The city’s low office vacancy rates and slowly rising rents are overshadowing a disturbing office leasing trend, according to the New York Post. Ground-up office projects have been unable to secure major tenants, which in turn has stifled development.
Posts Tagged ‘manhattan west’
From left: Rendering of Hudson Yards and Related CEO Stephen Ross and rendering of Manhattan West and Brookfield CEO Ric ClarkIn their efforts not to fall behind one another in the development of massive West Side sites, Related Companies and Brookfield Office Properties each plan to begin construction at its property early next year, the Wall Street Journal reported.
At Hudson Yards, at the LIRR storage area between 10th and 12th avenues and 30th and 33rd streets, Related is close to an agreement with Coach for 600,000-square-feet in the first building set to rise at the sites southeast corner. But financing for the building may not be complete until the developer can ink another tenant. … [more]
From left: David Schechtman, senior director of Eastern Consolidated’s Turnaround and Distressed Group, Christopher Okada, CEO of Okada & Company, and Adelaide Polsinelli, associate vice president of investments at Marcus & Millichap
Midtown West is quickly becoming a hub of commercial activity, brokers say, in anticipation of the Related Companies’ Hudson Yards development and thanks to new zoning regulations. “Eastern Consolidated, and I personally, have done a tremendous amount of work there,” said David Schechtman, senior director of Eastern Consolidated’s Turnaround and Distressed Group. “There’s a renewed interest in the neighborhood. It’s south of the already established Hell’s Kitchen and the gateway to Hudson Yards. There are big old buildings there that are ready to be repositioned — old, raw material that could be reshaped.”
As The Real Deal previously reported, Midtown West office building sales rose by more than 100 percent year-over-year in 2011, to $5.7 billion from $1.8 billion in 2010, according to Eastern Consolidated’s recent MetroGrid Report for Midtown West, released last week, which defines Midtown West as the area that extends from 30th to 59th streets, and Fifth Avenue to the Hudson River. … [more]
Brookfield’s U.S. President and CEO Mitch RudinSince leaving CB Richard Ellis to become president and CEO of Brookfield Office Properties’ U.S. commercial operation, Mitchell Rudin told the New York Observer he’s been busy visiting all seven of the firm’s offices outside New York City.
Rudin gushed about the portfolio and the people throughout Brookfield’s markets in the interview, and said he’s been trying to keep up with the intricacies of each of those markets. They include Boston, Washington, Houston, Los Angeles, San Francisco, Minneapolis and Denver. … [more]
Brookfield Office Properties intends to get a leg up on competitor the Related Companies by using bridge-building technology to cover a 65-foot railroad trench at the site of its new Manhattan West development, Bloomberg News reported. Construction at the site requires covering tracks that shuttle about 100,000 people each weekday into and out of Pennsylvania Station.
The technology has never previously been used with a building project, and would save two years of labor and cut costs for a platform in half to about $300 million, Brookfield told Bloomberg.
Brookfield Office Properties, owners of about 18 million square feet of office space in the New York area, could complete its massive development site between Ninth and Dyer avenues and 31st and 33rd streets, dubbed “Manhattan West,” by 2017, CEO Ric Clark told the New York Times in a Q & A. The plan calls for four buildings, two of which are 2 million square feet each and span the north and south sides of the project, with another 1 million-square-foot building occupying the southwest corner. The fourth, a smaller building whose square footage is still undetermined, will be used for retail or office space. Construction is slated to begin on the project in January, and the first of the two biggest buildings could be ready for occupancy by late 2015, Clark said. … [more]
While for the first time since 2000 Manhattan will see an entire year go by without the opening of a significant new office tower, the borough is gearing up for a surge in new office construction mid-decade, according to recent analysis by the New York Building Congress, released yesterday.
Manhattan added about 20 million square feet of new office space between 2001 and 2010, a modest offering by historical standards. Nearly 4 million square feet of new office space was created annually in the 1970s and 1980s.
“It is remarkable how little office space was actually added in Manhattan during the recent building boom,” said Richard Anderson, president of the Building Congress. — Katherine Clarke … [more]
The Salvation Army’s Greater New York division is closing down at least
six adolescent housing facilities, Crain’s New York Business reported.
Among the sites that will be closed are Manhattan West, on West 127th
Street, and Glover, on East 162nd Street, both to close in September.
Ninety-eight full- and part-time staffers will lose their jobs. The
Salvation Army is shutting the facilities because it does not expect to
get enough city funding, according to a source close to the agency. The
approximately 72 teenagers who live in the six facilities will be
transferred to other homes. … [more]