New York Market Overview
Office:AECOM renewed its lease at 100 Park Avenue, but renewed for only 45,000 square feet from 108,000 square feet. Asking rent for the space was $65 per square foot.
Crowell & Moring leases 71,000 sf at Brookfield's Two Manhattan West.
GameChanger signed a 25,000-square-foot lease at 124 East 14th Street aka Zero Irving. The company will occupy the 17th and 18th floors. Asking rents started at $120 per square foot.
Pandora takes 27,000 sf at 1540 Broadway. The asking rent on the 15-year lease at the former Bertelsmann Building was $82.00 per square foot.
CompStak signed a five-year lease for 25,600 square feet at 675 Sixth Avenue; it will relocate from an 11,000-square-foot space at 36 Cooper Square in Noho.
Dan Garodnick, director of the Department of City Planning, that the task force considered making more Midtown buildings eligible for conversions. Only those completed by 1961 can become residential without a rezoning. The city made a similar change in FiDi decades ago, triggering numerous conversions. Developers have suggested a tax break akin to 421-g, which from 1995 to 2006 offered an abatement for conversions Downtown.
Bill Rudin said electeds would need to okay zoning changes and new tax abatements, adding that the mayor and the governor want this. Even without those changes, though, some well-heeled firms are charging forward with projects and funding, a sign that adaptive re-use is the way of the future.
Metro Loft Developers and office developer Silverstein Properties agreed to buy 55 Broad Street from Rudin and turn the 30-story office building into apartments. Silverstein CEO Marty Burger’s firm would raise $1.5 billion to finance office conversions and is in talks with investors to fund a “$10-billion-plus” opportunity.
SL Green Realty said it would pivot from office ownership and sell buildings to pay down its debts.
Related proposal for the western portion of its $25 billion project on the west side of Manhattan centers around a 1,500-room resort. Related is partnering with Wynn Resorts on the casino bid.
The developer’s plans for the area include a nightclub, a theater and 20 restaurants. The second phase of the Hudson Yards project is set to commence shortly.
The second phase of the Hudson Yards development is expected to include a mix of office and residential properties, along with a school and public outdoor space. The company has said a hotel and casino would not affect the number of affordable housing units planned for the Western Yards.
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale.
Letitia James accuses Avi and Bent Philipson of nursing home fraud Lawsuit comes as a group led by Avi Philipson is set to acquire All Year’s Brooklyn real estate portfolio for $44 million for allegedly diverting government funds.
Manhattan CB 4 proposes 23,000 homes within its borders on the West Side. It includes 1,400 affordable homes in the district, stretching from West 14th Street to Columbus Circle.
Multifamily buildings are reconsidering the future of e-bikes in their properties after rechargeable batteries were blamed for a fire that injured 38 last month at a Turtle Bay apartment complex.
Truck depot opening at scuttled housing site. Teitelbaum welcomes rigs to Harlem block where Council rejected apartments. Seven months after Council member Kristin Richardson Jordan killed a 50% affordable apartment project planned for West 145th Street and Lenox Avenue, Teitelbaum planned to put up a sign reading “Park your fleet”, an allowed use of the commercially zoned parcel.
RXR, Related, Tishman Speyer and others seek to defy the odds in Midtown: RXR and the TF Cornerstone are planning one of the city’s tallest buildings right next to the terminal at 175 Park Avenue, on the current site of the Hyatt Grand Central hotel. The nearly 1,600-foot-tall tower will contain more than 2 million square feet of offices, plus as many as 500 hotel rooms. The partners hope to demolish the existing hotel next year.
Boston Properties won the rights to demolish the MTA’s former headquarters and replace it with an office tower at 343 Madison Avenue, where the 982,000-square-foot building is expected to generate upwards of $1 billion in revenue for the MTA over the course of its 99-year ground lease on the property.
Rudin Management filed plans for a 342,000-square-foot office tower at 415 Madison Avenue. The 40-story building will replace a 24-story one that Rudin completed in 1955.
Related Companies is planning a 1.3 million-square-foot building at 514 West 36th Street, directly across the street from 66 Hudson Boulevard, where Tishman Speyer is putting the finishing touches on its 65-story office tower, the Spiral.
Related recently wrapped up work on three million square feet of office space at 50 Hudson Yards, locking up tenants including BlackRock, Meta, Vista Equity Partners and Trust Financial.
Tishman plans a 1.3 million-square-foot office tower at 99 Hudson Boulevard, or 11th Avenue and West 36th Street.
Retail:Manhattan retail rents stagnant even as foot traffic returns.
Pricey Midtown corridors fight vacancies as retailers are drawn Downtown. Just five of 16 Manhattan retail corridors tracked by the Real Estate Board of New York saw average asking rents increase from the spring to the fall. Two corridors saw asking rents flatline, while nine experienced declines.
Famed comedy club Carolines set to depart 10,000 sf at 750 Seventh Avenue.
Chef Daniel Boulud signed several leases to operate a variety of spaces at One Madison Avenue. Boulud will operate two spaces on the ground floor, combining to span 16,000 square feet. A French-inspired marketplace with convenient dining options and a Parisian grand cafe. The other will be a full-service steakhouse restaurant with an open demonstration kitchen.
One Madison 7,000-square-foot tenant lounge will have food and beverage service managed by Boulud, who will also offer catering services for events held on the rooftop deck.
Italian retailer LuisaViaRoma signed a 13,000-square-foot lease at 1 Bond Street. The retailer will occupy 8,000 square feet on the ground level and 5,000 square feet on the lower level of the six-story building. Asking rent on the long-term lease was $250 per square foot.
The ground-floor space at 645 Madison Avenue will soon be home to Peter Millar and IWC Schaffhausen, both of which signed 10-year deals for roughly 2,900 square feet, plus a shared, 3,000-square-foot space on the lower level. They signed for north of $800 per foot.
Asking rents have returned to above $1,000 a foot along the stretch of Madison Avenue between East 57th and East 64th streets. Peter Millar will take the corner space, with IWC Schaffhausen along Madison Avenue.