After several years of significant growth, office leasing velocity started to slow in January and fell precipitously in the final days of the first quarter as a direct result of the COVID-19 pandemic. Although uncertainty abounds as the world navigates through unchartered waters, we foresee leasing velocity stalling further, causing availability rates to materially increase across each of New York City’s submarkets, as a deluge of sublet space is added to 2Q 2020 inventory from…
CRE in the Time of COVID-19: 5 Questions Lee NYC Brokers Can Answer for Tenants
As COVID-19 continues to spread across our country it has left us all with fear, uncertainty, and many questions. Lee & Associates remains committed to our clients during this time, and want to provide as many answers and as much information as we can. In order to do so, we’ve spoken with two of our office brokers, Justin Myers and Conor Krup, to help guide tenants through this time. Below they’ve answered the most frequent…
With new nightclub opening, West 41st Street suddenly a chic spot
The once-drab but increasingly fun-filled block of West 41st Street between Sixth Avenue and Broadway now has the trendy Luma Hotel, several cutting-edge Japanese restaurants and a large SoulCycle outpost. Next, it’s getting a big nightclub. A group called Mixx Lifestyle has signed a lease for 10,000 square feet at Tribeca Associates’ 135 W. 41st St. The deal was done for $233 per square foot on the 4,672-square-foot ground floor. But the full value of…
3Q 2019 New York Office Submarket Metrics
Click here to view the Lee & Associates 3Q2019 New York Office Submarket Metrics
Lee & Associates NYC Represents the Permanent Mission of Uzbekistan in a 5,378 SF Lease at 630 Third Ave
The Consulate General of Uzbekistan and Permanent Mission of Uzbekistan to the United Nations finalized a 10-year, 5,378-square-foot lease on the fifth floor of the building. The new lease will begin in January 2020. Asking rent for the space was $69 per square foot. Gregory Gang and Sergio Turaev of Lee & Associates represented the Permanent Mission of Uzbekistan. Click here to read the full article from Commercial Observer.
Lee & Associates NYC and HKS Real Estate Advisors Close a 99-Year Leasehold at 777 Eighth Avenue
Peter Carillo, Principal/Senior Managing Director of HKS Real Estate Advisors and Ben Tapper, Senior Managing Director of Lee & Associates NYC, have negotiated a 99-year leasehold at 777 Eighth Avenue, between West 47th and West 48th Streets. Carillo and Tapper represented the property owner, 777 Eighth LLC, and Joseph Genovese of Lee Odell Real Estate represented the tenant, TSGL Eighth Avenue LLC, a developer who plans to erect a 200-key hotel. This is the second…
3Q 2019 NYC Office Market Report
The Manhattan office market finished the third quarter with another record high for average asking rents. They increased 1.5% from 2Q to $77.61, which is 5.7% higher than a year ago. Asking rents have increased every consecutive quarter since 3Q 2018. Direct asking rents increased in 12 out of 15 office submarkets. Recent new construction deliveries contributed to the increase in rents, mostly in Midtown South’s far west side. There are over 600,000 square feet…
Lee & Associates NYC Closes $11.3 Million Sale of Medical Office Building in Manchester, CT
Dennis Someck, Executive Managing Director/Principal, Justin Myers, Executive Managing Director/Principal, and Ben Tapper, Senior Managing Director, of Lee & Associates NYC, have arranged the sale of the 28,925-square-foot Medical Office property at 515 Middle Turnpike West in Manchester, CT. The Lee & Associates NYC team represented the seller, Metro Realty of Farmington, CT, who built the property in 2012. The building was purchased for $11,300,000, approximately a six percent yield, by Physicians Realty Trust of…
Peter Braus Featured on Leasing REality Podcast
In the latest LeasingREality podcast episode, our managing principal, Peter Braus, takes a deep dive into the world of CRE. He discusses everything from commercial rent control, the changes that Soho is experiencing, rising cap rates and what it was like to start Lee & Associates NYC eight years ago. Click here to listen to the entire podcast episode.