A new CBRE research report has found that, on average, Manhattan office buildings adjacent to major subway stations fetch asking rents 19 percent higher than properties within two blocks of those busy train platforms.
The firm looked at the 10 busiest stations below 60th Street for this report. The 59th Street-Columbus Circle station had the widest gap–58%–in asking rents between adjacent ($77.38 per square foot) and merely nearby ($48.83) office properties. The Times Square-42nd Street hub followed, with adjacent office properties asking $92.30 a foot, 48% more than buildings within a two-block radius.
Regency East Apartment Corporation, the owner of the 18-story, 147-unit Regency East co-op apartment building at 301 East 64th Street on the Upper East Side, has purchased the 13-year master lease on its four ground floor retail units for $5.5 million, The Commercial Observer has learned.
The purchase of the 12,200 square feet of combined retail Read More
Massey Knakal has sold a portfolio of three office buildings on behalf of Yeshiva University for $87.5 million, The Commercial Observer has learned.
The 16-story, pre-war office building at 920 Broadway – in Midtown South’s Flatiron District – has roughly 110,000 rentable square feet and accounted for $58.5 million of the transaction. It features 96 feet of footage on Broadway and 74 feet along East 21st Street and the corner building is zoned for office and residential development.
The 12-story block-through office building at 9 East 38th Street in the heart of Midtown has about 94,000 rentable square feet, with 47.5 feet of frontage along East 38th Street and 50 feet of frontage on East 39th Street. A three story, 25-foot-wide adjunct building provides half of the frontage along 39th Street, with the two buildings netting the remaining $29 million of the transaction.
A former Yeshiva University lecture hall at 237-241 East 34th Street in Murray Hill has sold for $15.5 million, city records show.
A caveat in the potential for development at the site didn’t stop a series of potential buyers from lining up for a competitive bid to buy the property, said Massey Knakal’s John Ciraulo, who handled the sale along with Michael Azarian and Kobi Leifer.
Three developers courted the university, but a New York City-based firm with a long track record of building dormitory space ultimately prevailed, with plans to do the same at the Yeshiva site.