market research

January 2020

January 2020 New York Commercial Real Estate Market Report

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Manhattan Office:

Manhattan office leasing for 2019 reached 42.7 Million Square feet. Average asking rents rose to $78.75/RSF.

Manhattan Retail:

Retail rents have fallen substantially over the last 2 years. As a result, retail leasing activity has picked up.

Building Sales:

Building sales in Manhattan were up 15% from the same period last year. Residential building sales have fallen due to NYC's new rent regulations. The largest sale was WarnerMedia's $2.16 Billion sales of its Hudson Yards Condo.

New York Market Overview

The office leasing scene maintained momentum with just under 2.2 million square feet of deals in the ten largest leases. Facebook’s 1.5 million-square-foot lease at Hudson Yards accounted for more than half of that total.
  1. Facebook signed a lease at 30, 50 & 55 Hudson Yards for 1,500,000 square feet. The landlord is Related Companies.
  2. Dentsu Aegis Network signed a 15-year lease at 341 Ninth Avenue for 320,000 square feet. The landlord is Tishman Speyer.
  3. Morgan Stanley signed a new deal to expand its existing lease at 1 New York Plaza for 90,000 square feet. The landlord is Brookfield.
  4. New York City Board of Education Retirement System inked a sublease at 55 Water Street for 50,992 square feet. The sublandlord is FXCM.
  5. Crowe signed a 10-year lease at 485 Lexington Avenue for 44,493 square feet. The landlord is SL Green Realty.
  6. West Monroe Partners inked a 10-year lease at 825 Eighth Avenue for 41,715 square feet. The landlord is SL Green Realty.
  7. Midocean Partners inked a sublease at 245 Park Avenue for 38,383 square feet. The sublandlord is Rabobank.
  8. Frank Recruitment will consolidate several offices at 199 Water Street for 35,454 square feet. The landlord is Jack Resnick & Sons.
  9. Superstructures Engineers + Architects signed a lease at 14 Wall Street for 33,561 square feet. The landlord is Alexander Rovt.
  10. Center on Addiction signed a 15-year lease at 711 Third Avenue for 30,000 square feet. The landlord is SL Green Realty.

This month’s 10 biggest retail leases totaled 169,700 square feet, down 18,200 square feet from last month’s total of 187,900 square feet. The largest retail lease inked was in Prospect-Lefferts Gardens. The total represents a considerable step up from that of last year's top 10 leases which totaled just 120,800 square feet.

  1. Ascend Charter Schools signed a 15-year lease at 123 Linden Boulevard, Prospect Lefferts Gardens for 45,000 square feet. The landlords are Moinian Group and Bushburg Properties.
  2. Fasano Hotel and Restaurant Group inked a lease for a new Italian eatery at 280 Park Avenue for 20,000 square feet. The landlords are Vornado Realty Trust and SL Green Realty.
  3. Essen Health Care signed a 15-year lease at 828 East 149th Street for 18,000 square feet. The landlord is Ariel Property Advisors.
  4. New York Public Library renewed its 30-year lease at double its prior rent at 285 Lafayette Street for 16,000 square feet. The landlords are Ashkenazy Acquisition Corp. and Centurion Realty.
  5. Urbanspace inked a 20-year lease at 135 West 50th Street for 15,000 square feet. The landlord is UBS Realty Investors.
  6. Pirate Studios inked a lease at 1519 Decatur Street for 13,832 square feet. The landlords are Hornig Capital Partners and Brickman.
  7. Club Monaco signed a three-year lease at 597 Fifth Avenue for 13,000 square feet. The landlord is Thor Equities.
  8. CVS inked a 15-year lease at 140 Church Street for 12,000 square feet. The Landlord is Warren Street Associates.
  9. Talea Beer signed a lease at 87 Richardson Street for 10,000 square feet. The landlord is KND Management Company.
  10. Snipes signed a 10-year lease at 203 East Fordham Road for 6,866 square feet. The landlord is Fordham Chera Acquisitions.

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