The Real Deal New York

Posts Tagged ‘midtown south’

  • Effective rents in the Manhattan office market, Q3 2014 (Credit: CompStak)

    Effective rents in the Manhattan office market, Q3 2014 (Credit: CompStak)

    UPDATED, 5:52 p.m., October 29: Midtown South continues to hold the torch for the Manhattan office market – the tech-tenant magnet was responsible for 26 percent of the top 50 deals by square footage signed in the third quarter, and has seen six triple-digit deals so far this year, according to CompStak’s effective rent report provided exclusively to The Real Deal. [more]

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  • From left: Gary Barnett (Credit: STUDIO SCRIVO), 251 Park Avenue South and Frank Ring

    From left: Gary Barnett (Credit: STUDIO SCRIVO), 251 Park Avenue South and Frank Ring

    Extell Development’s Gary Barnett, in his own words, on how he outmaneuvered rivals and hostile sellers to seize control of one of New York real estate’s most coveted prizes: the million-square-foot F.M. Ring Midtown South portfolio. Read the full story after the jump.

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  • Midtown South’s priciest office leases

    October 14, 2014 10:30AM
    Midtown South

    Midtown South

    From the October issue: Newmark Knight Grubb Frank’s Paul Ippolito recently spent time touring properties with a technology company on the hunt for Manhattan office space. He showed the company executives Class A office space in Midtown and Downtown — but they weren’t interested. [more]

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  • twitter-245-and-249-west-17th

    From left: Twitter logo, 245 and 249 West 17th Street

    Average asking rents in Midtown South have nearly closed the gap with those in Midtown, according to a new report from CBRE Group. [more]

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  • jon-kushner

    281 Fifth Avenue and Jonathan Kushner

    Victor Homes paid $99 million for a three-story, onetime deli on a Midtown South site. The sellers, Kushner Real Estate Group and Ironstate Development Company, had sought to build a 40-story condominium tower on the property. [more]

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  • From left: L&L's Robert Lapidus (Credit: Studio Scrivo), 150 Fifth Avenue and Business Insider's Henry Blodget

    From left: L&L’s Robert Lapidus (Credit: Studio Scrivo), 150 Fifth Avenue and Business Insider’s Henry Blodget

    Business Insider is in advanced discussions to take another full floor at L&L Holdings’ 150 Fifth Avenue, The Real Deal has learned. The 20,646-square-foot expansion will give the business and technology news website, which mixes reporting with Buzzfeed-esque slideshows, more than 41,000 square feet at the Midtown South building. [more]

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  • From the May issue: The office-leasing market in Manhattan remained strong last month, with the average asking rents rising in all submarkets, even as the availability rate ticked up in Midtown South as landlords made several large blocks available. Those included the Kaufman Organization listing the first of four former F.M. Ring Associates properties. [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 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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