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September 2022

September 2022 » Market Analysis » NY New Developments

September 2022 New York New Developments


Major Developments:

Boston Properties filed plans for a 982,000-square-foot office building at 343 Madison Avenue. The building is to stand 780 feet tall, shorter than the developer’s original plans, for a 1,050-foot-tall property. Construction is expected to wrap up by 2026.

Wings, a coworking startup, has permanently shut its six U.S. locations and has arranged for workspace and membership needs to be handled by coworking space operator IWG.

RXR Realty has secured a $260 million refinancing at 75 Rockefeller Plaza.

New York City has picked the Row NYC hotel in Midtown as a piece of its plan to cope with the growing shelter population and influx of asylum-seekers being bussed from Texas and will house up to 600 migrant families in the hotel at 700 Eighth Avenue.

Officials disclosed that 11 hotels were being leased by the city to serve the growing shelter population.

Robust hiring at hotels, restaurants and bars, as well as in construction and health care, powered an unexpectedly strong jobs increase. Those industries accounted for 43% of the 528,000 gain.

Herald square retail vacancy rate is 42.4%. Madison Avenue’s 27.3% vacancy between 57th and 72nd streets is a distant second.

Retail asking rents in Soho averaged $310 a square foot in the second quarter, up roughly 13% from $274 in the same period a year earlier Retail availability in the neighborhood is down to roughly 18%.

Dolls Kill opened a store at 33 Howard Street comprising 10,000 square feet of retail space across three full floors. 33 Howard Street was acquired with 35 Howard Street by Javeri Capital in an off-market transaction.

The 9/11 Tribute Museum closed its 30,000-square-foot tribute center at 92 Greenwich Street.

Mercer Kitchen is closing at the end of the year at 99 Prince Street is shuttering after 25 years of operation, it’s not clear if JGR will still provide room service to the Mercer Hotel.

Merida Holding, signed a 10-year lease on 427 Broadway for a 30,000-square-foot immersive cannabis experience called The House of Cannabis, or THCNYC. The space will include rotating art exhibitions extolling the cultural influence of the plant.

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