market research

September 2011

September 2011 NYC Commercial Real Estate Market Report

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New construction for both office building and residential is occurring in Manhattan.

European and other foreign retailers continue to enter the Manhattan market and are outbidding American retailers.

New York Market Overview

  • Total Manhattan Class A Office vacancies decreased from 9.2 % vacant to 8.7 % vacant
  • Total New York City Office vacancy decreased from 8.0 % vacant to 7.7 % vacant
Brookfield Office Properties, could complete its massive development site between Ninth avenue and Dyer avenue and 31st and 33rd streets, called "Manhattan West," by 2017, CEO Ric Clark said. The plan calls for four buildings, two of which are 2 million square feet each and span the north and south sides of the project, with another 1 million-square-foot building occupying the southwest corner. The fourth, a smaller building whose square footage is still undetermined, will be used for retail or office space. Construction is slated to begin on the project in January, and the first of the two biggest buildings could be ready for occupancy by late 2015.

Brooklyn Navy Yard's Admirals Row, the proposed six-acre site of a supermarket, retail and industrial facility, is moving through the city's approval process, but one vital detail remains unresolved -- the purchase of the land from the federal government. The Brooklyn Navy Yard Development Corporation, which manages the yard, had an arrangement with the feds to buy the land for just $1, but the government in now seeking market rate for the site, which is currently home to run-down historic 19th-century homes for military officers. The city owns most of the Navy Yard, but Admirals Row belongs to the Army National Guard. "We are still in negotiations with the city," said Chris Gardner, a spokesman with the Army Corp of Engineers. "We don't have any specific end date."

The New York City Housing Authority and the Department of Housing Preservation and Development are planning to overhaul a dilapidated Harlem block, renovating 36 historic buildings at the Randolph Houses on 114th Street between Frederick Douglass Boulevard and Adam Clayton Powell Jr. Boulevard, in the city's first mixed-use public and affordable housing complex. The city agencies have issued a request for proposals to create 140 units of public housing and a minimum of 155 units of affordable housing at the tenements. This will be the first collaboration between the NYCHA and HPD that will result in public housing and affordable housing units being placed together, they said.
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