The Real Deal New York

In 2005, the magic number for real estate was eight, as in the eight-figure deal. Last year saw at least 90 residential sales at $10 million or more, including media tycoon Rupert Murdoch’s record-breaking $44 million purchase of Laurance S. Rockefeller’s 20- room, Fifth Avenue penthouse. In 2004, the appraisal firm Miller Samuel tracked five sales over $20 million, a figure that quintupled in 2005, with a stunning 25 deals over that amount (see chart)…. [more]

Residential property developers looking for a twirl on the Manhattan dance floor have shunned rental properties for the past several years, but the market is rapidly losing its wallflower status as the sales segment slows. Rental development is getting its second wind as the condominium market, particularly at the high end, recedes to normalcy. But is a perkier rental market enough to coax previously reluctant developers to signing its dance card? Developer Zeyad Aly said… [more]

The credits are starting to roll for Blockbuster in New York City, and there may be unhappy sequels for other video retailers. Close to 30 percent of Blockbuster Video stores in the city will see a reduction in space or will close over the next year and a half, according to real estate insiders. The move, following disappointing video rental sales in 2005 as many chains and individual stores lose market share to services like… [more]

Signing office leases at or above $100 per square foot was once considered a benchmark in the Manhattan Midtown market. But as average lease rates climb rapidly quarter by quarter, this standard has become somewhat more accepted and commonplace – to the delight of landlords. “What’s happening at this point is that quality space and quality buildings are few and far between and vacancy is at its lowest point in six years, so people start… [more]

Owning commercial property in New York is a less lucrative proposition than last year, but even declining incomes can’t slow a surging sales market. Despite a decline in cap rates – the annual income derived from a property as a percentage of the total purchase price – brokers expect prices for commercial buildings to rise as much as 15 percent this year. Large chunks of office space in Midtown and Midtown South are hard to… [more]

Manhattan office vacancy: How low can it go?">

The Manhattan commercial market began 2006 at probably its strongest state since the dot-com bust more than five years ago. The overall vacancy rate for the borough shrank to 8 percent by the end of 2005, according to Grubb & Ellis, a percentage that the brokerage says signifies equilibrium for the market. “On the national level, Grubb & Ellis defines equilibrium at 10 percent,” said research manager Richard Persichetti. “New York City, it’s different than… [more]

The doctor’s office is in – for a steep price">

Doctors enamored of ground-floor offices in residential buildings on the Upper East Side are paying a higher price than ever for proximity to New York’s top-rated hospitals. Brokers say the market for these spaces is among the hottest on record, thanks to tight inventory. “I have been seeing record prices for this last year,” said Paul Wexler of Corcoran Wexler Healthcare Properties, who has sold medical space for 20 years. “Doctors realize these are prime… [more]

A new stadium and a new mall may infuse the South Bronx with fresh retail space, but first these marquee projects have to get built. An updated Yankee Stadium and the proposed mega-mall, the Gateway Center at Bronx Terminal Market, face opposition over the impact they could have on the surrounding South Bronx, particularly the increase in vehicle traffic. Also, the stadium may not be the economic boon for the region touted by some politicians…. [more]

Stamford hopes for commercial market surge">

Long a beneficiary of suburban migration both commercial and residential, Stamford anticipates a robust market this year as two major financial institutions relocate and expand in Connecticut’s corporate headquarters city. It will be a nice change for this lower Fairfield County city of 117,000. Stamford’s commercial real estate market closed out 2005 slightly worse off than the previous year, according to Cushman & Wakefield, which recorded 19.5 percent overall vacancy for the central business district… [more]