NYC’s office market is still in hot water, but as trophy towers see renewed demand, some visionary developers are building workspaces with new, best-in-class construction. Here’s a look at the three newest additions to Manhattan’s commercial playground, designed to tempt its top tenants. 125 W. 57 St. At 125 W. 57th St., Central Park is … Read more
The corpses of great retailers – several decades old – haunt the streets of Manhattan. Now, some are finally coming back to life. The wound was particularly severe in Times Square, where behind the busy thoroughfares and illuminated signage, there was an excessive void. Now, two new leases will fill 75,000 square feet. Most notably, … Read more
It’s a tale of two cities. While ultra-luxury office towers in hot spots are seeing massive rents of up to $300 per square foot, side street buildings are lucky to rent for a tenth of those prices. On average, asking rents in Manhattan are roughly $77 a foot, according to CBRE, but many basic office … Read more
New York City hotels are booming. They too are in crisis. It all depends on which metric you rely on – but it’s fair to say that both statements are true. The Big Apple’s hotel industry appears at first glance to have made an exciting comeback from the pandemic. A closer look shows that despite … Read more
The city’s flagship retail storefronts are so rare that businesses are opting for the nuclear option – buyout. Kering and Prada bought their Fifth Avenue stores last year for $835 million and $963 million, respectively. Now, Uniqlo is buying the 100,000 square feet of retail it already occupies at 660 Fifth Ave. from Vornado. Uniqlo … Read more
The other brand leasing the former bank space at 1251 Ave. of America for just $5 million a year will also make a splash using its giant nearly half-acre fountain for brand activation. “It’s a shop and a stage,” said Winick’s Kenneth Hochhauser, the retail agent for the Mitsui Fudosan America tower. “You can directly … Read more
New York City is for sale — and it’s going for bargain basement prices. Now, the sales spree is fueling a buyer frenzy that even the city’s most iconic buildings won’t survive. More importantly, the historic Chrysler Building may soon be sold for peanuts with its operators facing eviction. In 2019, Aby Rosen’s RFR Holding … Read more
Today’s high interest rates have created a ticking time bomb for many homebuyers who took out an adjustable-rate mortgage near the start of the COVID-19 pandemic. About 330,000 homeowners who took out an ARM in 2019 have already seen their five-year fixed-rate term end, and another 100,000 will join them next year, according to ICE … Read more