Building sales in December were very active, as sellers rushed to close before Capital gains rate increased. Office leasing in December was slow as tenants awaited the Fiscal cliff resolution, took vacations and dealt with Hurricane Sandy recovery. Office demand in the New Year should be stronger as the fiscal cliff has been resolved and as the economy slowly continues to mend.

New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 8.9 % vacant to 8.7 % vacant
  • Total New York City Office vacancy decreased from 7.6 % vacant to 7.4 % vacant

Major Trends

Rising anxiety over the so-called fiscal cliff caused construction employment in New York to fall 5.2 percent year-over-year. The prospect of federal tax increases, combined with spending cuts, has made contractors anxious, and resulted in 16,100 fewer construction jobs in New York, year-over-year — bringing the number of construction jobs statewide down to 292,200.

The City Planning Commission approved Durst Fetner Residential’s 625 West 57th Street, a 753-unit development at the Hudson River.

The striking pyramid design, by Bjarke Ingles Group, includes a central terrace that is almost the size of a football field.

Two Trees Management’s new mixed-use development near the Brooklyn Academy of Music earned it gained conditional approval from the community board’s land use committee.

Michael C. Fina will be moving into the former Simon Pearce space on Park Avenue in February, and will be selling Simon Pearce-branded merchandise. Following a complete build-out of the 4,500-square-foot, two-story space, Michel C. Fina, which sells tableware and bridal jewelry, plans to move to 500 Park Avenue at 59th Street from its current flagship at 545 Fifth Avenue at 45th Street.

Manhattan Community Board 8 approved the Roosevelt Island campus plan for Cornell NYC Tech, the project’s developers said. The green light comes as part of the city’s public land review process; additional approvals must still come from Manhattan Borough President Scott Stringer, the City Planning Commission and the City Council.

With billions of Federal dollars pouring into the health care industry, hospitals across the city and its outer boroughs have experienced unprecedented growth in 2012. Memorial Sloan-Kettering, Mount Sinai Hospital, Montefiore Hospital and Inventa Health were a few among more than a dozen hospitals and medical centers to expand their footprints this year, and brokers and analysts expect the trend to continue.
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