Commercial rezoning of Midtown East in Manhattan marks yet another change to the always-evolving New York City real estate market. Mayor Michael Bloomberg’s plans may be controversial, but the end result, after the debating is over and the real action begins, will be an expansion of NYC office space and other commercially zoned sites. It is an exciting opportunity for those doing business in this world-renowned business district, as well as those hoping to take their commercial enterprise to the next level of success by moving to a Midtown location. Achieving New Heights “Reaching for the sky.” That is one of the central components of the Midtown East commercial rezoning plan. As explained by New York City’s Urban Land Institute… Continue reading

Posted in Manhattan Office Space.
How to Secure the Best NYC Retail Space

Are you looking to rent NYC retail space for a store, boutique or restaurant? You probably already are aware that Manhattan retail rents are much greater than in other U.S. cities, with asking prices as high as $1,000 per square foot for retail space in a high-traffic avenue location. Strong Demand in SoHo & The Plaza District Two of the most desirable retail corridors in Manhattan are located in The Plaza District, at Fifth Avenue between 49th and 59th streets, and in SoHo, on Broadway. Luxury brands such as Bergdorf Goodman, Louis Vuitton and The Apple store have large stores on Fifth Avenue in the high 50s, and prestigious national chains such as Hugo Boss, Steve Madden, Sephora and Kenneth Cole… Continue reading

Posted in Manhattan Retail Space.
Compared to Loft buildings in Midtown South, Class A buildings in Midtown NYC offer Real Value

Something very interesting is occurring in the Manhattan commercial office space market: until recently, rents in class A office buildings all over the city commanded a big premium over rents in class B and C loft buildings in Midtown South. Conventional office buildings, often landmark like The Graybar Building, One Grand Central Place or 370 Lexington Avenue would cost business tenants up to 40% more to lease than side street loft buildings in neighborhoods such as Madison Square, the Flatiron District and Chelsea. Chelsea, Flatiron District No Longer Inexpensive But this situation has changed dramatically. Today, you may pay just as much to lease offices in a former industrial building in The Flatiron District as for an office rental in… Continue reading

Posted in Manhattan Office Space.