124 East 14Th Street

• February 2023 New York Commercial Real Estate Market Report
• Office: The amount of available office space has increased almost 70% since the onset of the pandemic to 91.4 million square feet. After 2.8 million square feet of negative net absorption in the fourth quarter, net absorption since the start of the pandemic now stands at negative 37.6 million square feet. Asking rents for Class A space in Manhattan averaged $81.51 per square foot in the fourth quarter, up slightly from a year ago. Net effective rents are down after factoring in concessions. Tenants in the TAMI are increasingly upgrading to newer spaces. While 37% of companies in those fields ...
  
  
• January 2023 New York Commercial Real Estate Market Report
• Office: AECOM renewed its lease at 100 Park Avenue, but renewed for only 45,000 square feet from 108,000 square feet. Asking rent for the space was $65 per square foot. Crowell & Moring leases 71,000 sf at Brookfield's Two Manhattan West. GameChanger signed a 25,000-square-foot lease at 124 East 14th Street aka Zero Irving. The company will occupy the 17th and 18th floors. Asking rents started at $120 per square foot. Pandora takes 27,000 sf at 1540 Broadway. The asking rent on the 15-year lease at the former Bertelsmann Building was $82.00 per square foot. CompStak signed a five-year lease ...
  
  
• September 2018 New York New Developments
• New York Major Developments: Manhattan dominated the list of New York City’s top 10 largest real estate projects in July. Marx Development Group’s roughly 213,000-square-foot hotel and retail project at 450 11th Avenue in Hudson Yards. Covenant House is planning a 12-story, 60-unit building in Hudson Yards about 53,000 square feet. Its new project would replace a smaller eight-story youth homeless shelter currently on the site of 460 West 41st Street. 323 East 61st Street from the William Macklowe Company will span about 50,000 square feet and stand six stories and 74 feet tall. WeWork just signed a 258,344-square-foot lease ...
  
  
• May 2017 New York New Developments
• New York Major Developments: The Port Authority of New York and New Jersey is rethinking plans to move its Midtown bus terminal a block west and is now considering renovating the existing station. The bi-state agency ordered a study of its current bus terminal to assess the cost of revamping its existing facility. Officials have estimated that moving the terminal would cost $10 billion. Earlier this year the Port Authority dedicated $3.5 billion to creating a new terminal. The borough’s hoteliers saw revenue per available room dip to its lowest point of the current cycle, as the hotel market struggles ...
  
  
• March 2017 New York New Developments
• New York Major Developments: The city is taking another attempt at rezoning the Garment District, a move that will likely rollback rules that require landlords to lease a portion of their building to the fashion industry. The possible rezoning is connected to the Mayor’s plans to build a new manufacturing campus in Brooklyn. The Bloomberg administration tried to rezone the Garment District in 2009, but stopped the plan due to opposition. In the fourth quarter of 2016, absorption rate was negative in all three Manhattan office submarkets: Downtown, Midtown, and Midtown South for a total net absorption of negative 277,988 ...
  
  
• December 2015: New York New Developments
• New Developments AvalonBay Communities is planning a new 33-story, mixed-use residential tower at the site of the former American Bible Society located in Lincoln Square. The building will house 160 apartments. There will also be 34,000 square feet of retail space on the lower levels.Vornado Realty Trust lauded a third quarter that saw it sign seven Manhattan office leases at asking rents of over $100 per square foot. Vornado completed 43 office leasing deals totaling 509,000 square feet in the third quarter at an average starting rent of $79.80 per square foot. The total year-to-date leasing activity was nearly 1.7 ...