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Thread: NYC Commercial Real Estate

  1. #166
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    Wachvia took space at the Seagram building on Park Ave

  2. #167
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    Since there is a huge residential boom in NYC now, does that mean with the increasing population there will soon be an office boom because of all the new residences where people will need to work. Because now you see lots of residential towers but hardly any office, the only office towers I can think of that are being built are BOA, NYTT, Hearst and 7WTC (half of bloomberg)

    Is the times sqaure tower occupied yet, it's over 725 feet tall and when you look through the glass looks pretty empty and unoccupied.

  3. #168

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    /\I don't feel it will work in quite that way...


    More people means more tax revenues...which equal better schools and mass transit...which makes the lives of poorer and middle class nabes better...which attracts more people...which attracts more development...which means more jobs...evenutally, retail and service oppertunies must adjust to the growing popualtion and employment...which means more jobs...which means companies move to where the people are...which brings more people...which brings more companies...and then more people...and so on and so on...

    Will companies take notice, yes, but it will be a bit of a winding path. But it will get there.

  4. #169
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    Keep in mind also that a lot of these residential projects are gonna be filled with part-time residents, not necessarily people who have or are looking for steady long-term jobs.

  5. #170
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    piano is right plus people just buy condo and apartments for investment, theymay own a few in the city and liv ein one. basically they are only builging housing for one segment of the population, thus why even after all these new units, the housing crisis is worse then before.

  6. #171

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    I would also add that the office buildings mentioned above - NYTT, BofA, Hearst, 7WTC, TSQT - have sufficient office space for 15,000 - 20,000 people. That is quite comparable to the amount of residential construction in Manhattan.

  7. #172
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    Times Sqaure Tower is basically filled up with Ann Taylor taking over 300,000 sf.

    Hearst has about 850,000 - all for Hearst corp
    NYT -1.6 million sf
    BOFA - 2.1 million sf
    505 Fifth Avenue - 300,000sf
    7 WTC- 1.6 million sf

  8. #173

    Default Manhattan: still an attractive place to do buisness?

    It seems that for the last 50 years, we have been predicting the end for cities like NY and Manhattan in particular as a place to do buisness. After 9/11, those calls became more urgent.


    But now, I still see companies here and more coming here to put down roots. So I have one question to ask:

    Is Manhattan's age as a buisness mecca a thing of the past, or waiting in the future?

  9. #174

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    Mostly very good news...


    NYTIMES:

    June 22, 2005

    A Hot 2005 for Offices So Far
    By JOHN HOLUSHA

    The demand by investors seeking to acquire office space in Manhattan remains intense, especially for properties in Midtown.

    With the first half of the year almost over, the dollar value of sales of commercial property is on a pace for the best year ever, exceeding even the record level of 2004, when $15.1 billion worth of buildings changed hands. A majority of commercial property in Manhattan is office space.

    "A banner year used to be in the $10 billion range," said Scott Latham, an executive director of Cushman & Wakefield, a brokerage and services company. "Last year, we were 50 percent above that."

    The company estimates that $12.67 billion of property was sold through mid-June. If current trends continue, 2005 will far exceed last year's total.

    Office rents in Midtown Manhattan have recovered almost to the peak levels of early 2001, providing some rationale for the lofty sales prices.


    In recent years, real estate executives have talked about the incongruity of the exceptionally high sales prices for office buildings and the soft rental rates for space within such buildings. Leasing income would seem to be the fundamental economic underpinning for purchases.

    "The leasing market started to turn in November 2003, and 2004 was a very strong year," said John Powers, co-chairman for the tristate region at CB Richard Ellis. "For the year to date, we are still ahead of the five-year average" of square feet leased, he said.

    Although the pace of office leasing has slowed in recent weeks, some brokers describe this as a period of adjustment after the hot market of last year and the first quarter of this one. "The market is pausing to digest," said Mitchell S. Steir, the chief executive of Studley, a brokerage company that mostly represents tenants. "It is the rational follow-up to a period of peak activity."

    Real estate executives say low interest rates and an increased appetite for real estate among institutional investors like pension funds are driving the demand for commercial and residential properties in crucial markets like Manhattan and Washington.

    "Ten years ago, real estate was a stepchild for institutional investors, who were mostly interested in stock and bonds," said Paul E. Pariser, a founder of Taconic Investment Partners, which owns, among other properties, 111 Eighth Avenue, which covers the block between 15th and 16th Streets.

    "Now funds that allocated 3 percent to real estate have moved to 8 percent, and those that were at 5 percent have moved to 12 percent," Mr. Pariser said. "Those are big dollars. When you add three percentage points at a $100 billion institution, that's $3 billion."

