Lee & Associates NYC has facilitated a 12-year, 8,800-square-foot lease for Pearl World Inc. at the Carnegie Hall Tower at 152 West 57th Street in the Plaza District. The cosmetics company will occupy the entire 48th floor for its showroom and office, relocating from 37 West 57th Street. Dennis Someck and Justin Myers of Lee & Associates NYC represented Pearl World, while Matt Leon of Newmark represented the landlord, TF Cornerstone. “Pearl World is a…
Q1 2024 NYC Office Overview
New York City’s economy continued to show signs of progress through Q1 2024. As of February 2024, the unemployment rate decreased to 5.10%, marking a 0.20% improvement from the previous quarter and significantly below the historical average of 7.72%. This improvement reflects a growing economy as private sector employment rose by 19,200 jobs year-over-year, totaling 4,090,200. The broader nonfarm job sector nearly returned to its pre-pandemic levels, reaching 98.7% recovery with 4,659,600 jobs. Read the…
GlobeSt. Aspiring Leaders (Formerly 50 Under 40) – Justin Myers
Lee & Associates proudly announces that GlobeSt. has awarded our broker, Justin Myers, as one of the Aspiring Leaders (formerly 50 under 40). Justin has made significant strides in the commercial real estate industry, demonstrating exceptional leadership and a diverse skill set. His innovative approach and dedication to excellence set him apart as a rising star in the field. Join us in celebrating Justin’s achievements and his bright future ahead. Following a successful professional…
Lee & Associates Appoints New York City President
Brokerage Lee & Associates has appointed Peter Braus, who most recently served as a managing director, as president of its New York City operation. In his new role, Braus will continue the firm’s work to position itself as a key middle-market commercial brokerage in the city, Lee & Associates said. Braus is succeeding James Wacht, who will step down as president and continue to serve as a managing principal and member of the firm’s executive…
City Winery Expanding by 14K-SF to Open 3 New Dining Options at Pier 57
The combination music venue and winery signed a 20-year lease for an additional 14,600 square feet in the five-story former shipping terminal building at 25 11th Avenue on Chelsea’s waterfront. Read Full Article Here
Q1 2024 NYC Retail Overview
While economic uncertainty loomed, consumer spending in the first quarter of 2024 remained robust for retail goods. Retail sales in the US rose 0.7% in March to $709.6 billion, and total sales for Q1 2024 were up 2.1% from the same period a year ago. The National Retail Federation expects retail sales to reach between $5.23 trillion and $5.28 trillion this year. The 2024 forecast is roughly in line with the 10-year pre-pandemic average annual…
Lee & Associates Taps Avison Young’s Todd Korren to Lead NYC Leasing
Lee &Associates NYC has tapped Avison Young’s Todd Korren to head up its New York leasing team, Commercial Observer has learned. Lee & Associates NYC announced today that it has appointed Todd Korren as its Principal, Executive Managing Director, and Director of Leasing. Korren will lead day-to-day brokerage operations, recruit, develop, and manage agents and staff, and participate in strategic planning and financial reporting while externally promoting Lee & Associates NYC in the marketplace. Korren brings over 30 years…
Investment Sales – 2023 Year in Review
Dive into the highlights of a remarkable year! Click the link below to explore the 2023 Year in Review from our Investment Sales Team. 2023 Year in Review
May/June 2023 Economic Snapshot
Economic Snapshot of national and local market indicators for May/June 2023, a helpful overview on current market conditions. Read the complete snapshot here: May/June 2023 Economic Snapshot