The “flight to quality” that’s benefitted owners of prime Manhattan properties is remarkably mirrored in London, the market that’s most relevant to New York’s. According to Knight Frank, the UK’s leading property management and leasing firm, vacancy rates have plunged in the most desirable London submarkets and in the newest office towers especially — which should … Read more
Restaurant-watchers might be stunned by Monday’s opening of Aqua New York, a block-long leviathan at 902 Broadway between East 20th and 21st streets. If they never heard of it, it’s because it hid in plain sight during more than 18 months of construction, with no advance publicity or social media hype. The two-level Aqua spans … Read more
The city’s largest commercial landlords enjoyed big boosts from Bloomberg LP’s sustained and growing stake on Midtown’s East Side. The media giant’s 924,876 square-foot renewal and expansion at 919 Third Ave., which we reported first, came as a welcome surprise to landlord SL Green. Bloomberg LP will lease nearly 1 million square feet at SL … Read more
The biggest relocation lease of October was private equity powerhouse TPG’s move to eight high floors in Tishman Speyer’s Spiral, aka 66 Hudson Boulevard. Its 301,276 square feet was runner-up in size only to Bloomberg’s 749,000 square feet at 919 Third Ave. that was mostly expansion space at the same location. TPG will move from 888 … Read more
It might be too early to pop the Champagne corks, but Manhattan’s big-picture retail leasing scene shows strong signs of putting the pandemic carnage behind it. Even before anyone heard of COVID-19, online shopping depressed demand for brick-and-mortar stores by perhaps 10%. Lockdowns made things worse. Readers of this column know we’ve been skeptical about … Read more
The office leasing breakthrough that Downtown has been waiting for could happen by year’s end. Global trading firm Jane Street is looking to grow at Brookfield Place, we’ve learned. The electronically-driven market mover, which has about 500,000 square feet at 250 Vesey St., is in talks with landlord Brookfield for more space at 300 Vesey … Read more
The once-staid office tower at 1290 Sixth Ave. is joining the avenue’s fast-growing fun, food and games parade. Owner Vornado Realty Trust signed a 15,300 square-foot lease with Five Iron Golf, the growing empire of indoor golf simulators and instruction facilities designed “to bring out the golfer in everyone,” as its founders describe it. The … Read more
Two momentous new leases have been signed at premier Midtown locations, giving a boost to the entire Manhattan luxury retail market as well as to their landlords. Our sources must remain anonymous in the post-pandemic world of omerta. Strict non-disclosure agreements do wonders for lawyers’ billable hours without doing much to keep information secret. Venerable, … Read more
Yeshiva University plans to establish a new, state-of-the-art health sciences campus inside Herald Center, sources told Realty Check. What insiders described as a 32-year leasehold condominium purchase restores the mixed-use property across from Macy’s to 100% fully occupied. Sources said YU will have 160,000 square feet on Herald Center’s floors 5-9 as well as parts … Read more
Streetwear clothing brand Staple Pigeon is launching its first permanent US store at 21 Mercer St. in Soho. The tenant was repped in the 4,500 square-foot lease by Cushman & Wakefield’s Alan Schmerzler, Catherine Merck and Eric Hazen. Ripco’s Richard Skulnik acted for landlord Premier Equities. Staple Pigeon was founded by Jeff Staple in 1997. According to … Read more
