The Midtown office market had a strong 2011, fueled by a boutique financial services industry that snatched up trophy building space at the high end of the market, according to a recent report from Jones Lang LaSalle.

Vacancy rates in the overall submarket fell by 0.8 percent to 9.3 percent from 2010 to 2011, while year-over-year average asking rents in December jumped 15.8 percent to $98.11 per square foot.

“We’re recovering well off the bottom of the market in terms of the number of deals getting done, but we’re still far from those peak years in 2007 and 2008,” said Cynthia Wasserberger, a managing director at Jones Lang LaSalle. Read more...

By Al Barbarino
Lenders are feeling looser than they have in 12 months, as Brooklyn finds itself on the verge of a construction lending revival.
Brooklyn’s rising rental and condo prices paired with comparatively tame land costs make the borough increasingly more attractive for developers and lenders looking for solid returns on their investments, industry professionals said. Read more...

Newmark Knight Frank duo Howard Kesseler and Jordan Gosin are raising a glass to the revival of the landmarked loft building at 625 Broadway.

The pair has closed six new leases at the 12-story building that had fallen into receivership.

“This is really a comeback story,” said Kesseler, executive managing director at NKF. “The fact (that) the property fell into receivership was an opportunity rather than a challenge. What we have now is a building that offers tenants the ability to create a space that fits their needs and price point.” Read more...