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Richard Persichetti

Stat of the Week

On Absorption and Sharknados

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A colleague told me the other day that absorption is boring. But like shark-infested tornados in New York City, absorption cannot be ignored! For the past five quarters, Manhattan absorption has been positive, and with another 1.6 million square feet of positive absorption posted in July, the market is well on its way to another Read More

Stat of the Week

Manhattan Office Investment: Midyear Review

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The Manhattan office investment market had a stellar second quarter this year as investment volume more than doubled the first quarter’s total. With $5.98 billion traded in the second quarter alone, it brought the year-to-date total to $8.96 billion. The nearly $6 billion figure equaled the second-highest quarterly total over the last 18 months as Read More

Stat of the Week

Midyear Leasing by the Numbers

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Through the first six months of 2014, Manhattan leasing activity totaled 17,837,091 square feet, a miniscule 0.71 percent dip compared to the same time period in 2013. Of the 17.8 million square feet leased, 74 percent of the leases signed were new or subleases, while only 26 percent were renewals. That’s a slight difference from Read More

Stat of the Week

70 Basis Points: The Sequel

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Most sequels fail to deliver. The biggest disappointment for me was Caddyshack II, a sequel that is simply unwatchable and highly forgettable. However, this Stat of the Week exceeds its predecessor (if I do say so myself). I first wrote a 70-basis-point stat of the week to start off 2014. The original focused on how Read More

Stat of the Week

Park Avenue’s Odd Couplings

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Park Avenue has always been a Manhattan address associated with prestige for both living and working. Television’s odd couple, Felix and Oscar, lived at 1049 Park Avenue and as a kid I always thought how cool it would be to have an apartment there. Since I started working on Park Avenue a few years ago, Read More

Stat of the Week

Retail Sector Employment Picks Up Speed

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The International Council of Shopping Centers (ICSC) holds its major national event in Las Vegas every year, an event where retail vendors and real estate professionals meet to talk about potential partnerships. And with retail out of recovery mode and into expansion mode in many major cities throughout the country, New York is sure to Read More

Stat of the Week

The $12 Spread

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The number 12 is all around us: 12 hours on the face of a clock, 12 months in a calendar year and 12 inches in one foot. In the current Manhattan real estate market, the number 12 represents the overall asking rental spread between Downtown Manhattan and Midtown South and also between Midtown South and Read More

Stat of the Week

Grading Manhattan’s Class B Buildings

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The Manhattan Class B average asking rent stands at $56.84 per square foot through April of this year—just 2.5 percent higher than the historical peak of $55.47 in 2007. However, the makeup of this average is significantly different from the last time Class B rents were this high. Not surprisingly, Midtown South, up 26.1 percent Read More

Stat of the Week

The Power Five

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With the release of Commercial Observer’s seventh annual Power 100 issue, I thought what better time than now to release the second annual Power Five by ranking the submarkets according to leasing activity over the last 12 months. The ranking is based on the total space leased as a percentage of a submarket’s total size, Read More