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August 2011

August 2011 » Market Analysis » NY New Developments

August 2011 New York New Developments

New Developments

Lower Manhattan ends string of positive news as BofA shrinks its footprint by 3,000,000 SF and Nomura departs for Midtown The giant, 900,000-square-foot relocation and expansion lease by Nomura Holdings America signed in Midtown late last month punctuated an improved second quarter in the Manhattan office-leasing market. "Midtown, Midtown South and Downtown all recorded positive absorption in the second quarter," Bank of America announced it would give up nearly 3 million square feet in Lower Manhattan, increasing competition for the area's landlords.

There was a media flurry last week over word that Coach, the luxury handbag maker, is in talks with Related Cos. about anchoring an office tower at Related's $15 billion Hudson Yards mega-development. Even if a deal is struck, would it mean immediate construction of the project's crucial infrastructure component: platforms over the West Side rail yards bounded by 10th and 12th Avenues and 30th and 33rd Streets. That's because, sources said, Related and Coach are talking about a location that doesn't need a platform: a so-called "terra firma" site at 10th Avenue and West 30th Street.
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