Since 1986, Steven Spinola has served as president of the Real Estate Board of New York. With his organization’s annual gala approaching next week, Mr. Spinola is saying goodbye to outgoing chair Mary Ann Tighe and welcoming Rob Speyer, president and co-chief executive officer of Tishman Speyer, while also guiding REBNY’s agenda for 2013. The Read More
CBRE tristate Chief Executive Officer Mary Ann Tighe is a legend in New York’s voracious real estate world. Winner of multiple Deal of the Year awards and a 2009 REBNY lifetime achievement award, Ms. Tighe has conquered every peak in her nearly 30 years in the industry, rising to an almost mythic status among the Read More
With rents on a high and vacancy rates inching upward, the Midtown South commercial market may have reached its healthiest point.
Both Midtown and Midtown South – perhaps the tightest market in the country –experienced an increase in vacancy rates this past year, according to numbers released Monday by Cushman and Wakefield, rising to 10.3 Read More
The Year in Review
The popularity of Midtown South is no secret in the New York commercial market, but NoMad may be the natural landing point for firms priced out of the city’s most popular office neighborhood.
The umbrella term, “tech,” is used too often, according to Ash Zandieh, director of TechStarter—the creative division of ABS Partners.
Specifically, it’s Read More
The Year in Review
New York real estate is some of the most desirable and expensive in the world, but the ever-fluctuating price of a square foot of space in a given neighborhood is unquestionably dwarfed by the value of human life. This year, the commercial real estate world lost several notable figures and The Commercial Observer would like to take a moment to remember them.
This past February, 10Gen, developer of the computer system database MongoDB, was in search of new office space, specifically in tech- and media-rich Midtown South.
The company needed a large open layout for its workers, with an option for more space to allow the firm to grow—plus an option to terminate. Unfortunately, the ultra-tight market Read More
Avison Young entered the U.S. market three years ago and, with the help of former CBRE broker Greg Kraut, has managed to establish an impressive beachhead in the New York tristate market. Kraut, now principal and managing director at Avison Young, has built a team of stars that includes former brokers from Grubb & Ellis, Read More
Information database developer, 10Gen, was looking to become the latest technology firm to set up shop in Midtown South but found a more attractive option further north, taking 29,400 square feet at 229 West 43rd Street—the old New York Times Building—and was offered an asking price between $70 and $80 per square foot. The five Read More
Much has been made of the metamorphosis of the Bowery from one time skid row to trendy runway. Boutique hotels, apartment buildings, the New Museum and residential developments have landed and it seems retail is realizing the street’s potential.
“I really think it’s coming together down there,” said Faith Hope Consolo, chairman of the retail Read More
East 13th Street, LLC., – a partnership of DHA Capital and Continental Properties – has closed on the purchase of a 45,000+ square foot parking garage in Greenwich Village. The property, which sold Dec. 5 for $32 million at slightly more than $700 per square foot, is located at 12 East 13th Street and will Read More
Australian pie maker, Pie Face, closed on its sixth New York location, grabbing space within shouting distance of the Hudson Yards development.
The company will transform 464 Ninth Avenue into one of its pie kitchens, offering sweet and savory pastries, in a 1,000-square-foot corner. The company closed on the 10-year lease early last month. The asking price was $120 per square foot.
“They like the space, the like the traffic there during the day,” said CBRE associate, Robert Bonicoro, who represented Pie Face. The company intends to “aggressively” seek new locations in Manhattan with no specific neighborhood in mind. Areas in Brooklyn will also be considered if they offer adequate foot traffic and friendly rental fees. Optimal spots would be up to 2,000 square feet or as small as 500 square feet if basement space or storage is included.
The International Council of Shopping Centers’ (ICSC) New York conference is over. Meetings were held, retailers were courted, flirtations between players crackled with possibilities. The Commercial Observer asked three experienced New York brokers what they learned at the conference and where the city’s retail hotspots are. This is what they said…
West Side Story
“With Read More
Canada-based real estate firm, Avison Young, continues its poaching expedition, announcing today that Michael A. Leff has been named principal and will operate, effective immediately, from the company’s New York office. Mr. Leff, formerly a senior managing director with Newmark Grubb Knight Frank, will shoulder a number of responsibilities, including site selection, lease negotiation, strategic Read More