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
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
