leased 600,000 SF at 7 World Trade Center.
- MetLife leased 600,000 SF at 1095 Sixth Avenue, the Verizon Building.
- Alliance Bernstein leased 220,000 SF at 135 West 50th Street.
- Willis Group Holdings Limited leased 205,000 SF at 1 World Financial Center.
- Legg Mason leased 200,000 SF at 620 Eighth Avenue, the NewYork Times Building.
- Major League Baseball leased 147,000 SF at 245 Park Avenue.
- Royal Alliance Associates Inc. leased 82,000 SF at 1 World Financial Center.
- Darby & Darby PC leased 80,000 SF at 7 World Trade Center.
- The Related Companies leased 50,000 SF at 423 West 55th Street.
- Halcyon Asset Management leased 45,000 SF at 477 Madison Avenue.
- Nina Footwear Corp. leased 33,000 SF at 200 Park Avenue South.
- Fox Rothschild LLP leased 30,578 SF at 100 Park Avenue.
- iStar Financial leased 30,450 SF at 1114 Sixth Avenue.
- Crowell & Moring leased 29,000 SF at 153 East 53rd Street.
- Portware LLC leased 28,098 SF at 233 Broadway, the Woolworth Building.
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