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“Manhattan leasing data shows dip in fourth quarter of 2022” There is good news, of a sort, for nervous Manhattan office landlords: Leasing for 2022 totaled 23.21 million square feet, up 14% over the year before, according to CBRE. But how couldn’t it be, given the pandemic freeze of 2021? The bad news: most fourth-quarter data stunk….
“Hochul & Adams’ ‘vision’ for post-COVID New York gets it almost entirely wrong” No cheers for Mayor Eric Adams and Gov. Kathy Hochul’s “shared vision” for a post-COVID-19 New York City, which they touted at an Association for a Better New York event this week. Their assessment of the city’s current troubled economic situation under-plays the…
“Citadel’s Ken Griffin plans to build ‘trophy office tower’ in NYC: report” Billionaire Citadel boss Ken Griffin plans to develop a new skyscraper that would serve as the anchor of the investment firm’s growing presence in New York City, according to a published report. Griffin plans to build a “new 1.7 million square foot trophy…
“‘Nine West’ owner debunks reported deal to sell NYC tower” The owners of 9 West 57th Street insist they have no plans to sell the iconic property, one of Manhattan’s premier office towers, despite a bombshell report which claimed a deal was in the works. “There are no plans to sell the building,” Hayden Soloviev,…
“Madison Avenue tower reopens with leafy oasis under glass canopy” Midtown strollers might blink when they pass 550 Madison Ave., the landmarked office tower that’s been redesigned and repositioned by the Olayan Group. The tower’s block-long public arcade between East 55th and 56th streets, closed for several years, reopened last week twice as large as its…
“Real estate insiders take swipe at Back-to-Work Barometer” The widely cited Kastle Systems Back-to-Work Barometer, which claims to tally how many employees have returned to offices, misses hundreds of skyscrapers with the highest attendance — and the result is a whopping undercount, real estate insiders say. Kastle counts entry swipes only at office buildings that pay…
“Back-to-work barometer falls short of measuring up to reality as offices fill up” There’s good news for Manhattan office landlords: Physical building occupancy rose to 46.6% for the seven-day period ending Sept. 14, according to the much-followed Kastle Systems Back-to-Work Barometer. The post-Labor Day jump was a huge increase over Kastle’s tally of 38% from…
“PR firm Edelman bucks work-from-home trend with renewed lease in Hudson Square” As Manhattan’s physical office occupancy continues to fluctuate around 41%, as per Kastle Systems’ Back-to-Work Barometer, it seems counterintuitive that many companies show no sign of cutting back their space. In one of this year’s largest rebuttals to the “work from home” panic, public…
“New tenants sign at JEMB Realty Corp.’s Willoughby Square” Three new deals have brought JEMB Realty Corp.’s 1 Willoughby Square to nearly 50 percent leased. The new tenants will join FXCollaborative, the building’s architect and anchor tenant, in what is Brooklyn’s tallest office tower. The highly diverse new arrivals are Propel, a fin-tech company, which will…
“Gov. Kathy Hochul’s insane, impossible carbon-free plan” Gov. Kathy Hochul has fully embraced one of the very worst obsessions of her disgraced predecessor: a war on carbon emissions. The centerpiece is the Climate Leadership and Climate Protection Act that then-Gov. Andrew Cuomo got passed in 2019 in a blatant bid to boost his chances of…