The Real Deal New York

Posts Tagged ‘midtown south’

  • 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 the April issue: Some of the most valuable office leases inked in Manhattan’s Midtown South in the last year were with the new darlings of the real estate world, technology firms. Among the attention-getting deals were Twitter signing at 245-249 West 17th Street, IBM’s Watson Group at 51 Astor Place and Facebook at 770 Broadway. [more]

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  • From left: Walnut Hill's Stephen Yang, 31 West 27th Street and Woody Heller

    From left: Walnut Hill’s Stephen Yang, 31 West 27th Street and Woody Heller

    Private equity firm Westbrook Partners just closed on the acquisition of a Midtown South office building at 31 West 27th Street for north of $80 million, The Real Deal has learned. [more]

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  • Facebook expands office by 60 percent

    March 24, 2014 05:00PM
    From left: CEO of Facebook Mark Zuckerberg and 770 Broadway

    From left: CEO of Facebook Mark Zuckerberg (Credit: Shutterstock) and 770 Broadway

    Less than a year after moving into its 100,000-square-foot office space, Facebook is adding 60,000 square feet to its Midtown South office. [more]

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  • From left: 149 Fifth Avenue and inside Sound Lounge studio

    From left: 149 Fifth Avenue and inside Sound Lounge studio

    A sound production studio in Midtown South has renewed its soon-to-expire lease, even though the tenant’s rent will nearly triple thanks to the neighborhood’s skyrocketing commercial rents. [more]

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  • 114 Fifth Avenue and L&L's David Levinson

    114 Fifth Avenue and L&L’s David Levinson

    Credit card processor Mastercard International has signed a 58,000-square-foot lease at L&L Holding’s 114 Fifth Avenue in Midtown South, the same building that will be home to Mashable’s new headquarters. Mastercard will take the 10th through 12th floors in a ten-year deal and pay rents starting in the mid-$70s per square foot, according to CompStak data. [more]

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  • 113-133 West 18th Street (Credit: PropertyShark) and Adam Neumann

    113-133 West 18th Street (Credit: PropertyShark) and Adam Neumann

    To better reap the rewards of Midtown South’s flourishing tech scene, Adam Neumann’s WeWork is taking about 115,000 square feet at 113-133 West 18th Street, The Real Deal has learned. The shared office specialist will set up shop about a block away from Twitter’s new headquarters. [more]

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  • From left: RXR's Scott Rechler, 620 Sixth Avenue and Spotify CEO Daniel Ek

    From left: RXR’s Scott Rechler, 620 Sixth Avenue and Spotify CEO Daniel Ek

    Digital music streaming company Spotify has expanded to 123,000 square feet at RXR Realty’s 620 Sixth Avenue. Spotify will add roughly 50,000 square feet to its current 73,000-square-foot space at the Midtown South building. [more]

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  • 100 West 37th Street

    100 West 37th Street

    The Department of Buildings shot down a New York hotelier’s plans to erect a new Midtown South location last week, according to city records. [more]

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  • jon-kushner

    281 Fifth Avenue and Jonathan Kushner

    UPDATED, 2:10 p.m., Jan. 17: Developer Jonathan Kushner, president of the New Jersey-based Kushner Real Estate Group, has partnered with Ironstate Development to build a 40-story, 135,000-square-foot condominium tower at 281 Fifth Avenue at East 30th Street in Midtown.

    Kushner, first cousin of fellow owner and developer Jared Kushner, began acquiring three buildings at that corner from SK Properties in 2007, with the intention of developing a residential project. The building currently at the address is three stories tall and formerly housed a gourmet deli[more]

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  • tumblr

    35 East 21st Street, Tumblr’s David Karp and NGKF’s Daniel Levine

    Blogging platform Tumblr is expanding its territory inside Centaur Properties’ 35 East 21st Street in Midtown South.

    The company moved into a 5,000-square-foot space there in 2010. Then the office ballooned to 30,000 square feet two years later. Now Tumblr will occupy 50,000 square feet of the 100,000-square-foot property. It also has access to a private, 7,000-square-foot roof deck that serves as an entertainment space. [more]

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  • 114-Fifth-Ave

    114 Fifth Avenue and L&L’s David Levinson

    MasterCard is close to inking a lease for a 60,000-square-foot “lab” in Midtown South.

