A Recession’s Impact on NYC Commercial Real Estate
No matter how anyone tries to spin it, we are already in a recession. The U.S. GDP shrunk in Q2 by -0.9%, marking the second consecutive quarter it contracted. That isn’t just an “indication” of a potential recession- it’s the ...
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Office Lease Terms Might Be Shrinking, But Not for Everyone
Commercial landlords were forced to adjust their business models not long after the pandemic first hit New York City. The situation forced people to improvise and create work-from-home offices in the blink of an eye. The result was a high ...
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Colliers Report: Manhattan Office Leasing Nearly Doubles in July, But the Market Remains in Recovery Mode
The office space market in Manhattan has shown vital signs of recovery in the second quarter of 2022. Office usage is on the upswing, with more and more workers returning to the office. Employment in the area is on the ...
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SL Green Snags 450 Park Avenue NYC Office Tower for $445M
SL Green, Manhattan’s most prominent landlord, recently closed its first office purchase in four years. The company shelled out $445 million to acquire the Class A Plaza District office tower at 450 Park Avenue from Oxford Properties Group. SL Green ...
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Can NYC Attract Young Talent Back to the Office?
Manhattan landlords in 2022 are facing the challenge of attracting workers back to the office. In a world where flexibility has become the norm, convincing people that it’s still worth coming to the office is no easy task, especially in ...
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Smart Office Buildings: Cybersecurity Risk?
We live in an increasingly digitized world, both at home and at work. Technology has become part of our daily lives, from touchless technology, keyless entry, fingerprint scanners, and face recognition software to smart building programs and remote-controlled devices. The ...
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FIDI: An Affordable Alternative to Midtown Manhattan
Premium Class A office space in Midtown Manhattan has held its value more strongly than anticipated throughout 2020 and 2021. Prices in Class A buildings have only dropped by 10-15%, with landlords preferring to offer generous concessions instead, such as ...
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Will Park Avenue Office Towers Become Luxury Condos?
With so many offices in New York City still empty - as of February, the office vacancy rate in Manhattan was 12.6% - landlords and city officials have had to adapt quickly. Some landlords lowered their asking rents and offered ...
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$100M Lever House Revamp Kickstarts Plaza District Rebirth
One of Midtown Manhattan's most iconic landmarks, Lever House, is getting a $100 million upgrade. Owners WatermanClark and Brookfield Properties are determined to bring the postwar Manhattan office building to modern standards to attract high-profile tenants. It's one of many ...
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Ukraine Conflict to Impact Commercial Real Estate
Today I’d like to discuss the Ukraine conflict and its eventual impact on the real estate market. More than one and a half million refugees fled the country only in the first ten days of the war. Who would have ...
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Best NYC Neighborhoods to Rent Startup Office Space
New York City’s tech boom began in the 90s when the Flatiron District became known as “Silicon Alley” – the East Coast equivalent of Silicon Valley. Startups and technology companies began opening new offices across New York City, including Google, ...
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As NYC Offices Reopen, Vornado Kicks Off Huge Penn District Project
Vornado Realty Trust has been gradually expanding its commercial real estate footprint in Midtown Manhattan and is currently one of NYC's biggest landlords. The company, founded by Steven Roth, has been acquiring and developing assets in the borough since its ...
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Midtown Manhattan
3,300 SF | Garment District
