market research

July 2007

July 2007 New York Commercial Real Estate Market Report

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Manhattan rents continue to increase while vacancies throughout Manhattan decrease.

A number of major developers are planning new office buildings, as office rental rates justify new construction, and demand is there to fill the buildings. Retail vacancies increased slightly in Midtown and Midtown south.

New York Market Overview

  • Total Manhattan Class A Office vacancies stayed at 5.4 % vacant
  • Total New York City Office vacancy increased from 5.2 % vacant to 5.3 % vacant
New York City New Construction:
Sitt of Thor Equities scaling back plans for Coney Island from 2 billion to 1.5 billion. Sitt has already spent $120 million buying up land. Dropped 40 story tower. Rental apartment and condominiums and making project less dense.

New York City Buildings Leases:
Davis Polk renewed and expanded lease to 650,000 sf at 450 Lexington Avenue.
MTV Networks Entertainment Group leases 400,000 sf at 345 Hudson Street.
Limited Brands renewed lease of 125,000 sf at 400 Lafayette Street.
BBDO renewed lease of 41,000 sf at 1375 Broadway.
Choice Logistics leases 34,000 sf at 1 Whitehall Street.
NaviSite Corporation leases 33,000 sf at 395 Hudson Street.
Stroz Friedberg leases 32,543 sf at 32 Sixth Avenue.
Deep Focus leases 27,500 sf at 345 Hudson Street.
National Basketball Association leases 22,841 sf at 477 Madison Avenue.
Publicis leases 22,827 sf at 400 Lafayette Street.
Great Performances renewed and expanded lease of 22,500 sf at 304 Hudson Street.
NYU Medical Center leases 22,000 sf at 111 Broadway.
Cougar Trading leases 21,000 sf at 1370 Sixth Avenue.
Nixon Peabody expands lease to 18,000 sf at 437 Madison Avenue.
The Hunger Project leases 17,593 sf at 5-9 Union Square West.
Tarter Krinsky & Drogin leases 16,554 sf at 1350 Broadway.
Wiesner Products leases 16,000 sf at 34 West 33rd Street.
Marco Polo Network leases 15,644 sf at 75 Broad Street.
Fieldstone Capital Partners leases 15,575 sf at 1177 Sixth Avenue.
Garrison Investment Group leases 14,317 sf at 1350 Sixth Avenue.
Starbucks leases 14,200 sf at 245 Fifth Avenue.
Shenkman Capital Management leases 13,500 sf at 461 Fifth Avenue.
Universal Survey Center leases 13,354 sf at 218 West 40th Street.
Latina Media Ventures LLC leases 13,044 sf at 1500 Broadway.
Financial Stock Research leases 11,500 sf at 150 East 52nd Street.
Chelsea Day School leases 11,400 sf at 319 Fifth Avenue.
Kurt Salmon Associates leases 10,877 sf at 650 Fifth Avenue.
Correction Officers' Benevolent Association leases 10,361 sf at 75 Broad Street.
Athena Advisory Group LLC leases 8,910 sf at 142 West 57th Street.
Monomoy Capital Partners leases 8,910 sf at 142 West 57th Street.
BC Partners Inc. leases 8,460 sf at 667 Madison Avenue.
IHI Corporation leases 7,975 sf at 150 East 52nd Street.
GeoSphere Capital Management leases 7,244 sf at 733 Third Avenue.
Marquis Jet leases 7,200 sf at 230 Park Avenue.
M+R Strategic Services leases 6,600 sf at 80 Broad Street.
Summit Securities Group leases 5,138 sf at 150 East 52nd Street.
Cravath Swaine and Moore LLP renewed its lease for 15 years at World Wide Plaza in 2009.
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