Manhattan’s retail scene is such a mixed bag as to defy generalization. The Real Estate Board of NY reports fewer available storefronts than last year and rising rents, but overall, conditions are all over the map. For example, Soho and Upper Madison Avenue are strong while Broadway on the Upper West Side resembles a wasteland of … Read more
In the realm of repositioned “Cinderalla” buildings, Milstein Properties’ 22 Vanderbilt – once known as 335 Madison Ave. – stands with the most elite. The Madison Avenue tower between East 43rd and 44th streets recently landed five new leases totaling 460,000 square feet, bringing the 1.19 million square-foot address to 91 percent leased. None of the … Read more
The Downtown office market is in even worse shape than widely reported data indicate, according to several major dealmakers. One of them, an industry legend not given to doom-and-gloom scenarios, told us that huge amounts of space are quietly up for sublease even at the World Trade Center and Brookfield Place – Lower Manhattan’s best-performing … Read more
Jasper, the big, mixed-use project rising on the Hunters Point waterfront, caught a big one for its retail portion. Dumbo Market, a gourmet food emporium that’s currently operating as Urban Market in a building across the street, signed a lease for a 13,500 square-foot store on Jasper’s ground floor. To be run by the same … Read more
Park Avenue landlords are tooting their horns after we reported last week that Sixth Avenue regained a narrow edge over Park in terms of the least percentage of available space. The Stahl Organization’s 277 Park Ave. between East 47th and 48th streets boasts of nailing down an unreported 175,000 square feet of new and expansion leases in … Read more
Sixth Avenue has reclaimed its title as Midtown’s No. 1 office-leasing corridor, as measured by the least percentage of vacant space — the latest lead change in the never-ending bragging-rights battle with Park Avenue. Colliers reports that Sixth Avenue’s fourth-quarter occupancy at 11.5% of space available was the lowest of any Midtown corridor and slightly bested … Read more
It’s high-five time at Nine West, the near-mythic office tower at 9 W. 57th Street enjoying new life under Stefan Soloviev, the son of late developer Sheldon Solow. The 50-story skyscraper with over 1.6 million square feet behind its famous sloping facade inched closer to 100% occupancy with a newly signed lease with French global … Read more
No, the world isn’t ending — and neither is 360 Park Avenue South, the prewar office tower at East 26th Street where Boston Properties is wrapping up a more than $100 million repositioning and upgrade. Last week, Canada Pension Plan Investment Board unloaded its 29% stake in the tower for exactly $1. The lucky payer … Read more
Separate reports by major brokerages CBRE and JLL show that the Manhattan office market is far from dead — or even stagnant. The surveys illustrate the extent to which the top tier of the office market is “impervious” to woes at the lower end, as CBRE phrased it. (The data from both firms include both new … Read more
