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

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Tuesday June 11, 2013
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Leasing Activity Up as Tech Firms Dominate

BY GUS DELAPORTE

Manhattan leasing activity was up 24 percent year-over-year in May to 2.08 million square feet, up from 1.68 million square feet in May 2012, according to CBRE’s latest Manhattan Marketview Snapshot. The three largest new leases were from tech firms, including Facebook’s new lease at 770 Broadway, the report noted.

Tech leasing was led by Yahoo!, which snapped up 176,201 square feet at 229 West 43rd Street, the former headquarters of The New York Times. Yahoo!’s lease led the Midtown market, where leasing was up 26 percent over the five-year average of 1.17 million square feet.

Midtown asking rents were up 2 percent in May to nearly $70 per square foot, reaching the highest levels since early 2009. CBRE’s report attributed the increase to a number of factors including the leasing of low-priced sublease space.

To read the full story, click here

Historic Front Street Retail Spaces Hits Market

BY AL BARBARINO

The Durst Organization is marketing four vacant retail spaces at its Historic Front Street property, which will be rebuilt in the wake of the devastation caused by Hurricane Sandy.

The retail spaces were gutted after floods over seven feet high ravaged the spaces during the storm, according to Real Estate Weekly, which reported last week that Peter Braus of Lee and Associates NYC was hired to handle the lease negotiations. The four spaces, between 800 to approximately 1,500 square feet, will be marketed to smaller tenants.

“We’re looking for the jewelry store, the wine bar,” Mr. Braus told REW. “We’re looking for cool, interesting, eclectic tenants who would be able to sort of generate their own customers. We’re not looking for a 7-Eleven or a yogurt shop.”

To read the full story, click here

Landmarked Buildings At Center of UES Feud

BY BILLY GRAY

An Upper East Side landlord seeking to demolish two landmarked buildings under a hardship application claiming that the properties cannot fetch rents of $600 a month is gearing up for a fight with Friends of the Upper East Side Historic District.

A hearing today before the Landmarks Preservation Commission could end the dispute between Stahl York Avenue and the neighborhood preservation group.

FRIENDS UESHD has prepared an exhaustive rebuttal to Stahl’s claims that 429 East 64th Street and 430 East 65th Street qualify for the hardship provision, which allows the demolition of landmark buildings in the cases of true economic distress. A FRIENDS-prepared statement says the owner submitted an application to the LPC claiming the properties do not generate a 6 percent profit and that, following a $4 million renovation, Stahl would not be able to charge average rents of $600 a month at the buildings. Together, the properties hold 190 units, many of them currently occupied by an aged, low-to-moderate income tenancy.

To read the full story, click here

Tuesday's Must-Attend Real Estate Events

BY MICHAEL EWING

The Real Estate Board of New York’s retail committee will present its “Deal of the Year” awards at its cocktail reception at the 101 Club.
REBNY: Retail Deal of the Year Cocktail Party, 101 Club, 101 Park Avenue, 5:30-7:30pm; contact Desiree Jones at djones@rebny.com for more information.

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