The Real Deal New York

Posts Tagged ‘lower manhattan’

  • Peter

    CBRE’s Peter Turchin and Lower Manhattan

    Downtown appears to be shaking its third-wheel status as Manhattan’s weakest submarket for office leasing.

    According to a CBRE report, asking rents there have risen 8 percent since the beginning of 2014, surpassing gains in Midtown and the increasingly tech-friendly Midtown South. Rents continue to rise despite large chunks of space from the World Trade Center site and Brookfield Place entering the market. [more]

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  • From left: Blake Nordstrom, 1 Wall Street and 23 Wall Street

    From left: Blake Nordstrom, 1 Wall Street and 23 Wall Street

    Following the news that Saks Fifth Avenue will anchor Brookfield Place’s Downtown shopping complex, Nordstrom may be the latest retailer looking south for new space in Manhattan. [more]

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  • Rendering of the Four Seasons at 30 Park Place

    Rendering of the Four Seasons at 30 Park Place

    Hotels are booming in Lower Manhattan. [more]

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  • The National September 11 Memorial

    The National September 11 Memorial

    WEEKENDEDITION With the opening of the National September 11 Memorial Museum, Downtown is expecting to see yet another boost. [more]

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  • 23-31-park-row

    From left: 23 and 31 Park Row, Rachelle and Joe Friedman, and 1-15 Park Row rendering

    L+M Development Partners is pairing up with the owners of J&R Music and Computer World to redevelop the retail properties on the same block as the iconic but now-closed electronics store, The Real Deal has learned. [more]

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  • cbre-facebook

    Sheldon Cohen and 770 Broadway

    Driven by low vacancy rates, Lower Manhattan office landlords have raised monthly rents by 4 percent since the year started, according to a report from commercial brokerage CBRE.

    Of note, the influx of technology companies into the area has played a key role in the rising rents citywide. Not surprisingly, the Midtown South office market — a veritable tech haven — boasts the lowest vacancies in the city, around 6 percent. Asking rents are $63 per square on average in the neighborhood, a 5 percent increase year-over-year. Meanwhile, Midtown asking rents rose by 7 percent to $74.27 per square foot. [more]

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  • From left: Rendering and exterior of Pier A

    From left: Rendering and exterior of Pier A

    One of the city’s historic piers, located on the Hudson River in Lower Manhattan, will reopen this summer following a five-year renovation. [more]

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  • From left: Platinum Properties' Daniel Hedaya, 40 Broad Street and a Birkenstock sandal

    From left: Platinum Properties’ Daniel Hedaya, 40 Broad Street and a Birkenstock sandal

    Alex Birkenstock, heir to the eponymous sandal company fortune, is listing his Setai penthouse for more than double what he paid three years ago. [more]

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  • From left: 30 Park Place, Fulton Street Transit Center and 56 Leonard renderings

    From left: 30 Park Place, Fulton Street Transit Center and 56 Leonard renderings

    Four years from now, Lower Manhattan will be virtually unrecognizable. [more]

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  • Lower Manhattan after Hurricane Sandy

    Lower Manhattan after Hurricane Sandy

    Top commercial real estate executives are substantially more optimistic about the value of property in Lower Manhattan this year, according to a recent survey. [more]

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  • brookfield-200-liberty

    200 Liberty Street and David Cheikin

    Instead of landing a new tenant at 200 Liberty Street, Brookfield Office Properties agreed to hang on to law firm Richards Kibbe & Orbe and allow the law firm to renew its lease early.

    Richards Kibbe & Orbe will continue to occupy 60,000 square feet on both the 28th and 29th floors at the 40-story building through 2020. Asking rent for the space was in the $60 per square foot.  [more]

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  • From left: Exterior of 18 Gramercy Park, rendering of a unit

    From left: Exterior of 18 Gramercy Park, rendering of a unit

    More high-end buyers in New York City are opting to live in buildings with fewer — but spacious — units, according to agents and developers. [more]

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  • state-street

    AJ Camhi and 17 State Street

    Kansas City-based stock exchange technology developer BATS Global Markets expanded to triple their space at RFR Realty’s Lower Manhattan office tower 17 State Street.

