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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Tuesday September 03, 2013
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Pace University Dorm Opens, 1 More in Pipeline

BY AL BARBARINO

The first of at least two major dormitories in the pipeline at Pace University is open just in time for the beginning of the school year.

DNAinfo reported that 600 Pace University students have a new home in Lower Manhattan after the university’s 24-story dormitory at 180 Broadway opened this past weekend.

The high-rise, reportedly owned by SL Green Realty Corp., Jeff Sutton and Harel Insurance, and sitting at the corner of John Street and Broadway, opened after a two-year construction process and includes a fitness center, staff offices and fourth-floor student common areas.

To read the full story, click here.

Lee Hecht Harrison to Relocate to 230 Park Ave.

BY GUS DELAPORTE

Lee Hecht Harrison, a subsidiary of Adecco USA, has signed a 10.5-year, 23,000-square-foot lease for a portion of the sixth floor at 230 Park Avenue. The global mobility talent firm will relocate from nearby 200 Park Avenue.

“230 Park Avenue continues to earn the trust of leading organizations such as ING, Clarion Partners and Novartis,” said Brian Robin, president of Monday Properties, in a statement. “We are proud to add Lee Hecht Harrison to the tenant community of our landmark building, where we provide leasing solutions for small and large firms alike.”

To read the full story, click here.

To Buy or Not to Buy—That Is the Question!

BY ROBERT KNAKAL

Perhaps one of the biggest questions today is whether market conditions warrant participants in the market being buyers or sellers. From my perspective, a college debating team could have a field day with that question as excellent arguments can be made for both strategies.

With the benefit of hindsight, we see notable periods over the past 30 years when it would have been prudent to take one course or the other (this argument is appropriate for investors who are traders and not generational holders). Clearly, in 1983 and 1984, you wanted to be a buyer of properties in the city and would have wanted to sell those assets by 1989.

To read the full story, click here.

And The Awards Go To...

BY RICHARD PERSICHETTI

Are you ready for some football?

The National Football League kicks off its 2013 season this Thursday as the defending Superbowl Champion Baltimore Ravens take on the Peyton Manning-led Denver Broncos. In the spirit of the start of a new NFL season, I figured I would hand out some football-themed awards for the Manhattan commercial real estate market through the first eight months of the year.

The comeback player award goes to Midtown. Midtown has been watching the Midtown South availability rate drop steadily since 2011. But this year, Midtown has finally made some first downs, as its overall market availability rate dropped 60 basis points since the end of last year to 11.2 percent through August—the lowest it has been since 2008.

To read the full story, click here.

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