The Real Deal New York

Posts Tagged ‘lower manhattan’

  • 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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  • From left: Henry Goldfarb and Stanley Lindenfeld of Lee & Associates, a rendering of 113 Nassau Street

    A 30-story SLCE Architects-designed mixed-use project rising at the corner of Nassau and Ann streets in Lower Manhattan will be called the Lara, and offer 35,000 square feet of commercial space and 168 residential units, brokers close to the project told The Real Deal today.

    Developers Anne / Nassau Realty have now begun marketing the office and retail portion of the tower — more than 30,000 feet of office and nearly 5,000 feet of retail, said Stanley Lindenfeld and Henry Goldfarb of Lee & Associates NYC, who are representing the spaces. [more]

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  • Lower Manhattan

    Four months after Hurricane Sandy devastated swaths of Lower Manhattan, the vast majority of the area below Chambers street is back in business, according to a new progress report from the Downtown Alliance, a local business improvement district.

    Nearly 99 percent of Lower Manhattan’s commercial office space and residential inventory is now open. And nearly 96 percent of hotel inventory and 90 percent of retailers have reopened.  [more]

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    World Financial Center
    In preparation for Brookfield Office Properties’ $250 million renovation of the World Financial Center, Cosi Sandwich Bar and the fashion jeweler Erwin Pearl have closed, according to the development’s website. The World Financial Center, located on the Hudson River waterfront in Lower Manhattan, contains more than eight million square feet of office space. The mammoth renovation effort aims to transform the center’s retail and public space into a shopping and dining destination with a European-style marketplace and waterfront dining…. [more]

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  • Lower Manhattan commercial real estate is rebounding steadily after Hurricane Sandy, with only 11 percent of office space remaining closed about eight weeks after the storm. Out of the 183 Class A and B buildings surveyed, only six are expected to remain out of operation through the end of the year. Most of the affected buildings were located east of Broadway…. [more]

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