Manhattan vacancy rates declined steadily into the fourth quarter of 2011 as a continued wave of new age companies solidified Midtown South as the least vacant central business district in the nation.
Total Manhattan vacancy rates fell to 9.1 percent during the fourth quarter, down from 9.3 percent in the third quarter and 10.5 percent one year ago, according to the latest data from Cushman and Wakefield. Midtown South saw the greatest decline from one year ago, falling from 8.6 percent to 6.4 percent – a national low. “Midtown South is on fire,” said Joseph R. Harbert, COO of Cushman and Wakefield’s New York Metro region. He added, “We’re a magnet for intellectual capital right now,” referring to the slew of non-traditional companies flooding into Midtown South. Read more...
From co-ops to condos to rentals, Brokers follows the residential marketplace, exploring everything from new developments to storied landmarks. If you can live in it, we’ll cover it.
New York is the center of striking design and a showcase for world-class architects. It is also home to the men and women who make the ideas into reality.
Commercial sales and leases are the lifeblood of the city’s retail and office markets, and the men and women who close the deals represent the most powerful entities in the world.
By Al Barbarino
Unless the city decides to lower the tax rate, property owners can expect to pay higher taxes in 2013.
The taxable value of New York City real estate will rise to $845.4 billion in fiscal year 2013, an increase of 3.8 percent over the 2012 figure, tentative figures from the Finance Department show.
While the estimate is meant to reflect the improving market, increases… Read more...
Gruzen Samton • IBI Group announced the opening of the new 89,000 s/f Human Ecology Building at Cornell University’s College of Human Ecology. The project was comprised of three main components: a parking garage, a three-story academic/laboratory building, and a commons linking the new facility to adjacent existing college buildings, all linked seamlessly into the topography. Read more...
Rafael E. Cestero, former Commissioner of the New York City Department of Housing Preservation and Development, has been named by the Community Preservation Corporation (CPC) Board of Directors to serve as President and CEO of the non-profit organization and its for-profit development subsidiary, CPC Resources, Inc. Cestero, 43, succeeds Michael Lappin, who announced his retirement last November after leading the company for 31 years. Read more...
By Liana Grey
Last year, Lisa Lippman, a senior vice president at Brown Harris Stevens, nearly secured a buyer for a $19.5 million listing at 535 West End Avenue, Extell’s prewar-style condo development on the Upper West Side. “The prospective buyer’s money is stuck in the European debt crisis,” Lippman explained. So she and her team continued to market the six-bedroom mansion in the sky. “All sorts of people are looking,” said Lippman, who has overseen a number of sales on the Upper West Side and was named Brown Harris Stevens’ West Side Broker of the year in 2010. Read more...
Manhattan-based owner Hidrock Realty recently announced a deal that will put a 3,500-s/f lounge atop the soon-to-open Courtyard by Marriott, located at 960 Ave. of the Americas. The creation of a well-established operator, the upcoming lounge is slated to open in the third quarter of 2012.
Hidrock’s Steven Hidary, principal, and Robert Kaplan, director of leasing, represented both the tenant and the landlord, 960 Associates, LLC, an affiliate of Hidrock. Read more...
By Al Barbarino
Outer borough condo prices increased year-over-year in the fourth quarter of 2011 amid a citywide slump in home sales. Average condo sale prices in Brooklyn and Queens rose by 11 and six percent, reaching $596,000 and $450,000, respectively, according to the latest data from the Real Estate Board of New York. Read more...
By Al Barbarino
A parking garage on West 25th Street in the Garment District could soon give respite to more than just cars.
Made up of three adjacent lots located at 321-325 West 35th Street and 326-328 West 36th Street – between Eighth and Ninth Avenues – the lot falls under the Garment District’s P-2 zoning, which allows for both residential and commercial uses.
“On the commercial… Read more...
CityRealty announced its list of Top 10 Inspiring Manhattan Apartment Buildings.
“Some buildings are very important not so much for their architecture, or celebrity, or history, but for pioneering others to follow in their path, inspiring faith in the well-being of their neighborhoods,” said Carter B. Horsley, CityRealty editor and architecture expert.
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