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• March 2024 New York Commercial Real Estate Market Report
• Office: Office values are down 25% year-over-year through December. With the rise of remote working and other economic conditions, there’s no guarantee those values will ever reach previous levels again. Office owners are showing more willingness to sell properties at a discount. As declining occupancy rates and higher interest rates have driven down values on buildings, some of which were bought at previous market cycle peaks. High interest rates have discouraged dealmakers, while office values have fallen by billions (maybe trillions) of dollars thanks to remote work. Peel back a few layers and things might not be quite so dire, ...
  
  
• September 2023 New York Buildings For Sale
• Buildings for Sale: Vornado weighs sale of Farley building in quest for liquidity. The Farley Building which Vornado and Related Cos redeveloped from a former U.S. Post Office was leased to Meta Platforms, Facebook's parent company, in 2020 in a 730,000 SF, 15-year deal that was a bright light for the market during the worst of the pandemic. The Metropolitan College of New York is looking to sell two of its floors at an office building at 60 West Street. Metropolitan College has struggled since the pandemic, feeling a sizable drop in enrollment. Buildings Sold: Capital One is selling a ...
  
  
• June 2023 New York Commercial Real Estate Market Report
• Office: A record 94 million square feet of office space was available last month. Tenants leased just 1.5 million square feet in the period, far below the monthly average from the three previous years. The 17.4% availability rate also matched a record from February 2022, and marked a nearly 75% increase in available office space since March 2020. Only two leases signed last month exceeded 100,000 square feet and just one additional lease surpassed 50,000 square feet. All three were renewals or extensions (or both). Midtown Manhattan counted 891,000 square feet leased in the period to reach an availability rate ...
  
  
• 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 ...
  
  
• November 2021 New York Commercial Real Estate Market Report
• Office: The Durst Organization signed Venable LLP for a 15-year lease for nearly 158,000 square feet, at One Five One, formerly known as 4 Times Square. Prospective tenants are looking for 6.5 million square feet of office space up 64% from the first quarter of this year. Crédit Agricole’s 167,000-square-foot relocation within 1301 Sixth Avenue. BDO USA’s 143,000-square-foot lease at Tishman Speyer’s 200 Park Avenue. Interpublic Group of Companies 514,000 square feet at 100 West 33rd Street. Fried, Frank, Harris Shriver & Jacobson 400,000 square feet at 1 New York Plaza. City of New York 313,000 square feet at 60 ...
  
  
• October 2021 New York Commercial Real Estate Market Report
• Retail: Most restaurateurs across New York City have sought to maximize their space under the city’s Open Restaurants rules, which allows eateries to place seating on sidewalks and in roadways. Landlords can, however, control and monetize the space on their property, and new tenants are gunning for as much outdoor space as possible. Sears is set to close its final New York City location after 89 years on November 24th. Jokr, aims to get consumers everything from a single ingredient to a full grocery haul within 15 minutes. To meet this logistical challenge, these companies need a lot of real ...
  
  
• September 2021 New York Commercial Real Estate Market Report
• Retail: In January 2020, Fendi and Berluti inked leases at 595 Madison Avenue after Coach left. Hermes, Giorgio Armani and Brunello Cucinelli are also planting a flag in or increasing their footprints in the area. Toys ‘R’ Us is planning a large-scale comeback with the help of retailer Macy’s. Toys ‘R’ Us is set to bring more than 400 shops within Macy’s department stores, across the country, starting next year. Madison Avenue retail from 57th Street to 72nd Street is only seeing 71% of its 2019-foot traffic. Upper Fifth Avenue is at 92% of its 2019 levels. Soho foot traffic ...
  
  
• June 2021 New York New Developments
• New Developments The Gateway tunnel is back on track. Federal officials completed their environmental review of the $11.6 billion rail tunnel, giving the project the green light. The move comes after years of delays from the Trump administration. The plan calls for building a new rail tunnel beneath the Hudson River, which would connect New Jersey’s Bergen Palisades to New York’s Penn Station. The approval could potentially advance real estate acquisitions and other pre-construction activities. State lawmakers are seeking to give New York City more control over Cuomo’s Penn Station expansion and new development in the surrounding area. A recently ...
  
