Feed

Richard Persichetti

Stat of the Week

March Midtown Madness

unnamed

In the spirit of the N.C.A.A. basketball tournament, we created the first ever Midtown Madness Elite Eight bracket. The nine Midtown submarkets are split into East and West regions, with the seeding based on the submarkets’ total size. Unfortunately, the West region has five submarkets, and since Penn Plaza/Hudson Yards is the smallest, it did Read More

Stat of the Week

Midtown South’s Seven Big Blocks

unnamed

There are many different pop culture references for the number seven. My two favorites are Se7en, which referred to the seven deadly sins, and an episode of Seinfeld titled “The Seven,” in which George Costanza revealed he wanted to name his firstborn child Seven, after Mickey Mantle’s jersey number. For Midtown South, the number seven Read More

Stat of the Week

Downtown, No Finer Place for Sure

unnamed

While searching for old Atari games in the basement this past weekend, I came across my mom’s old 45 records. For obvious reasons, one that jumped out at me through the dusty pile was Petula Clark’s “Downtown.” It debuted in 1964 at number 87 on the Billboard Top 100 chart with the lyrics we all Read More

Stat of the Week

Manhattan Availability Rate Drops to 10.7%

unnamed

With two months of market statistics already recorded this year, I thought it would be a good time to do a year-over-year comparison. Interestingly enough, February 2013 marked overall availability’s high point in Manhattan, closing that month at 11.8 percent. Over the past 12 months since that high, the availability rate consistently declined or remained Read More

Stat of the Week

Available Sublease Space Declines

unnamed

Available sublease space continues to decline and only accounts for 17.5 percent of overall Manhattan available space. At 8.2 million square feet, the available sublease supply has dwindled from 12 months ago when there were more than 10.5 million square feet on the market. This marks the lowest percentage of available space being offered on Read More

Stat of the Week

Downtown’s Discount Deals

unnamed

Like a fine wine, older Downtown Manhattan buildings are getting better with age—or at the very least, they are getting a lot more attention. With a total inventory of more than 89 million square feet, what happens when you look at the market by building age? Well, analyzing the market based on buildings built pre- Read More

Stat of the Week

Midtown South’s Weakest Link

unnamed

The Madison Square/Park Avenue South submarket availability rate is 9.5 percent, and this submarket is outperforming the overall Manhattan market’s availability rate of 10.8 percent. However, with 2,528,505 square feet of available space, this submarket accounts for 37.9 percent of Midtown South’s available supply. With Midtown South availability tightening to its lowest level since 2006, Read More

Stat of the Week

The Midtown Olympics

sotw

In honor of the Winter Olympics, I thought we should award medals for major Midtown avenues’ leasing activity for three different events: total number of leases, total leasing volume and total lease renewals in 2013. Last year, there was a total of 21.2 million square feet leased in Midtown, with 62.3 percent leased on the Read More

Stat of the Week

Midtown South Strikes Back

JanuaryWeatherMTS

Last year was kind of a slow one for Midtown South from an availability standpoint. The available supply started 2013 at 7,669,177 square feet, and by year-end it had only dropped down to 7,546,690 square feet. But this year, Midtown South strikes back and comes out with a vengeance not seen since the Empire decimated Read More

Stat of the Week

The Top Five Submarkets of 2013

Trophy_Basis_Points_Final-01

The 118th Real Estate Board of New York banquet is upon us–the biggest annual event in New York real estate. In honor of celebrating this event, let’s take a look at the submarkets that had the biggest declines in availability since last year’s gala. In 2013, five submarkets stood out as the availability rate dropped Read More

Stat of the Week

A Toast to 2013

RingIn2014_bubbly

As we ring in the New Year, let’s start with a toast to 2013. Last year started off slow, as the Manhattan available supply jumped to more than 50.4 million square feet at the end of the first quarter of 2013. But by the end of the year, the overall availability rate in Manhattan dropped 70 basis points from 2012 to 10.8 percent and dropped below 47 million square feet of available space for the first time since 2008. Moreover, 7.1 million square feet of positive absorption was posted in Manhattan. All of these positive trends occurred despite the addition of more than 4.6 million square feet of new construction Read More