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Thread: NYC Commercial Real Estate

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    Default NYC Commercial Real Estate

    April 2005

    The Big Picture
    Residential and Commercial vital statistics



    By Melissa Dehncke-McGill

    New York real estate rests at the zenith of a golden age or teeters on a precipice, depending on your point of view.

    In uncertain market conditions, with rising rates amid record prices, a sense of context helps. This month, The Real Deal takes a look at the big picture trends in the Manhattan residential and commercial markets.

    Looking back can be sobering. If you bought an apartment in 1987 for the median price at the time -- $375,000 -- you would have had to wait until 2000, a 13-year stretch, to see a price gain.

    But if you bought five years ago at the median price, your property would be worth 34 percent more today.

    Prices for Harlem and other uptown neighborhoods have shot up more than 330 percent in the last decade, but even more dramatic increases can be seen in the Downtown condo market. The average price of a Chelsea condo was $162,000 ten years ago. Today, it's $1.29 million, according to Jonathan Miller, whose appraisal firm Miller Samuel provides the industry's most cited reports.

    "The low mortgage rates all along are what's been fueling this real estate boom," says Miller.

    With the ranks of Manhattan's real estate agents growing, more agents are competing for a piece of the commission pie. The number of sales has come down since reaching more than 9,000 annually for three out of four years from 1999 to 2002, and is now in the mid-8,000 range. Still, that's an improvement over the 1990s as whole, with the number of sales averaging around 4,500 a year for that decade.

    On the commercial side, you might be patting yourself on the back if you bought an office building in Midtown in the early 1990s, but not so much if you bought Downtown. Rents have gone up 42 percent in Midtown Class A buildings since that time, but have actually declined Downtown, according to Colliers ABR.

    Last month, the Federal Reserve nudged up short-term interest rates for the seventh time since June, with rising rates expected to slow home sales after a bout of frenzied buying. Still, price records continue to be set throughout Manhattan, from trophy apartments to development costs for new projects.

    Where prices and rates are heading--and at what pace-- remains uncertain, but history and experience show us that it's unwise to face the future without a sense of the past.


    Copyright 2003-2005 The Real Deal.
    Last edited by krulltime; April 25th, 2005 at 03:28 AM.

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    April 2005

    Commercial vital statistics:








    Copyright 2003-2005 The Real Deal.
    Last edited by krulltime; April 25th, 2005 at 01:26 AM.

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    NEW AIRLINE KNOWS 'THIS IS THE PLACE YOU'LL FIND THE BEST'

    By Paul Tharp
    June 9, 2004

    Virgin's new discount airline is calling Manhattan its home because New York is the talent capital of the world.

    "New York is second to none when it comes to talented people," said Bob Dana, the new airline's finance chief.

    "In marketing, finance, law, human resources, administration, planning in everything this is the place you'll find the best," he said.

    British tycoon Richard Branson's Virgin Group already operates a successful global airline, Virgin Atlantic, but decided that New York should be the headquarters for its new discount airline, which will launch next year to serve U.S. destinations.

    The new airline, whose name will be revealed in coming weeks, will create 3,000 jobs here and elsewhere, and also set in motion the hiring of another 50,000 to 70,000 people at vendor companies, officials said.

    Up to 700 will work at the Manhattan headquarters alone, adding about $67 million to the Big Apple's economy over the next 15 years.

    City Hall is jubilant that the new discount carrier has picked New York for its home over contenders Boston and San Francisco, and has awarded the carrier $7.5 million in incentives and tax breaks.

    The company's launch is bankrolled with as much as $150 million that will go directly into the economy.

    Dana a veteran investment banker from CSFB and his colleagues are still negotiating their headquarters lease package and expect to be flying out of two airports here.

    The airline's maintenance operations will be handled in San Francisco for the next few years, Dana said.

    Copyright 2004 NYP Holdings, Inc
    Last edited by krulltime; April 21st, 2005 at 05:02 PM.

