Commercial real estate news and analysis for the New York market.
Santa Monica-based Wave Sports & Entertainment has committed to 8,320 square feet at 145 West 30th Street, signaling continued demand from digital media tenants in Manhattan's Midtown South corridor. The long-term deal carries an asking rent of $48 per square foot.
Manhattan's office sector posted its strongest month in recent memory this May, with tenants committing to over 4.24 million square feet of workspace. The leasing velocity represents a 17.3% jump from April and dwarfs the borough's 10-year historical baseline by more than 50%.
Soloviev Group's 9 West 57th Street has redefined Manhattan's pricing landscape by achieving $340 per square foot, a figure that now stands as the city's all-time record. The milestone reflects a deepening polarization in the commercial real estate market, where premium assets continue to command unprecedented premiums.
Global law firm Simpson Thacher & Bartlett has officially secured a 916,000-square-foot headquarters at Extell Development's under-construction 570 Fifth Avenue, marking the largest Manhattan office lease recorded in May. The landmark transaction signals continued institutional demand for premium, newly developed office space in Midtown.
Gersh Autism Academy has secured a 21,000-square-foot sublease at 452 College Avenue in the Bronx, taking over space from consolidating charter school operator Seton Education Partners. The deal highlights growing demand for specialized educational facilities in outer-borough neighborhoods.
Architecture and interior design firm GKV Architects is moving its operations to Midtown East, securing a 5,754-square-foot space in a recently acquired AmTrustRE property. The lease on the 14th floor of 360 Lexington Avenue highlights an ongoing trend of creative industry tenants gravitating toward the Grand Central submarket.
With Manhattan's overall premium office supply shrinking to near-record lows, Hudson Square's 19.4% availability rate has transformed from a liability into a competitive edge. The Midtown South submarket is emerging as a primary destination for tenants seeking quality space in an increasingly constrained market.
Marcus & Millichap has signed a lease expansion and extension at AmTrustRE’s 260 Madison Avenue, growing its footprint to 41,000 square feet. The deal signals sustained demand from real estate services firms for Class A space near Manhattan's Grand Central Terminal.
Daniel Romualdez Architect P.C. is relocating its operations to the historic Mercantile Building in Midtown Manhattan. The firm inked a deal for a 5,670-square-foot space at 10 East 40th Street, signaling continued demand from boutique design tenants in the Bryant Park submarket.
The nation's largest municipal public employee retirement system has elected to retain its Queens headquarters, signing a short-term extension at a prominent Long Island City office property. The move highlights a continued reliance on the neighborhood's premier office assets by major institutional tenants.
Governor Kathy Hochul has formally presented Albany lawmakers with a legislative framework to impose a pied-à-terre tax on non-primary residences in New York City, initiating the tier at a 4 percent rate for properties valued at $1 million and above. The proposal sets a different baseline than the $5 million threshold previously discussed by the Governor and Mayor Zohran Mamdani.
Chicago-based accounting and consulting firm Prosperity Partners will relocate its New York operations to a full 11th-floor suite at 575 Madison Avenue. The 10-year commitment for 24,426 square feet signals continued demand for quality Midtown office space among professional services firms.