The Real Deal New York

Posts Tagged ‘offices’


  • CEO Eric Beniam’s new space on Vernon Boulevard

    Eric Benaim’s Long Island City-based brokerage Modern Spaces is moving to new office space. The privately-owned company is relocating its Vernon Boulevard office to a larger 2,100-square-foot space at 47-42 Vernon Boulevard, just four doors down. The current office, at 47-34 Vernon Boulevard, was the firm’s first; Modern Spaces opened it in August 2008. The firm also has offices at 10-63 Jackson Avenue, in LIC, which it opened last August. In the new Vernon Boulevard space, “we will have double the amount of agents — 15 desks, plus conference room, plus workstations,” Benaim said. “We currently have 25 agents spread between two offices.” … [more]

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  • Pop-up office provider opens new location

    February 22, 2011 12:02PM

    Furnished office provider Jay Suites has opened its fourth Manhattan location, the company announced today, at 30 Broad Street in the Financial District. As previously reported by The Real Deal Jay Suites, which offers flexible-term office spaces, will occupy the entire 14th floor of the Lower Manhattan building, which sits on the corner of Exchange Place. The company signed a 13-year lease for the 16,000-square-foot space. The rent is in the low $30s per square foot, according to Juda Srour, Jay Suites’ president. TRD
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  • Office vacancy reaches 12% in Manhattan

    February 07, 2011 06:13PM
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    Source: Cassidy Turley

    Manhattan office vacancy rate climbed in January, according to Cassidy Turley’s monthly market report, reaching 12.2 percent. This 20-basis-point climb, according to the report, is due in part to two major chunks of office real estate to hit the market last month: a 612,000-square-foot space formerly occupied by Pfizer at 685 Third Avenue between 43rd and 44th streets, and a 250,000-square-foot space at 1745 Broadway on the corner of 56th Street. The average asking rent, however, saw a slight month-over-month increase, reaching $48.12 per square foot from $47.66. TRD[more]

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  • Dumbo the new “Silicon Beach”?

    December 06, 2010 03:31PM

    Dumbo is quickly becoming New York City’s “Silicon Beach,” according to Fortune magazine, which ranked the six “hottest” tech companies that have blossomed in the neighborhood, in a list that heralds the neighborhood as an up-and-coming tech center. Companies like digital ad agency Big Spaceship and Etsy, a popular online “hobbypreneur” site, are among the “hot” digital companies named in the neighborhood. … [more]

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  • New York City office buildings have failed to keep up with the green trend, according to a study from IBM released today, which surveyed 6,486 office workers in 16 cities across the country, and it may be costing their tenants big bucks. While Los Angeles nabbed high marks for its offices’ high energy efficiency, New York City was rated “average” in terms of how it conserves resources in the workplace. … [more]

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  • Manhattan office asking rents fell by their largest amount in four months in March even as leasing volume increased, according to data from commercial services firm CB Richard Ellis.

    Average asking rents fell by 51 cents per foot in March to $48.27 per square foot, the steepest decline since rents fell by 73 cents in November 2009 to $49.17 per foot, CBRE data shows.

    Over the previous three months, the average asking rent in the market fell by an average of only 14 cents per foot. The flattening in the decline in rents was seen as an indicator of stability in pricing.

    Matthew Van Buren, executive vice president at CBRE, said the fluctuations in asking rent may just be individual large deals swaying the market. … [more]

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