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…
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 leasehold that Carillo…
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.
Conor Krup Featured On Commercial Observer’s 30 Under 30 List
The New Jersey native, who had recently graduated from Ramapo College, learned to continue hustling in the two years since, nabbing 6,400 square feet for Raven Capital Management at 75 Spring Street; 7,000 square feet for Smuggler, the film and TV production company, at 38 West 21st Street; and getting 17,625 square feet for Cargo at 100 Broadway. Click here to read more about Conor Krup on Commerical Observer’s 30 Under 30 Top Leasing and…