The Empire State Building has come a long way since the days when King Kong’s favorite skyscraper was mostly home to shoe wholesalers and dentists’ offices. The great landmark evolved into a mecca for finance and media after Empire State Realty Trust took it over in 2006 and launched a $550 million capital improvement program. … Read more
The beleaguered Wall Street-area office market saw a mild ray of hope with a CBRE report that found relatively robust leasing in May. The market saw 321,000 square feet of office deals last month, according to CBRE — 17% ahead of the five-year monthly average of 274,000 square feet. The Wall Street-area office market saw … Read more
The sounds of levity at 711 Fifth Avenue last week didn’t come from the spectacular Core Club on the tower’s top four floors, but from the new offices of Accor on the seventh floor. The French hospitality company was celebrating its move there after signing an unreported, 23,000 square-foot lease in December, sources told Realty … Read more
Two just-signed, major, new deals demonstrate the sustained appeal of Related’s Hudson Yards complex — and the preference for newer buildings over highly-regarded older ones. Warner Bros. Discovery (WBD), the largest tenant at 2.6 million square-foot 30 Hudson Yards, has been consolidating operations since AT&T’s Warner Media merged with Discovery in 2022. The resulting space shakeout freed … Read more
FiDi’s sagging retail scene just got a badly needed boost. Chinese “lifestyle” and consumer goods chain Miniso, which has more than 6,000 stores worldwide including two in Manhattan, signed a 5,000 square-foot lease at JEMB Realty’s 150 Broadway at Liberty Street. The vacant corner was last home to Sephora. JEMB leasing head Joseph Hamway said the new … Read more
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
