On the Market
Landlords across the city are embracing non-traditional leases in the hope of avoiding two problems: a less than fresh roster of tenants and empty rental space. And property owners are taking advantage of the perks of filling commercial space with creative companies under a wide range of lease terms to amp up property presence, community engagement and, of course, the bottom line.
And while pop-ups came into their own amid the recession for the basic reason of filling space, landlords are increasingly using them as a way to market properties even with much improved vacancy rates, according to reports.
Cushman & Wakefield will serve as the exclusive agent for 1250 Broadway’s soon-to-be-revamped retail space, Commercial Observer has learned.
The leasing team will also advise the building’s owner, Jamestown, regarding upgrading and repositioning the street-level retail space.
The NYC Taxi & Limousine Commission and City of New York Office of Trials and Hearings will take a total of 72,577 square feet at the 620,000-square-foot Falchi Building located at 31-00 47th Avenue in Long Island City.
The Taxi Commission will occupy roughly 42,400 square feet, while OATH will have roughly 30,000 square feet, according to a spokeswoman for Jamestown, the building’s owner, who declined to comment on asking rent or when the tenants will move in. Both spaces on the third floor of the five-story building were previously vacant.
Varonis Systems has renewed its existing 15,356-square-foot lease at 1250 Broadway, according to landlord Jamestown. Concurrently, the business technology firm expanded its footprint in the building, signing a 10-year lease for 30,712 square feet on the 28th and 29th floors.
“Broadway between the Nomad District and Flatiron is quickly becoming a burgeoning and dynamic area for many tech, media and creative companies,” said Michael Phillips, the chief operating officer of Jamestown, in a prepared statement. “Varonis Systems expanding within 1250 Broadway further indicates that the NYC tech corridor is beginning to stretch north into Midtown.”
2013 Owners Magazine
Tourists visiting Times Square on Saturday might appear even more stupefyingly aimless when the lights go out.
As part of “Earth Hour,” lights at landmarks across the globe will go out to raise awareness of energy use and conservation, and Times Square will reportedly show its support for the annual event From 8:30 to 9:30 p.m. on Saturday.
Manhattan Market Report
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
An unprecedented sevenfold increase in retail property sales fueled the Manhattan commercial real estate sales market’s epic comeback in the fourth quarter – its strongest performance since 2007, according to preliminary data from Eastern Consolidated.
The hallmark quarter, with nearly $13 billion in sales volume – the strongest since record-breaking performances in 2007 (peaking at $19 billion in Q2 of 2007) – was triggered by fears of impending capital gains taxes, which had owners scrambling to unload properties before year’s end.
“This was definitely fiscal-driven growth,” said Barbara Byrne Denham, Eastern Consolidated’s chief economist. “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.”
Giorgio Armani is getting a view over the High Line. The Italian fashion company has inked a lease for a 60,000-square-foot space at 450 West 15th Street in the Meatpacking District, sources familiar with the transaction confirmed to The Commercial Observer, and is due to move its headquarters and showroom to the space in October 2013.
90 Fifth Avenue is being acquired by the Atlanta based investment group Jamestown for $115 million sources have revealed to The Commercial Observer, a price that equates to a lofty over $800 per square foot.
The deal, if it closes, would finally end a years long effort to sell the 140,000-square-foot property, which is mostly Read More
CB Richard Ellis’ Capital Markets Group has secured a $380 million loan for the recapitalization of Chelsea Market, the mixed-use property at 75 Ninth Avenue in Manhattan, brokers told The Commercial Observer.