  
• December 2020 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan office leasing volume in 2020 will be 52% lower than the year before. 3.12 million square feet of sublease space came on the market from April to September boosted sublets’ share of total availability to 23.2% from 22.1%. A decline in Manhattan’s asking office rent average was relatively small in the second and third quarters this year 3%, partly because landlords took a “wait and see” approach during the second-quarter lockdown. In the third and fourth quarters of 2008, the average asking price dropped by 15.3%. Although the current downturn has largely been marked by a lack ...
  
  
• October 2020 New York New Developments
• New York New Developments Vacant office and retail space will have a domino effect on the city’s budget and economy. The Metropolitan Transportation Authority faces a $12 billion budget deficit by 2021. The low office numbers have also led to a projected $9 billion drop in sales tax and other revenues. About 24,000 New Yorkers have lost their lives to the coronavirus. The unemployment rate is 16% and just 10% of workers have returned to the office by September. Personal income tax revenue may drop by $2 billion this fiscal year. Only a third of hotel rooms are occupied, and ...
  
  
• September 2020 New York New Developments
• New York New Developments The Metropolitan Transportation Authority plans to cut service by 40% if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic. The timeline for the overhaul of John F. Kennedy International Airport will likely be pushed back years because of plummeting passenger demand. Passenger volume is down 85%, and officials warn that passenger numbers might not match last year’s level of nearly 62 million passengers until 2023. July was the slowest month of the year for large construction applications. The total size of the 10 biggest projects ...
  
  
• August 2020 New York Commercial Real Estate Market Report
• Manhattan Office: Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet. That is 50% of the prior quarter and down 72% year-over-year. This is the slowest quarter for Manhattan office leasing since 2009. Office workers have been working from home during Covid. How many will remain at home after Covid has yet to be determined. Midtown saw 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. Midtown South leasing activity declined 87% year-over-year to just 640,000 square feet. Leasing activity downtown fell 73% year-over-year to 660,000 square feet. Manhattan’s Office ...
  
  
• July 2020 New York Commercial Real Estate Market Report
• Manhattan office leasing in the second quarter of 2020 totalled just 3.18 million square feet, ½ the previous quarter and down 72% from the previous year and the slowest quarter for office leasing since 2009. Manhattan’s overall availability increased 0.4% points to 10.6%, the highest since early 2015. Manhattan’s asking rent average slightly decreased. Subleases have remained constant. Office leasing activity in April (1.35 million square feet) and May (1.42 million), in June, it was remaining at 410,000 square feet . Midtown Office 1.88 million square feet in leasing activity in the quarter, down 52% year-over-year. The largest lease was ...
  
  
• June 2020 New York Commercial Real Estate Market Report
• Office Office leasing was virtually dead, except for TikTok who just rented 232,000 at 4 Times Square. A few landlords have lowered prices. Many are taking a wait and see attitude until Tenants return to work and the dust has settled. Retail The brick and mortar apocalypse keeps getting worse, as more national chains declare bankruptcy or announce store closings. Mom and pop retail is faring far worse with many lacking reserves to stay in business. Restaurants will hurt even more, once they partially open and have to pay full rent. Sales Building sales were very very slow with only ...
  
  
• June 2020 New York Buildings For Sale
• Buildings Sold: The volume of commercial real estate deals fell to the lowest level in a decade. Deal volume totaled $11 billion, a 71% year-over-year drop. The number of deals, meanwhile, has fallen an average of 36% since January, but saw a drop of 61% between March and April. Although some property types fared better than others, not one ended the month on a high note. Hotel sales descended to $5.1 billion, their lowest level since RCA started recording transactions. The office and industrial sectors performed the “best,” but each still notched a 60% drop in transactions. Shulamit Prager’s Opal ...
  
