BY JOTHAM SEDERSTROM

When executives at Malkin Holdings’ W&H Properties chose to reposition the Empire State Building and several other assets prior to the downturn, few expected that 250 West 57th Street, a building chock-a-block with 150-square-foot offices, would experience such a rapid transformation.

But sure enough, less than five years after those ambitious renovations began, the building welcomed its first full-floor tenant in three decades, thanks to a leasing deal with Perseus Books Group in February.

Seeking to consolidate two offices in New York City, the publishing group took the 26,104-square-foot 15th floor earlier this year and expects to consolidate and expand over the next few weeks.

After the jump, Anthony Malkin, president of Malkin Holdings, reviews the furniture plan and the Mufson Partnership architectural designs with The Commercial Observer.

BY CARL GAINES

The vast number of glass towers rising in the New York City skyline--think 1 World Trade Center, One57, 7 Bryant Park--and a recent New York Times article on the subject got The Commercial Observer wondering about the city's window washers.

32BJ SEIU, the trade union that represents 70,000 building workers in New York City and Long Island, among them window cleaners, provided some details about the industry.

As the square footage of their workspace continues to expand--1 World Trade Center's podium, alone, will include more than 4,000 glass fins, measuring 13 feet 4 inches by two feet--these workers dangle dozens of stories up, suspended by safety belts and one New York State Department of Labor rule.

After the jump, New York City's window washing industry, by the numbers.

BY ROBERT SAMMONS

While not really a doomsday scenario, it’s certainly close to a worst-case scenario. The potential amount of vacant space by year-end 2013 for the Class A segment of the Manhattan office market could climb from the current 24,478,576 square feet to 33,624,296 square feet.

This would cause the Class A vacancy rate to jump 340 basis points, from 9.9 percent to 13.3 percent—which would be the highest rate since December 1996. A quick aside to tell you how our vacancy rate is calculated: we include anything currently vacant or that will be vacant up to six months from the current date (each firm calculates it a bit differently, meaning you will see varying figures across myriad reports).

If all space that is currently marketed (or expected to be marketed) that has an occupancy date by year-end 2013 is included and net absorption otherwise remains flat (it is 500,000 square feet in the red at mid-year 2012), Manhattan could see a glut in vacant office space (albeit probably temporarily).

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