Midtown is the sixth priciest office market in the world

A weekly feature bringing you the industry's latest intel

New York /
Jun.June 27, 2018 03:20 PM

Midtown office towers (Credit: Wikipedia)

According to this week’s market reports, Midtown ranked as the sixth most expensive office market in the world and the late photographer Virginia Thoren’s home was the priciest residential deal in contract.

Residential

Sales | Leslie J. Garfield

There were two closed sales and 14 signed contracts for Manhattan townhouses between June 9 and 22. The most expensive sale for the period was 37-39 Perry Street. The four-story property, which was the home of famous fashion photographer Virginia Thoren, was sold for $17.5 million. The most expensive contract, meanwhile, was for 110 East 76th Street, which is being sold by developer Joseph Chetrit with a last asking price of $51 million. Read the report here.

Sales | Olshan

There were 33 contracts signed in Manhattan at $4 million and above between June 18 and 24. The period stands as the best third week of June since Olshan since 2006. This brings the total for the second quarter at 346 contracts, which is a slight drop from the 348 contracts last year. For the period, the dollar volume was at nearly $3 billion, a 19 percent increase compared to the same time last year. Read the report here.

Commercial

Global Prime Office occupancy Costs Report | CBRE

Midtown and Midtown South ranked as the sixth and seventh most expensive office markets in the world. Midtown’s occupancy costs — which is based on rent plus additional expenditures such as local taxes and service charges — was at $183.78, much lower than the $306.57 for Hong Kong’s Central District, which ranked first in the survey. Midtown South’s occupancy cost, meanwhile, an all-time high at $171.56. Read the report here.


Related Articles

arrow_forward_ios
RE/MAX CEO Adam Contos (Facebook)
RE/MAX revenue ticks up in Q4 but profit sinks
RE/MAX revenue ticks up in Q4 but profit sinks
(iStock/Illustration by Kevin Rebong for The Real Deal)
State will use undercover testers to combat housing discrimination
State will use undercover testers to combat housing discrimination
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Zillow COO Jeremy Wacksman (Zillow, iStock)
Zillow using Zestimate to streamline cash offers for some homes
Zillow using Zestimate to streamline cash offers for some homes
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...