Ben Tapper is quoted in The U.S. News & World Report on real estate commissions for agents: Tapper explains that in commercial real estate a team structure has become popular, meaning more agents may play a role in helping a deal close. This is also common in some residential brokerage firms. As the leader of a team, “I try to compensate all the brokers and salespeople on my team for every deal that they’re a…
NYBJ Quotes Someck & Myers on Emerging RE Trend & Market Insights
The New York Business Journal feature Someck & Myers thoughts on landlords pitch to office tenants: We’ll pay for furniture and other market insights Someck & Myers have worked on recent multiple deals where space was provided to the tenants already furnished or with a furniture allowance included in the rent. “Landlords are trying to be creative. You’re in a unique situation where there’s a lot of space and not many tenants willing to commit,”…
Popkin Represents Pearl River Mart In Returning to SoHo
The famed Pearl River Mart will move its flagship location back to SoHo! Lee & Associates NYC’s Paul Popkin repped Pearl River Mart in the 7,000 sf deal at 452 Broadway. “Pearl River was one of the first unique retailers that helped make SoHo a great shopping neighborhood and a destination for tourists,” Popkin said. “We all feel that bringing one of the original pioneers back to SoHo is the beginning of a new era…
Schwarz, Sutro & Dweck Bring Brooklyn Fare to the Upper West Side
Brooklyn Fare is expanding its footprint into the Upper West Side. The grocer has signed a 25-year, 21,600-square-foot lease at the base of the Brodsky Organization’s rental building at 75 West End Avenue, within the Lincoln Square submarket. The asking rent for the space was $85 per square foot, according to Lee & Associates NYC, which brokered the deal. Read the full articles below: Brooklyn Fare Inks 25 Year Upper West Side Lease https://rew-online.com/brodsky-signs-21000-s-f-supermarket-deal-at-west-end-towers/ …
Q4 2020 NYC Office Market Report
Manhattan’s Office Availability Reaches Highest Rate in Decades; Leasing Volume Continues to Decline In Q4 2020, the continued addition of direct and sublet office space to an already bloated inventory coupled with anemic leasing velocity pushed overall market availability to 15.5% (vs 11.8% in Q4 2019). Read the complete report here: Q4 2020 Office Market Report
Braus Quoted in The Real Deal: “Gowanus rezoning inches ahead”
“I think it’s going to be a long road back,” said Lee & Associates managing principal Peter Braus. “When you look at the tourism and the people in office buildings we had in the past, we don’t know if or when that will come back.” Read the full article: Gowanus Rezoning Inches Ahead
Q3 2020 NYC Office Market Report
Tenants continue to shed office space at the highest rate in 15 years. Overall availability in Manhattan rose in Q3 2020 to 14% of total supply, rising 220 basis points since Q2 of this year and 270 basis points year-over-year. The sharp increase in availability is matched with a decline in the average overall rent, furthering the decline from $80.98/SF in Q2 to $78.75/SF in Q3, and down from $79.66/SF in Q3 2019. Midtown South…
Someck, Myers, Krup Represent Willner Chemists
Dennis Someck, Justin Myers, and Conor Krup recently represented Willner Chemists in a five-year renewal deal for 11,386 SF. The nearly 109-year-old Willner Chemists, which specializes in vitamins and nutritional supplements, will stay put at 100 Park Avenue. Click below to read the article in Commercial Observer. Willner Chemists Staying Put at 100 Park Avenue
Peter Braus Shares his Thoughts: “Inside the plight of a small retail landlord”
Smaller landlords with just one property and very little capital often lack the resources to replace a tenant, Braus noted. “They can’t compete with the deep-pocketed landlords, who are able to go out and get really good tenants by spending the money that’s necessary,” he said. Read more below: Inside the Plight of a Small Retail Landlord