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

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

Make Green Being Green

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These days, tenants are looking to lease space in LEED-certified buildings more and more. Whether for the actual benefits of lower building energy, the improved interior working environments for employees or simply the corporate culture, companies like to see the LEED-certified logo on the outside of their properties. (In fact, the Environmental Protection Agency just Read More

Stat of the Week

March Midtown Madness

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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

Downtown, No Finer Place for Sure

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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

Downtown’s Discount Deals

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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

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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

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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

The Top Five Submarkets of 2013

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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

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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