    Peter Hauspurg, the chairman of Eastern Consolidated Properties, a sales brokerage firm, said: "There is a tremendous amount of capital chasing real estate assets. History says that we are three years overdue for a correction in pricing, but there is no sign of it."

    Indeed, in April, a group of pension funds and Tishman Speyer Properties agreed to pay $1.72 billion for the MetLife Building, the 2.8-million-square-foot tower that rises above Grand Central Terminal. It is said to be the highest price ever paid for a single building.

    Even though institutions have become an important factor in real estate investing, many executives say private investors with access to cheap debt still dominate in Manhattan. "Last year, 68 percent of the sales volume went to private investors," Mr. Latham said.

    Part of the reason, he said, is that private investors are willing to take on more debt to make a purchase than are institutions, which tend to have stricter rules about financing acquisitions. "A private investor can finance 80 percent of a deal, compared to 60 to 65 percent for institutions," Mr. Latham said.

    At the Toy Center, the connected buildings at 200 Fifth Avenue and 1107 Broadway that have housed offices and showrooms for toy manufacturers, the competition to acquire the property was fierce.

    "When we went to sell the Toy Center, we had over 20 real bids, which is a remarkable number by historic criteria," said Anthony E. Malkin, president of W&M Properties, a large investor.

    Mr. Malkin said most of the bidders were individuals based in New York. "This market is being driven by entrepreneurial capital with access to high levels of debt," he said.

    The Toy Center was sold for $355 million to the Chetrit Group. There has been speculation that the buildings, which face Madison Square Park, will be converted into residential condominiums, but Chetrit has declined to disclose its intentions.

    Leasing brokers say that in Midtown, concessions packages - periods of free rent and contributions toward interior construction - shrank as the vacancy rate dropped to 10.3 percent in May from 12.3 percent a year earlier, increasing the effective rent.

    According to a Studley study, the average effective rent in Midtown by the end of last year was $66.27 a square foot, which was still 11 percent below the high of $74.54 set in early 2001. The effective rent as calculated by Studley includes operating expenses, real estate taxes and the cost of electrical power, making it higher than the nominal base rent.

    Barry M. Gosin, the chief executive of Newmark & Company Real Estate, said, "The market is being pulled up from the top," with some prospective tenants willing to pay very high prices for space that meets their needs. "Financial institutions like hedge funds have set the bar very high in prime buildings in the Plaza District," an area north of Grand Central. Because these companies were willing to pay high rents for the space they wanted, other landlords lifted their asking prices as well.

    But if the Midtown leasing market is finally recovering from the slump after the Sept. 11 attacks, the downtown market is not. The vacancy rate there was 16.3 percent in May, compared with 15.2 percent a year earlier, according to CB Richard Ellis.

    The rebuilding of 7 World Trade Center is expected to be completed early next year, but no tenants have yet signed up for its 1.7 million square feet.

    "Downtown is basically stagnant, although the conversion of office buildings to residential use will eventually be good for the area," Mr. Gosin said. He noted that the gap between the Midtown rental rates and those downtown has widened, as few office tenants have taken space downtown. "The difference used to be something like $15 to $20 a square foot," he said. "Now, it is more like $30 a square foot."

    Some real estate executives said the decision by the investment banking company Goldman Sachs, the only firm that had committed to building a new office tower near Ground Zero, to suspend its plans was discouraging other tenants from looking for space downtown. "Unfortunately for the city, the impact of Goldman will be far-reaching," Mr. Steir of Studley said.

  10. #175
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    I heard from a source at the NYC EDC, that the city is in talks with Three Fortune 500 firms that have some interest in relocating to NYC on top of the CIT Group which just did relocate from Jersey to 505 Fifth . I will try to keep myself and the board posted. All I know is that each firm has a presence here and thinks, for there business it may be better to locate there executives here instead of where they are now

  11. #176

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    Are these firms in the metro area (i.e., NJ, Westchester, Connecticut) or are they from outside of this area?

  12. #177

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    Two questions:

    Are these guys big guns (meaning 100 and above)?

    And are any of them thinking about Lower Manhattan?

  13. #178
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    To answer the two above replies, they are all in the NY Metro area, two used to have HQ's here. They are not in the top hundred but all are good firms. None are considering Lower Manhattan.

  14. #179

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    I assume that they're not big enough to build new towers for themselves.

  15. #180
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    No they wont be building any new towers thats for sure. Id say that the largest one would need about 200,000 for its operations. Whats good is they are also not financial firms, so if they do move here, it will help diversify the economy.

    Just like when i informed everyone about CIT Group at 505 the moment i hear a deal with any of these firms are in place i will post

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