    Asking rent at the building is an average of $58 per square foot. Nearly one year ago, BATS signed up for 7,000 square feet on part of the 32nd floor. Now it wants to add 14,901 square feet — the entire 31st floor. [more]

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  • Lower Manhattan

    Lower Manhattan

    One year after Hurricane Sandy ravaged Lower Manhattan, the area has mostly recovered, or so claims a new report from local advocacy group the Downtown Alliance. All sectors of the real estate market – office, residential and retail – have been steadily improving over the year, and have shown impressive gains in the last quarter, the report says. [more]

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  • 100-willia

    From left: 100 William Street and Mitsui’s Yukio Yoshida

    Japanese investment firm and landlord Mitsui Fudosan sold a 21-story office building at 100 William Street for $170 million, Crain’s reported, citing unnamed sources.

    Manulife, a Canadian insurance and financial services company, paid $10 million less than the seller did in 2007. The 400,000-square-foot Lower Manhattan building near John Street had trouble filling up with tenants. It became fully occupied last year after being one-third vacant for years, as previously reported. [more]

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  • Lower Manhattan and Adam Neumann

    Lower Manhattan and Adam Neumann

    Local business leaders in Lower Manhattan including WeWork founder Adam Neumann will form a council to persuade the much-cherished technology and media sector to stay in the area.

    Mayor Michael Bloomberg, in a speech today plans to announce an initiative that includes a technology leadership council consisting of landlords, local startup executives and venture capitalists. The council will advocate for better facilities and neighborhood amenities for technology and media clients, with the aim of keeping them around, according to the Wall Street Journal. [more]

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  • Downtown becoming tax haven for tenants

    August 26, 2013 10:40AM
    120 Wall Street (Source: PropertyShark.com)

    120 Wall Street (Source: PropertyShark)

    Tenants who move Downtown can avail themselves of generous tax breaks and incentives.

    Droga5, a trendy advertising firm that recently took 92,000 square feet over five floors at 120 Wall Street, received $800,000 from the state’s World Trade Center Job Creation and Retention Program (JCRP) to be paid out over the life of its 15-year lease. The company will also be eligible, through a tax reduction program available Downtown, for up to $2.50 per square foot off its rent, which could be worth $225,000 annually, Crain’s said. In exchange, the company will add 154 jobs by the end of 2017. [more]

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  • From left: 3 World Trade Center and 40 Wall Street

    3 World Trade Center and 40 Wall St.

    Lower Manhattan boasted above-average leasing for the ninth quarter in a row, according to a new report from the Alliance for Downtown New York, GlobeSt reported.

    Leasing activity in the area totaled 2.46 million square feet year-to-date in 2013, a 22 percent jump year-over-year. Relocations and first-time renters — rather than renewals — drove the boost, GlobeSt said, citing the report. [more]

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  • 175 Water Street

    175 Water Street

    American International Group plans to move its headquarters to 175 Water Street, a building that the insurance giant owns, Bloomberg News reported.

    The firm intends to move to the Water Street building, which is a block away from its current home base at 180 Maiden Lane, by the start of next year’s second quarter, someone familiar with the matter told Bloomberg. [more]

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  • Brookfield Place

    Brookfield Place

    With larger financial companies still shrinking, landlords in Lower Manhattan have shifted their marketing away from their traditional tenants and are now courting the media and technology tenants that have been pushing up rents in the Midtown South market, Bloomberg News reported.

    Facing a massive glut of space as Nomura departs Brookfield Office Properties’ Brookfield Place, in tandem with the hundreds of thousands of square feet available at the World Trade Center towers, landlords have had to switch out the gold and marble splendor that attracted the finance crowd for hipper amenities such as bike parking and electric car-charging stations. [more]

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