Face it, leasing activity is less than overwhelming these days. So the heavy-hitters at CBRE took advantage of the lull to give the 8.2 million New Yorkers what everyone was clamoring for: Yes! More of CBRE’s “Real Estate Capital of the World” banners. And with a fresh new look! Some 150 green and white banners now hang along and … 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
The developer behind Essex Crossing plans to build a nearly half-million square-foot office tower on Trinity Church land at Hudson Square — a sign of confidence in Manhattan’s troubled commercial market. Taconic Partners and its investment partner Nuveen Real Estate unveiled images of One Grand, a tower to rise at the corner of Grand and … 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
Arc’teryx, the Canada-based maker of high-end outdoor apparel and equipment with five Manhattan stores, is braving the biggest retail stage of all — Rockefeller Center. The company signed a lease for 12,689 square feet at Tishman Speyer’s 600 Fifth Ave. between East 48th and 49th Streets. The two-story location will replace Aritzia, which the Commercial … Read more
The Upper West Side luxury rental apartment tower known as Aire was quietly sold to the well-established Gotham Organization and Carlyle Group, Realty Check has learned – affirming new energy in the investment-sale market for multifamily properties. The 43-story, 310-unit building at 200 W. 67th St. behind Lincoln Center fetched a healthy $265 million in a … Read more
The return-to-office trend gained steam in December when average visitation rates at 350 Manhattan buildings rose to 67% of 2019 rates, according to the Real Estate Board of New York. That was up from the 65% recorded in November — and would have been 74% if the sleepy last week of December between Christmas and New … 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
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