  
• February 2020 New York Commercial Real Estate Market Report
• Total Manhattan office leasing activity was up 2.9% from last year, reaching 42.97 million square feet and up 28.4% above the ten-year average. Average asking rents dipped slightly to $78.75 at the end of the year, following a few large above-market deals. Midtown South had 16.41 million square feet in leasing activity, a 14.5% increase from 2019. With an overall average asking rent of $76.70. Midtown office leasing hit a new all-year high with 2,750,000 square feet in leases signed, up 58% year-over-year. Availability rate of 11.3%, with base rent average fell by nearly $2 to $87.003. Facebook’s 1.5 million-square-foot ...
  
  
• February 2020 New York New Developments
• Major Developments: Amazon leased a warehouse in Staten Island containing 450,000 square feet next to the 855,000-square-foot distribution center in 2017. The new warehouse will focus on last-mile deliveries. Gulliver’s Gate, the miniature-landscapes attraction finally closed its location at 229 West 43rd Street. The two-and-a-half year old company filed for bankruptcy with a plan to restructure its business, which reportedly struggled under the weight of its $5.7 million annual rent. Uncommon Schools signed a deal to take around 42,000 square feet at Rudin Management’s 55 Broad Street. The 15-year lease covers the second and third floors at the 30-story tower. ...
  
  
• January 2020 New York Commercial Real Estate Market Report
• The office leasing scene maintained momentum with just under 2.2 million square feet of deals in the ten largest leases. Facebook’s 1.5 million-square-foot lease at Hudson Yards accounted for more than half of that total. Facebook signed a lease at 30, 50 & 55 Hudson Yards for 1,500,000 square feet. The landlord is Related Companies. Dentsu Aegis Network signed a 15-year lease at 341 Ninth Avenue for 320,000 square feet. The landlord is Tishman Speyer. Morgan Stanley signed a new deal to expand its existing lease at 1 New York Plaza for 90,000 square feet. The landlord is Brookfield. New ...
  
  
• November 2019 New York New Developments
• Major Developments: Barneys has been sold to Authentic Brands Group and B. Riley for around $270 million. The new owners will likely shut Barneys’ locations, including its 275,000-square-foot flagship property at 660 Madison Avenue. IBM is looking for 500,000 square feet to consolidate its New York office space from multiple locations including a WeWork. IBM’s lease at WeWork’s 88 University runs through 2024. Vornado Realty Trust has encountered more retail challenges as Forever 21 filed for bankruptcy protection. However, Forever 21 may be able to keep its stores at 435 Seventh Avenue and 1540 Broadway open for a bit longer. ...
  
  
• October 2019 New York Commercial Real Estate Market Report
• Market Overview: Leasing was slow last month with the top 10 leases comprising only of 464,100 versus last month total of 2.9 million square feet. The total is also down year-over-year. The top 10 office leasing deals of August 2018 totaled about 1.3 million square feet. EisnerAmper inked a 15-year lease for 125,000 square feet of space at 733 Third Avenue, The landlord is the Durst Organization. New York Times signed a 15-year lease for 57,846 square feet of space at 24-01 44th Road. The landlord is United Nations Federal Credit Union. WeWork firm inked a 15-year lease for 56,000 ...
  
  
• October 2019 New York New Developments
• Major Developments: WeWork is pulled its public offering. Neumann’s was removed as CEO from Wework. The reported value plummeted at least two-thirds from its once $47 billion. 20 people aligned with the former CEO Adam Neumann are leaving the company.WeWork’s parent company bought 14 venture-backed startups since 2014. The We Company is now trying to shed some of those acquisitions, many of which were purchased with stocks leaving some investors feeling stuck. Banks seek to revise Adam Neumann’s $500 million credit line. Following a cool reception from investors over his company’s valuation, lenders are looking to revise the terms of ...
  
