Cover Story, Feature
Cover Story, Feature
Gleaming new skyscrapers. Swarms of young pedestrians. Cutting edge tech and creative office tenants. High-end retail. Sprouting condo towers. A new transportation hub.
This isn’t a city of the future—it’s the “New Downtown,” as Francis Greenburger of Time Equities described it to Commercial Observer last week.
Even as the construction process commences on a marquee Roosevelt Island technology project, some tech companies are uncertain about how the industry will fare now that Mayor Michael Bloomberg, a staunch advocate for tech, is out of office.
As Cornell NYC Tech, the engineering school slated for Roosevelt Island, makes its way through the development process and the city welcomes a new administration, it prompts a question: Will the sustainable applied science and engineering campus—and tech in general—get the same level of attention from Mayor Bill de Blasio as it did from his predecessor, Mr. Bloomberg?
Manhattan Market Report
The Borough of Manhattan Community College has signed a 20-year, 167,027-square-foot renewal at Jack Resnick & Sons’ 255 Greenwich Street.
The school, part of the City University of New York system, has been a tenant in the building for a decade and will remain on the entire second and entire 10th through 14th floors.
Year in Real Estate
Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.
A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown.
The city’s aging population, a drive for state-of-the-art facilities and strong hiring across the health care industry prompted unprecedented growth in leasing activity in the health care sector across the five boroughs in 2012.
Memorial Sloan-Kettering, Mt. Sinai, Montefiore Hospital and Inventa Health were among the dozens of hospitals and medical companies to announce bold new initiatives to expand their footprints in the city in 2012, and those developments are only a sign of what’s to come, brokers and analysts predict.
The New York City Department of Sanitation has initiated what amounts to a land-swap with the City University of New York and the Memorial-Sloan Kettering Cancer Center that will allow for the development of a new outpatient cancer center and a consolidated location for CUNY Hunter College’s health and basic sciences campuses.
Mark Weiss, Justin DiMare and Howard Kesseler from Newmark Grubb Knight Frank represented MSKCC in its $215 million purchase of the 66,000-square-foot parcel of land at 525 East 73rd Street that will be the site for the development. The spot was previously the home of a New York City Department of Sanitation garage facility, which was demolished in 2008 to allow for the construction of a new facility. That project never got off the ground and in 2011 the New York City Economic Development Corporation issued a Request for Proposals for its sale and development.