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November 2022

November 2022 » Market Analysis » NY New Developments

November 2022 New York New Developments


Major Developments:

Related Companies is planning a 1.3 million-square-foot office project at 514 West 36th Street. The property, also known as 517 West 35th Street, was at one time part of a 1.4 million-square-foot, mixed-use project.

SL Green and Caesars Entertainment have teamed up to bring a proposed Caesars Palace to 1515 Broadway, even though they have encountered opposition.

The DoubleTree’s rooms are among thousands that remain vacant as hotels that never reopened. 46 New York properties with more than 10,400 rooms still remain closed.

Industrial real estate demand is cooling after leasing 150 million square feet of warehouse space in the third quarter. With inflation rising and higher interest rates sending costs up, demand for warehouses has softened.

Non residential construction is expected to shift from hotels and retail to office and health care projects.

The owners of 330 West 42nd Street’s McGraw-Hill Building are considering turning the building’s upper reaches into luxury rentals.

Amazon is paring back and plans to close, delay or cancel its occupancy in about 80 buildings across the U.S.

Demand for warehouse space near New York City pushes vacancies to lows not seen in decades.

Hotel occupancy rates are at around 83% in the second quarter, up from 57% in February.

Foremost Real Estate filed a lawsuit that alleges building owners Martin and Eric Meyer refused to sign necessary construction permits against 469 Holdings, for $3.5 million over the rooftop eatery Shavolian is attempting to open at 469 Seventh Avenue.

A judge denied New York City’s motion to dismiss a lawsuit brought by the Hotel Chelsea’s owners, who allege that stop-work orders issued by the city improperly delayed renovations to the property and cost them $100 million.

Wells Fargo provided a $348.8 million rehab construction loan to Related Companies and Oxford Properties Group for its development at 50 Hudson Yards.

American Express is looking for 1 million square feet, primarily in New York. Some could be located in cheaper cities where some of its remote workforce moved to.

The owner of a Manhattan Four Seasons is not backing down in an alleged dispute with the hotel chain, keeping the Midtown property shuttered. The hotel at 57 East 57th Street may be closed for years due to the feud between Ty Warner and the brand.

Target signed a 139,000-square-foot lease at 1948-1998 Bruckner Boulevard. The lease accounts for nearly a third of the 510,000-square-foot Bruckner Commons. Amazon signed a lease for 568,500 square feet at an industrial complex at 2505 Bruckner Boulevard. The tech company will occupy the first floor of the two-story, 1.07 million-square-foot property. Amazon has shifted its focus recently from leasing to buying real estate to avoid paying higher rents and annual rate hikes.

425 Park Avenue opens its doors.

Eataly cooks up 18,000 sf Soho location.

Italian grocery and dining chain leasing at Brookfield’s 200 Lafayette Street. The lease includes the ground floor and floors beneath street level. The asking rent for the space was $2.7 million per year. Brookfield provided a multimillion-dollar tenant improvement allowance, cutting down on the net Eataly will pay for the space.

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