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    Virgin's new discount airline is calling Manhattan its home because New York is the talent capital of the world.

    "New York is second to none when it comes to talented people," said Bob Dana, the new airline's finance chief.
    ...Oh thank you very much... :wink:

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    JOHN JAY GETS TO SPREAD OUT

    By LOIS WEISS
    June 9, 2004

    JOHN Jay College of Criminal Justice has signed a 10-year lease for additional space near its main campus on Tenth Avenue.

    It's also moving closer to approving plans for a new, $442 million permanent home. To solve its current space issues, though, the college, City University of New York division, took on 60,000 square feet at the Related Companies' rental, the Westport, at 854 Tenth Ave., near its main campus between 58th and 59th Streets.

    The school spent two years looking for and negotiating the terms.

    The space will provide the college which has grown along with security concerns in the aftermath of 9/11 with more classrooms and offices on the 32,000 square-foot second floor and a private entrance on 56th Street.

    Part of the 28,000-square-foot ground floor will be used for food service. A college bookstore with a mezzanine will have an entrance on Tenth Avenue.

    Steven E. Baker and Jeff Winick of Winick Realty Group represented both the Related Companies and the City University of New York. Bruce Beal handled the in-house work for Related, which was asking $45 per square foot for the ground floor retail and $30 for the second floor.

    Today, the college's board of trustees will review a design for its future, more permanent quarters with the full board expected to approve the final Skidmore Ownings Merrill designs at the end of the month.

    The $442 million, 612,180 square-foot structure will replace North Hall and an existing parking garage.

    The budget includes site acquisition, demolition, design, construction, management, fixtures, furniture and equipment. Construction alone is $238.7 million.

    The architects have designed two buildings known as the Podium and the Cube that can eventually be expanded.

    The Podium will become the 57th Street mid-block public entrance and lead into a series of pedestrian escalators, elevators and passageways to high volume classrooms and activities.

    Its football field-sized roof will become an outdoor commons and gathering space, connecting the new building with the existing Haaren Hall.

    The nine-floor Cube will rise from the northwest corner of the Podium roof and house faculty and student dining facilities, academic departments and learning centers.

    To ensure justice is not blind but also transparent, a Moot Court on the sixth to seventh floors will have a glass outer wall and be visible from the commons and Tenth Avenue.

    Copyright 2004 NYP Holdings, Inc
    Last edited by krulltime; April 21st, 2005 at 05:02 PM.

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    New membership club in Manhattan

    by Lisa Fickenscher
    June 10, 2004

    An exclusive membership club inspired by the SoHo House New York concept has begun recruiting key executives to help it launch in Manhattan in the next year.

    The start-up has hired Mark Briskin, general manager of Times Square boutique hotel The Muse, to develop the concept, which will be called the Core Club. Mr. Briskin has been with the Muse since it opened in 2000 and begins his new job next week.

    Mr. Briskin says the idea is to introduce a new hospitality brand in the city that is even "more exclusive" than the meat-packing district's trendy SoHo House, which offers facilities including a rooftop pool and movie theater, restaurant, spa and meeting rooms for a $1,100 membership fee. SoHo House also has 24 hotel rooms that are available to members for a preferential rate.

    Because the concept is still in the early stages, Mr. Briskin declined to provide further details about his new employer.

    Copyright 2004, Crain Communications, Inc
    Last edited by krulltime; April 21st, 2005 at 05:03 PM.

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    You can check out renderings of the John Jay project on the SOM web site.
    Unsurprisingly, being that this is by SOM, it's a shiny box.

    http://www.som.com/

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    It's not without some nice features..






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    What is this building for? A college? Housing?

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    It's a new complex being planned for John Jay College. It's expected to be on Tenth Avenue between 58th and 59th Streets.

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    Yeah...the complex looks amazing...Good thing for the area of modern new buildings. Thanks for those renderings.

    :? Isn't that the Time Warner Towers in the background?

