New York Market Overview

Office:

1. Manhattan's office leasing activity totaled almost 3.7 million square feet, marking a seasonal slowdown with a nearly 30% dip from December but a slight year-over-year increase. Gibson Dunn's 362,000-square-foot renewal at the MetLife Building, C.V. Starr's 274,000-square-foot new lease at 343 Madison Avenue, and Burlington Stores' 206,000-square-foot extension and expansion at 1400 Broadway. The availability rate tightened to 13.5%, and sublet supply fell for the 16th straight month to 10.7 million square feet, the lowest since September 2019.
2. Office of the New York State Attorney General leased 378k RSF at 28 Liberty Street.
3. Gibson Dunn leased 362k RSF at 200 Park Avenue.
4. Starr: 343 Madison Avenue leased, Grand Central, 275K sf.
5. PayPal: 345 Hudson Street leased, Soho, 261K sf.
6. Natixis leased 1633 Broadway, Midtown West, 203K sf signed a new lease, relocating from 1251 Sixth Avenue.
7. The NYC Department of Environmental Protection signed a 20-year lease for 155,000 square feet at 24-02 49th Avenue in Long Island City.
8. JPMorgan leased an additional 139k at 5 Manhattan West.
9. Kroll Bond Rating Agency leased 51 West 52nd Street, Plaza District, 121K sf.
10. EliseAI: 401 Fifth Avenue leased, Garment District, 109K sf a new 10-year lease.
11. Fanatics is adding approximately 105,000 square feet to the 105,000 square feet it already occupies at 95 Morton Street.
12. Notion leased 75 Varick Street, Soho, 76K sf.
13. Arch Inc. leased One Seaport Plaza, Financial District, 74K sf.
14. Paramount Television Studios: 711 12th Ave, Hell's Kitchen, 70K sf.
15. Linklaters signed a 10-year lease expansion for 48,000 square feet at 1290 Sixth Avenue. The asking rent was $100 per square foot.

Retail Leases:

1. T.J. Maxx leased 40,000 sf at 50 West 34th Street for 10 years.
2. Petco renewed its 15,000 sf lease at 2475 Broadway for 10 years.
3. LaundryBee leased 10,000 sf for a new 20-year lease at 115-53 Sutphin Boulevard.
4. Clown Car leased 6,500 sf for a new 10-year lease at 31 Second Avenue.
5. Willspace leased 3,500 sf at 150 Barrow Street.
6. United Xtreme Martial Arts leased 2,400 sf at 686 Grand Street.