    The space, at 114 Fifth Avenue, would house a mobile e-commerce technology lab with 122 employees. The Westchester, N.Y.-based credit card processor announced yesterday it planned to open such a space in Manhattan, but did not specify where. [more]

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  • Cohen-Murphy

    From left: Michael T. Cohen and James Murphy

    Manhattan office landlords raked in slightly more per square foot from their leases last quarter than in the previous three months, but those effective rents remain stuck below their 2008 peak, commercial brokerage Colliers International reported.

    The effective rent in Midtown was $58.15 per square foot, while the rate in Midtown South was $47.37 per foot and $38.10 per foot Downtown, the company reported in a quarterly media briefing held in Midtown. All were up over the past quarter. [more]

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  • 101 Fifth Avenue

    101 Fifth Avenue

    The Midtown South space formerly occupied by LivingSocial has been snapped up by San Francisco-based advertising platform AdRoll — the company’s first location in New York City.

    AdRoll has signed on for a 7,080-square-foot, three-year lease on the fifth floor at 101 Fifth Avenue. Ross Zimbalist and Ben Fastenberg of CBRE Group represented AdRoll in the transaction, while Esther Zar and Daniel Lolai of Murray Hill Properties represented the landlord, listed as BSD Michael 101 LLC in city property records. [more]

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  • Midtown South

    Midtown South

    Office rents along Silicon Alley, Midtown South’s booming tech hub, have increased by 44 percent in the past two years. [more]

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  • From left: 52 Vanderbilt Avenue and David Brause of Brause Realty

    From left: 52 Vanderbilt Avenue and David Brause of Brause Realty

    “Shazam!” may have been what landlord David Brause said last week when he signed Shazam Media Services, maker of the popular music identification app, to his Midtown building.

    The technology firm signed for more than 9,000 square feet at 52 Vanderbilt Avenue, a 190,000-square-foot tower between 44th and 45th streets. Previously, the company rented an executive suite nearby, for which rents were not available. [more]

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  • New York City

    New York City

    The Manhattan office market enjoyed 1.7 million square feet of positive absorption in the second quarter, wiping out the negative absorption from the first quarter, according to the latest office market report from Cassidy Turley.

    Overall leasing activity reached 17.1 million square feet in the first six months of the year, a 5.1 percent year-over-year increase. Class A asking rents dropped $0.48 per square foot to $69.32, while Class B asking rents continued to rise, up 5.5 percent since the first quarter to $50.78 per square foot. [more]

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  • From left:

    From left: 532 Washington Street (credit: PropertyShark) and 180 Maiden Lane

    While Midtown office leasing experiences a strong recovery and Midtown South tightens even further, the same cannot be said for Manhattan’s Downtown market, according to a monthly market report from Cassidy Turley.

    Manhattan’s net positive absorption was 860,316 square feet in May, according to the commercial brokerage’s June report. [more]

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  • RFR's Aby Rosen and 345 Park Avenue South

    RFR’s Aby Rosen and 345 Park Avenue South

    RFR Realty nabbed $100 million in refinancing for the 12-story office property at 345 Park Avenue South in the red-hot Midtown South market, Crain’s reported. The refinance, which Citibank handled, values the block-long property at roughly $180 million.

    This deal comes on the heels of RFR borrowing nearly $1 billion to refinance the debt on the landmarked Seagram Building at 375 Park Avenue, as previously reported. [more]

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  • 121 East 24th Street

    And Partners, a digital design and marketing firm, has jumped ship in favor of a cheaper lease at 121 East 24th Street, Crain’s reported. Previously stationed in pricey Chelsea, where the average asking rent is $61.77 per square foot, And Partners will now occupy a 5,200-square-foot space for $45 per square foot.

    “They definitely wanted to stay in the 20s, and this was a really good value,” Adams & Co. broker Jeff Buslick, who represented the tenant in the 10-year deal, told Crain’s. [more]

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