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Midtown South

Midtown South

Lower Manhattan’s Development Lifts Soho Retail

Crowds of people in Soho.

While Soho’s transformation from gritty bohemian enclave to international shopping center is all but complete, the continued development of Lower Manhattan ensures that the area will continue to attract top retailers for top-dollar rents.

“The development that is now occurring in the Financial District creates a connection with Soho because the proximity is fairly close,” said Andrew Mandell, the managing partner at Ripco Real Estate and the chairman of the Real Estate Board of New York’s stores committee. “You’ll see over the years that there will be an overlap of shoppers that visit the Financial District and the [9/11] Memorial pools. Because it’s so close to Soho, there will be an overlap and we may see an increase in shoppers.”  Read More

Midtown South

Midtown South’s Rising Stars

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Walk north on Broadway from Madison Square Park, and it’s hard to fathom that some of the highest retail rents in the city are paid just a few blocks away. Generic retailers with names like Fashion City, Master Clothing and Lucky Trading are more reminiscent of the Garment District to the north and Canal Street to the south than they are of big names on Fifth Avenue.

In the office space above those retailers, multiple tenants crowd single floors. It’s a far cry from the soaring ceilings and open layouts most commonly associated with tech-heavy Midtown South. Still, it’s a landlord’s market, and the buildings along the Broadway corridor are 95 percent leased and command rent in excess of $50 per square foot. Read More

Midtown South

Midtown South: What a Difference a Decade Makes

Angelo & Maxie's at 233 Park Avenue South

A decade ago, a walk down Fifth Avenue near 17th Street would have included a stop at advertising firm Geer DuBois, and a walk farther north on Park Avenue South would have culminated in a visit to Angelo & Maxie’s Steakhouse.

Both were pioneering tenants, willing to take a chance on the less desirable precincts of Midtown South—and both are gone. Read More

Midtown South

Blurred Lines: What Happens When Flatiron District and NoMad Combine?

(Credit: archdaily.com)

Just a few years ago, the NoMad district was more like a no-man’s land, made up of a less-than-pretty arrangement of gritty wholesalers, hair salons and counterfeiters.

Some of that persists, but the before-and-after contrast with the new wave of retailers and clientele in the neighborhood couldn’t be starker, as its boundaries with the similarly much-improved Flatiron District begin to blur.

“They’re starting to blend into each other,” said Michael Azarian, director of retail leasing at Massey Knakal. “The neighborhood has seen a flood of new boutique office tenants, [and] new residential and hotel developments that have been catalysts for change.” Read More

Midtown South

Feeding the Techies: Food in Midtown South

Hill Country, a popular barbecue joint in Midtown South.

In the past several years the story of Midtown South has been the influx of technology and media firms seeking to set up offices along Manhattan’s Silicon Alley. This new workforce crowd has brought with it different tastes in food – both culinary and culturally – and it turns our that restaurateurs may not have Read More

Midtown South

Midtown South Submarket May Have Peaked

A view of lower Manhattan

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

Midtown South

Computing Midtown South: Tech Is Booming, but for How Long?

Midtown South.

Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.

Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.

On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.

The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services. Read More

Midtown South

With 51 Astor, Noho Takes Spotlight

Greenwich/Noho.

Noho is finally turning into a swan.

Being seen as an attractive destination is a drastic change for a neighborhood that was described as the “ugly stepsister of Soho” in a Wall Street Journal article just two years ago. Likewise, many New Yorkers saw it as the small neighborhood that was looking for some way of differentiating itself from its sister to the south.

But the area might have just found what it’s been looking for with 51 Astor Place, the 430,000-square-foot granite-and-glass office tower now under construction. Once completed, the building will provide “infrastructure for companies that you can’t find in many other places in New York City—let alone this neighborhood,” said Paul Glickman of Jones Lang LaSalle, who is working as a leasing agent at 51 Astor, a development project spearheaded by Edward J. Minskoff Equities . Read More