Thursday September 26, 2013
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| Midtown South Rents Up 44 Percent as Tech Spurs Double Digit Growth Nationwide: Report |
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BY GUS DELAPORTE
Tech submarkets across the country have posted double-digit growth in rents over the past two years according to CBRE’s U.S. Tech-Twenty report, provided exclusively in New York to The Commercial Observer.
In that two-year time frame, Midtown South, New York’s tech hub known as Silicon Alley, has seen rents jump 44 percent, a clear indication of the Big Apple’s growing appeal to tech companies and start-ups.
To read the full story, click here.
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| Designer Kara Ross, Wife of Stephen Ross, Leases Flagship Retail Store on Upper East Side |
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BY BILLY GRAY
The jewelery and handbag designer Kara Ross signed a lease at 655 Madison Avenue for its first standalone store. The flagship, which the label’s website says will open in November, will take up 600 square feet of sought after retail real estate near the intersection of Madison and 60th Street.
Ms. Ross, who is married to Related Companies chief Stephen Ross, currently sells her wares at Bergdorf Goodman, Carolina Herrera and Henri Bendel, among other blue chip stores.
To read the full story, click here.
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| TerraCRG Arranges $9 Million Brooklyn Sale |
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BY AL BARBARINO
Brooklyn commercial real estate brokerage and advisory firm TerraCRG has closed on the sale of two commercial units at the TOREN condominium at 150 Myrtle Avenue in Downtown Brooklyn for a combined $9 million.
The 11,000-square-foot ground floor retail space has over 280 feet of frontage on Flatbush Avenue and is currently occupied by gourmet supermarket Metropolitan City Market. The retail unit sold for $6.75 million; while the 21,780-square-foot, three-level parking garage, which currently has an operator in place and allows for 97 parking spaces, sold for $2.25 million.
To read the full story, click here.
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| Some Needed Perspective on Sluggish Leasing |
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BY KEN MCCARTHY
The Manhattan office market has been sluggish over the past several months.
While leasing volumes have been above average, vacancy rates have increased in all three of the major markets that make up Manhattan. In August, the Midtown vacancy rate was 11.2 percent up from 9.4 percent at year-end 2012, the Midtown South vacancy rate had increased to 7.3 percent from 7.1 percent at year end, and the Downtown vacancy rate had jumped from 8.8 percent to 11.3 percent.
To read the full story, click here.
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| Brooklyn Bellweather Neighborhoods to Watch |
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BY CHRIS HAVENS
One of my pet phrases for northern Brooklynites is ‘south of the park,’ referring to the area of Brooklyn that is south of Prospect Park.
Brooklyn is huge, which is sometimes forgotten in the cool buzz of the north − Dumbo, Williamsburg, Bushwick.
So watch Flatbush, Sunset Park and Crown Heights this fall.
To read the full story, click here.
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