  
• September 2019 New York New Developments
• Major Developments: Signs of an escalating trade war between the U.S. and China caused real estate stocks to dip but then largely performed well compared to the overall market. Nuveen is joining Taconic Investment Partners on its $230 million purchase of a portion of ABC campus on the Upper West Side. The new owners plan to convert one of the properties, an office building at 125 West End Avenue, into space for life science tenants. No plans are clear for the other two properties: studio space at 320 West 66th Street and a property known as Lot 61. WeWork has ...
  
  
• July 2019 New York New Developments
• Major Developments: The top office leases made up more square footage than last month. The top 10 totaled 1.7 million square feet, up from 1.5 million square feet the previous month. EmblemHealth renewed its 15-year lease for 440,000 square feet of space at 55 Water Street. The landlord is the Retirement Systems of Alabama. New York City Human Resources Administration renewed its 10-year lease for 342,496 square feet of space at 250 Livingston Street. The Department of Environmental Protection will also occupy the entire eighth floor as part of the lease. The landlord is Clipper Equity. Colgate-Palmolive Company renewed its ...
  
  
• February 2019 New York New Developments
• The top 10 office lease deals totaled 2.65 million square feet, up more than 885,000 RSF more than the previous months top 10 leases. Deutsche Bank is set to take over 1.1 million square feet of office space at 10 Columbus Circle and will leave 60 Wall Street. Millennium Management signed a lease for 300,000 square feet of space at 399 Park Avenue, relocating from 666 Fifth Avenue. Asking rents are between $73 and $90 per square foot. WeWork signed a lease for 236,000 square feet of space across seven floors at 1440 Broadway, where it will have its own ...
  
  
• July 2018 New York New Developments
• New York Major Developments: The top 10 office lease deals totaled 2.4 million square feet, larger than last month’s top 10 leases, which totaled 1.9 million square feet. 1) Deutsche Bank signed a lease for 1,100,000 square feet of office space at 1 Columbus Circle. 2) Facebook signed a lease for 370,000 square feet of office space at 770 Broadway. 3) McKinsey & Co. signed a lease for 186,000 square feet of office space at 3 World Trade Center. 4) Blank Rome signed a lease for 138,000 square feet at 1271 Sixth Avenue. The firm is taking the 15th, 16th ...
  
  
• April 2018 New York Commercial Real Estate Market Report
• Manhattan Office Manhattan office leasing continued its slow start to the year, with demand in February down more than 18% from a year earlier. Two months into 2018, leasing activity is trending downward at a time when the pipeline is flush with new supply. The market recorded 2.57 million square feet worth of new leases and renewals in February. That was down 18.3% from February last year, and continued the year-over-year decline recorded in January. For the first two months of 2018, leasing activity stood at 5.54 million square feet, down 21.6% from the same time period last year. Manhattan’s ...
  
  
• April 2018 New York New Developments
• New York Major Developments: An Upper East Side retail site that has been vacant for more than two years will soon be Morton Williams. A curated version of the supermarket is coming to 1251 Third Avenue, the former site of a Talbot’s. The grocery store chain has taken 13,000 square feet across two floors, with an asking rent of $2 million per year. Chinese investment in the United States’ commercial real estate has plummeted by 55% last year, dropping from $16.2 billion in 2016 to $7.3 billion in 2017. Purplebricks, a London-based discount brokerage, received $177 million equity investment from ...
  
  
• May 2016: New York New Developments
• New Developments General Growth Properties and Thor Equities' are planning to add five new floors of office space at 685 Fifth Avenue. The developers are planning to redistribute space from the lower floors to create five new floors of office space that will be added to the 20-story building, raising its height from 227 feet to 292 feet.Isaac Chetrit">Isaac Chetrit and Ray Yadidi are planning a mixed-use skyscraper of up to 80 stories in a block-long assemblage on Sixth Avenue between West 36th and 37th streets, consisting of two existing buildings and 235,000 square feet of adjacent air rights. They ...
  
