Leasing activity fell 25.6% year-over-year. Manhattan experienced a 10.5% drop in leasing activity from 2022 to 2023 with a vacancy rate of 17.8% and 96 million square feet of available space.

Companies leased 2.5 million square feet in Manhattan last month. 25% was from Davis Polk & Wardwell’s extension at 450 Lexington Avenue for 700,000 square feet of new space.

Retail leasing is picking up where landlords can lower their rents to the current market pricing. On Third Avenue, a landlord signed an avenue lease for $100/SF.

Manhattan building sales picked up, as sellers lowered prices to reflect the new reality of higher interest rates and lower rents.

New York Market Overview


Shorenstein falls behind on payments on its office tower at 1407 Broadway and is 30 days delinquent on the $350 million mortgage.

Moody’s downgraded a security holding the mortgage at Columbia Property Trust’s 245-249 West 17th Street in Chelsea. The 281,000-square-foot building’s largest tenant is X, which occupies 76% of the space. Columbia was acquired by PIMCO two years ago for $3.9 billion. Musk stopped paying rent at X offices across the country when he bought the social media giant 11 months ago.

For office developers to double down on new projects, they’ll need to command approximately double the rent they do today. Manhattan’s average asking rent last month was $75.70 per square foot.

WeWork seeks to renegotiate hundreds of leases.

The Federal Deposit Insurance Corporation will maintain partial control of the Signature Bank loan portfolios of $33 billion in loans to rent-stabilized buildings, which make up nearly half the loan book.

The agency is dividing the portfolio into two segments. The first, comprising around $18 billion in loans tied to market-rate buildings in New York City, should be attractive for buyers.

New York Community Bank acquired its failed competitor’s loan book, excluding commercial and multifamily loans. The snub sent a warning signal about potential toxicity in that portfolio.

New York City office occupancy is at 42.5%.

  1. Davis Polk & Wardwell renewed 670,000 RSF at 450 Lexington Avenue renewed 670,000 and added 30,000 square feet for a 25 year term.
  2. Tower Research Capital leased 122,000 sf at 120 Broadway.
  3. Empire State Development leased 117,0000 at 655 Third Avenue for a 20-year lease.
  4. Ramp leased 66,000 square feet from Microsoft at 28-40 West 23rd Street.
  5. Howden Tiger did a lease 10 year renewal for 32,000 SF at 1350 Sixth Avenue.
  6. Municipal Credit Union leased 94,000 SF at 22 Cortlandt Street until 2040.
  7. Marshall Wace leased 79,000 SF at 66 Hudson Boulevard.
  8. Mousse Partners expanded and renewed a lease for 33,000 SF at | 9 West 57th Street.
  9. NFP leased 30,000 SF at 200 Park Avenue.
  10. Vera Wang leased 27,000 SF at 500 Park Avenue for a new showroom.
  11. Sprinklr leased 24,000 RSF at 441 Ninth Avenue.
  12. BlueCrest Capital Management leased 22,000 SF at 450 Park Avenue for 15-years.
  13. PointState Capital leased 20,000 SF at 9 West 57th Street.


  1. The Fresh Grocer leased 21,000 RSF at 523 Fulton Street in Brooklyn Heights.
  2. Tailor Public House did a lease extension for 12,600 SF at 505 Eighth Avenue.
  3. Changing Tomorrow Childcare Academy leased 10,000 Sf at 180 Livingston Street for 15 years.
  4. Bucatini leased 9,000 RSF at 2 East 45th Street Grand Central/ 9,000 sf.
  5. Flatbush Adult Daycare leased 8,000 sf at 885 Flatbush Avenue Flatbush for 10-years.
  6. Othership | 25 Kent Avenue | Williamsburg | 6,168 sf.
  7. Caffè Panna leased 4,700 SF at 34 Norman Avenue.
  8. 375 Showroom leased 4,700 SF at 76 Wooster Street.
  9. 45R | 169 Mercer Street | Soho | 4,500 sf.
  10. AllSaints leased 3,775 SF at 402 West 13th.
  11. Target has decided to close nine stores across the country.

  • Page 1
  • Green Acres Is the Place for Macerich
  • Billionaire Shows How Small Buildings in NYC Can Mean Big Money
  • Optimal Spaces in the News - New York's Pix11 / Wpix-Tv
  • Fighting rubber ruler measurements
  • Manhattan's Low-Rent Dining in Hiding
  • The NY Fed Is Buying Its Own Building