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    Yes, it is the TWC. Those towers are between 58th and 60th streets.

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    ECKO PLANS HIP HEADQUARTERS IN CHELSEA

    By PAUL THARP
    June 14, 2004

    Street-fashion powerhouse Ecko Unlimited is moving into a new home on the historic Ladies Mile in Chelsea complete with a basketball court for its CEO suite.

    The company, whose trademark rhino grew into a symbol for young hipsters, is taking one of the biggest real estate leases in Manhattan this year.

    The streetwear firm will use five floors spreading over two adjoining buildings on West 23rd Street, between Fifth and Sixth avenues, totaling 275,000 square feet, according to today's Crain's NY Business.

    The company's 31-year-old founder Marc Ecko, a former graffiti artist from New Jersey, will build himself a suite large enough to accommodate a court for shooting hoops in between deal-making.

    Ecko told Crain's he was looking for space just a third the size of the new digs, but jumped on the bigger deal when he realized how sales projections were soaring.

    The 10-year-old company, with sales of about $500 million, expects revenue to double from its lines, including skateboard wear, rapper clothing and a women's line.

    The new space will also have kitchens, so staffers can fix their own meals, as well as gaming rooms and space for skateboard testing. Ecko will pay an estimated $9.5 million a year, or about $35 a square foot, for the space.

    Ecko is consolidating its current six locations in the garment district and its original New Jersey space into the new space, which the staff will renovate on its own to reflect its youthful style.

    The building won't be hard to find. In the coming months, Home Depot will be moving into two floors on street level for the chain's first Manhattan store.

    Copyright 2004 NYP Holdings, Inc.
    Last edited by krulltime; April 21st, 2005 at 05:03 PM.

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    CBRE Reports Strong Office Leasing in May
    CBRE NEW YORK JUNE 2004 OFFICE MARKET SNAPSHOT

    MIDTOWN

    With 1.16 million sq. ft. in leasing, Midtown continued to see brisk activity in May - the seventh consecutive month with velocity exceeding one million sq. ft. For the year to date, leasing exceeded activity during the same period last year by 65%. Meanwhile, Midtown availability continued to tighten.

    Last month, deals were done at 84.4% of asking rents, based on a 6-month rolling average.

    Top Midtown Leases:

    * Dreyfus Corporation's renewal and expansion for 372,000 sq. ft. at 200
    Park Avenue

    * Rodale Press, Inc.'s lease for 114,000 sq. ft. at 733 Third Avenue


    MIDTOWN SOUTH

    Leasing in Midtown South in May increased 47% over the previous month's activity. However, with negative net absorption of 197,000 sq. ft. in May, absorption for the year to date moved slightly into negative territory. Meanwhile, pricing remained stable, increasing $0.13 in May to $31.88 per sq. ft.

    Last month, deals were done at 84.9% of asking rents, based on a 6-month rolling average.

    Top Midtown South Leases:

    * Federated Department Stores' lease for 52,000 sq. ft. at 11 Penn Plaza

    * Automatic Data Processing's lease for 32,000 sq. ft. at 1 Penn Plaza


    DOWNTOWN

    Downtown leasing in May was more than double the activity during the previous month. For the first five months of 2004, velocity exceeded the year-earlier performance by 18%. Pricing was unchanged from the previous month, while availability tightened slightly by 0.1 point. Absorption for the month remained positive.

    Last month, deals were done at 83.2% of asking rents, based on a 6-month rolling average.

    Top Downtown Leases:

    * New York State Department of Transportation's lease for 34,000 sq. ft. at 199 Water Street

    * Port Authority of New York & New Jersey's lease for 19,000 sq. ft. at 115 Broadway

    ** This Office Market Snapshot reflects market activity through June 1,
    2004. These are preliminary figures on the New York City office market.

    Copyright 2003-2004 The Real Deal.
    Last edited by krulltime; April 21st, 2005 at 05:03 PM.

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