Giant On The Loose: UBS Seeking 800K SF in New York City
December 28, 2009
Bloomberg is reporting that UBS is out with a requirement for as much as 800,000 square feet in NYC. This would be a huge deal, though again is most likely not a deal which would be really accretive. UBS AG , Switzerland’s biggest bank, is searching for as much as 800,000 square feet of New [...]
Read More >>Damn The Bargains – High End Office Demand Opens Up
November 18, 2009
The Observer is reporting that the period in time which tenants in NYC were shunning expensive office space is over. They’re signing up again to pay triple-digits. Led by smaller tenants the contagion is spreading… The luxury momentum is rooted in the revival of the hedge fund leasing market. Following Lehman Brothers’ demise, hedge funds [...]
Read More >>Manhattan Rents Decline 6-9% Year-Over-Year
November 11, 2009
Weakness in the job market continued to put pressure on apartment rents in Manhattan, driving them down 6 (3 bedroom)-9% (studio) year-over-year. Manhattan apartment rents fell as much as 9 percent in October from a year earlier as unemployment cut demand and landlords lowered rates, according to Citi- Habitats Inc. Average rents dropped for all [...]
Read More >>Stuyvestant Town’s $3B Loan Goes to Special Servicing
November 7, 2009
Not really news as the previous income and debt-coverage numbers revealed this asset is in a world of hurt, not to mention the hit it will take as a result of all the legal wrangling going on about rent controls. This is one big capital stack. Fitch has already reduced CMBS ratings on a number [...]
Read More >>New Basis, New Rents
October 23, 2009
Following a Harry Macklowe gamble that went south, George Comfort & Sons picked up Manhattan’s Worldwide Plaza for about $600M, 60% below what Macklowe had paid for the asset $1.7B for the asset just 2 years earlier. What’s more is that Deutsche carried back 80% on the new purchase as well. But now that the [...]
Read More >>NewsHour Report on NY Commercial Real Estate
October 8, 2009
PBS NewsHour report on New York commercial real estate…. [via The Real Deal]
Read More >>Q3 Manhattan Rents Drop 5%
September 30, 2009
A 5.2% drop this last quarter (to an avg of $51), combined with the previous three puts the year-over-year drop in Manhattan rents at some 27%, according to Studley. The amount of available sublease space is over 17 million square feet, with overall vacancy at 13.2%. The total office market in Manhattan is roughly 75 [...]
Read More >>Manhattan Deal Volume Scarce; Cap Rates In The 7′s
August 18, 2009
In the first half of the year, there were three sales greater than $30M in Manhattan, representing 10% of what is normally transacted. The so-called capitalization rate, or a property’s net operating income divided by purchase price, may have risen to about 7 percent for stable, prime Manhattan office buildings, CB Richard Ellis said. During [...]
Read More >>Subleases Now Account For 40% of Midtown Manhattan Office Space
May 26, 2009
From the NYT: In Midtown Manhattan, for example, 13 percent of prime, modern, well-located offices — which brokers often refer to as Class A space — was available in April, up from 6.5 percent a year earlier, according to Colliers ABR, a commercial real estate services company. And sublets now account for some 40 percent [...]
Read More >>Manhattan Office Vacancy Up; Investment Sales Down
July 2, 2008
Cushman & Wakefield released its mid-year report on the Manhattan market. Vacancy now sits at 7.1%, up about 180 basis points from this time last year. Rents continued to edge up slightly, but concessions and tenant improvement allowances also crept up, effectively keeping rents flat to slightly down over last quarter. Investment sales fell to [...]
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