Manhattan Office:
Leasing activity was slow as only 2 million square feet was rented in November.

Manhattan Retail:
Prime Manhattan retail stores continue to be rented with Ground-floor retail availability dropping 16.5% in 2023. Increased tourism and demand for luxury products are helping retail sales.

Building Sales:
New York City office sales are down nearly 50% from last year. Some landlords have opted to return buildings to lenders rather than face discounted offloading that does not show up in comparable sales figures.

New York Market Overview


Large office owners such as Blackstone, Brookfield, and RXR have already handed lenders the keys to some office buildings, figuring they are worth less than their debt.

A $670 million loan on RXR’s 230 Park Avenue also known as the Helmsley Building is set to mature on Dec. 8. The mortgage was sent to special servicing and the landlord is facing “imminent maturity default.” RXR is working to restructure the loan. Scott Rechler’s firm purchased the 35-story, 1.4 million-square-foot landmarked property for $1.2 billion in 2015. It took out a $785 million acquisition loan from American International Group for the acquisition from Monday Properties, Invesco and South Korea’s National Pension Service.

  1. Davis & Gilbert has renewed and expanded its lease at 1675 Broadway and will occupy 98K SF for a 13-year lease.
  2. Payoneer signed a 10 year lease for 42,000-square-foot lease for the 27th floor of 195 Broadway.
  3. Notion Labs signed a lease for 50k SF AT 75 Varick Street.
  4. Ro has signed for 35K SF at 625 Sixth Ave. signed a 10-year lease.
  5. Headway has signed a 32K SF sublease agreement with ad firm Havas at 205 Hudson St.
  6. ECP signed a deal at One World Trade Center to 26K SF.
  7. Orveon signed a 23K SF lease at 579 Fifth Ave.
  8. Eaglestone has signed for 21K SF at 551 Fifth Ave., taking the 9th floor in the 10-year deal.
  9. Instacart has signed a sublease to take 21K SF at 50 West 23rd St.
  10. Scott + Scott LLP leased 21K SF at 230 Park Ave.
  11. Lifespire, signed for 20K SF at 462 Seventh Ave.
  12. Kensington Vanguard National Land Services signed a lease for 13K SF at 41 Madison Ave.
  13. Battery Ventures leased 11K SF at 100-104 Fifth Ave, for a five-year term. earlier.
  14. IMA New York, leased 10k SF at 1155 Sixth Avenue for a 10-year lease.
Rudin’s 32 Sixth Avenue is nearly 40% vacant. The loan is due to mature in 2025 and a credit downgrading for the property may be in the offing. 150,000 square feet of lease extensions with prominent telecom and data center companies. Rudin partnered with provider Industrious on a 52,000-square-foot space on the property’s 13th floor. The space includes nine private suites that can host up to 50 people each.

Empire State Building flexes 90% occupancy, visitor spending. LinkedIn added 25,000 square feet and now rents 526,000 square feet. Starbucks also leased 26,000 square feet. The office space at the 2.7 million-square-foot, 102-story emblem of New York City is 90.2% leased. That continues an upwards trajectory for the property, which was 87% leased early this year and 82% leased at the end of last year.

The Lever House, a landmark Park Avenue office property, completed a $100 million redevelopment, has scored three large leases. Northern Trust is leasing the 35,000-square-foot space on the second floor, which wraps around the open courtyard. The firm is slated to move from 40 West 57th Street in early March. 11,000 square feet leases each at a higher rent, around $200 per square foot.

Kushner and RFR’s Dumbo office portfolio has dropped 68% in value since 2018, the four Brooklyn office buildings. The value of the collateral behind the portfolio fell from $640 million five years ago to $207.1 million. RFR and Kushner tried refinancing the office campus before defaulting on the $180 million loan. The properties at 117 Adams Street, 55 Prospect Street, 81 Prospect Street and 77 Sands Street make up more than 750,000 square feet. Cash flow was barely covering debt service and occupancy had slipped to 73% from 94% in 2018. WeWork’s struggles was the campus’ second-largest tenant when the debt originated, occupying 21% of the rentable area.

WeWork’s bankruptcy filing has more trouble in store for the already struggling New York City office owners, as it seeks to immediately ditch a slew of spaces. WeWork also plans to cut leases in Downtown Manhattan and Northern Brooklyn. The proposed rejected leases are in buildings owned by mid-sized and institutional landlords.

Property Address Landlord
1 Little W 12th St New York Bobby Cayre – Aurora
1 Union Square West New York Lori Buchbinder
10 East 38th Street New York XSuresh Sani, First Pioneer Realty
10 East 40th Street New York Larry Wohl
1156 6th Avenue New York APF Properties
130 Madison Avenue New York Walter & Samuels
161 Avenue of the Americas Stellar Management
1619 Broadway 11th Floor Mack Real Estate Group
183 Madison Avenue New York APF Properties
200 Broadway New York Westfield
205 Hudson St New York Trinity Wall Street
22 Cortlandt Street New York Moshe Drizin
229 West 36th Street 4th floor Investcorp
255 Greenwich Street New York Jack Resnick and Sons
261 Madison Ave New York Sapir
28 West 44th Street New York APF Properties
311 W 43rd St. New York Divco
315 W 36th Street New York Walter & Samuels
38 West 21st Street New York Jack Vogel Associates
419 Park Avenue South New York Walter & Samuels
437 5th Avenue New York Joseph P Daly Real Estate – Larry Wohl
437 Madison Avenue New York William Kaufman Org.
44 Wall Street New York Gaedeke Group
483 Broadway New York The Cayre Group
500 5th Avenue New York Moises Cosio
505 Park Avenue New York Yeung Yin Chi – Glorious Sun
511 West 25th Street New York Artemis Real Estate Properties
54 W 40th St New York Allied Partners
599 Broadway New York Prima Capital Advisors
6 East 32nd Street New York Himmel & Meringoff
7 West 18th Street New York ASB Capital Management
8 West 40th Street New York Jack Resnick & Sons
81 Prospect Street Brooklyn RFR & Kushner Companies
980 6th Avenue New York Vanbarton Group


Food Bazaar signed a 37,000 SF lease at 375 West 207th Street.

  • Page 1
  • Green Acres Is the Place for Macerich
  • Billionaire Shows How Small Buildings in NYC Can Mean Big Money
  • Optimal Spaces in the News - New York's Pix11 / Wpix-Tv
  • Fighting rubber ruler measurements
  • Manhattan's Low-Rent Dining in Hiding
  • The NY Fed Is Buying Its Own Building