  
• March 2016: New York New Developments
• New Developments Joseph Beninati's Bauhouse Group filed Friday for Chapter 11 bankruptcy for the LLC entity that owns the 3 Sutton Place development site in Midtown. There is an upcoming foreclosure auction by Gamma's who holds more than $180 million in debt on the property at 426-432 East 58th Street. Bauhouse defaulted on nearly $129 million in loans last month that it had received from Gamma, led by Richard Kalikow, for its planned 68-story, Norman Foster-designed condo tower, also known as 3 Sutton Place. The $4 billion World Trade Center Transportation Hub is about to open. It will connect to ...
  
  
• March 2015: NYC New Developments
• Major Developments Manhattan Borough President and a City Council member have been talking to developers to find a new plan for the historic South Street Seaport site to prevent a 494-foot tower from being built.The city is looking to revamp a program where property owners can transfer unused air rights to others. -The requirements are so difficult that only 10 successful transfers have been made out of almost 1,000 landmarks.. Those transfers took place in Midtown or Lower Manhattan. The NY state's attorney general's office is closing a 36-story, illegal hotel owned by an affiliate group. The property at 49 ...
  
  
• May 2014 New York New Developments
• Major Developments Duane Reade recently vacated a location next to department store H&M; and is now on the market. The unofficial asking rent for the property is nearly $8 million per year. Commune Hotels & Resorts, a San Francisco-based joint partnership between Thompson Hotels and Joie De Vivre Hotels, has plans to develop two more hotels in Manhattan. One will operate under the Thompson Hotel brand, while the other will have a different hotel brand. The properties, for which Commune has already inked deals, are looking to open in 2016. The lineup for Westfield Group’s central shopping hall within the ...
  
  
• May 2014 New York Commercial Real Estate Market Report
• With Manhattan retail rents skyrocketing retailers such as Rizzoli Bookstore and J&R; Music and Computer World have shuttered. Retail tenants are increasingly turning to hybrid models to be profitable. Despite being one of the wealthiest places in the nation and a shopping mecca for 50 million plus tourists, Manhattan still has more vacant retail space than anyone can count. This is caused by Landlord seeking higher rents than tenants can profitably operate. The two emerging centers for tech office tenants in the city are the Manhattan corridor spanning 14th Street through 42nd Street, and Downtown Brooklyn. Tech firms are looking ...
  
  
• April 2014 New York New Developments
• New Developments The planned performing-arts center at the World Trade Center in Lower Manhattan has stiff competition for funds. The $469 million dollar project now sits in limbo while the new Mayor, Bill de Blasio, comes to a decision about the future of the planned center.The Port Authority of New York and New Jersey board of commissioners are fighting over subsidies for 3 World Trade Center, the 80-story, $2.3 billion tower in the Financial District. The project is currently stalled. Developer Larry Silverstein and Port Authority’s Vice Chair are pushing for the subsidies that they said would allow for construction ...
  
  
• January 2013 NY New Developments
• NY New Developments Starchitect Norman Foster’s plans for the renovation of the New York Public Library flagship on Fifth Avenue were revealed, with features including a multi-level atrium, Bryant Park views and a teen center. Project construction will kick off this summer and will be completed in 2018. A long-stalled Midtown construction site has started construction again on a residential project at 325 Lexington Avenue. Permits for construction were renewed in July 2011. The new plans call for a ground floor restaurant and bar, 103 apartments with two full-floor penthouses, a club room and a fitness center. Construction may have ...
  
  
• January 2011 New York New Developments
• New Developments Columbia University may be moving forward with plans for a $6.3 billion expansion after the U.S. Supreme Court rejected an appeal by local businesses whose properties may be subject to eminent domain. The justices refused to question findings by a state development agency and said that the area is blighted and that the expansion has a legitimate public purpose. Several years back, retail giant Walmart tried to open stores in Queens and Staten Island, but backed off after fierce community opposition. Now the discount chain store is trying again to break into the New York City market, since ...