Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019
Manhattan office sales dropped 12% year-over-year (Y-o-Y), with total volume dipping under $2.8 billion. Quarter-over-quarter, Manhattan sales decreased by more than $1 billion, despite gaining traction in Q3. Highlights: Year-over-year, the average price per square foot increased to $875. About 3.3 million square feet of office space was traded in Q4 2019, down 17% compared…
2019 Annual Foreclosure Report: NYC Foreclosures Dip 6% Y-o-Y, Manhattan Cases Surge 39%
Key Takeaways: Foreclosure activity increased in just one borough, with Manhattan surging 39%. Y-o-Y NYC foreclosures dipped 6%, while pre-foreclosures slid 7%. Bronx undergoes steepest drop in first-time foreclosures – down 21% Y-o-Y. Queens logs most foreclosures with 1,164 unique cases. Staten Island foreclosures remain relatively flat, yet still 313% above 2014 levels. Brooklyn’s 11236…
Legal Dangers of Misrepresentation by Brokers
NYC-based boutique law firm Pardalis & Nohavicka brings the latest legal updates from the world of real estate to PropertyShark. Pardalis & Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions, currently litigating and representing clients throughout the United States and around the world. Selling a home is similar to…
Canvas by Industrious Coming to Carnegie Hall Tower in 2020
At the end of January, Industrious announced its second new coworking space in Manhattan so far this year. The company will bring flexible workspace to the iconic Carnegie Hall Tower on West 57th Street. Through a management agreement with TF Cornerstone, Industrious will operate more than 17,000 square feet in the building under its signature…
The New York City Ultra-Luxury Residential Report
Key Takeaways: June sales activity surged 185% month-over-month, inking 262 deals above $5 million. H2 2019 recorded lower transactional activity than the single month of June, as the new mansion tax took hold. TriBeCa was the #1 neighborhood for ultra-luxury sales, claiming 14% of all NYC deals. Central Park South was the most expensive neighborhood…
Lead Generation for Commercial Real Estate Brokers
As a CRE broker, your mission is to assist people in selling, leasing, buying, and investing in commercial real estate. But even if you’re highly skilled in this domain, you still have to master one additional technique in order to be truly successful: lead generation. This clever marketing strategy helps you find new customers, build…
Cushman & Wakefield Brokers New Jersey Sublease Expansion
Cushman & Wakefield announced it brokered an expanded sublease with a multinational IT company for 56,530 feet of office space in New Jersey. The tenant is set to occupy the entire first floor of the two-story property at 12 Vreeland Road in Florham Park. The new sublease agreement adds 29,974 square feet of office space…
National Average Rent Decreased in December, Starts New Year at $1,474
Renters are less likely to look for new apartments during the colder months and before the holidays. As such, the cold season usually brings a slowdown in rent growth. Accordingly, the U.S. average rent declined in two consecutive months at the end of 2019, dipping to $1,474. Specifically, rates went down by 0.1% in both…
Buyer’s Broker Agreements
NYC-based boutique law firm Pardalis & Nohavicka brings the latest legal updates from the world of real estate to PropertyShark. Pardalis & Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions, currently litigating and representing clients throughout the United States and around the world. When looking for the perfect property…
CRE Pros’ Predictions for 2020: Development in Brooklyn & Queens, Hudson Yards Takes Spotlight
Last year was great for markets all around the world. Although the trade war and tensions in the Middle East may have put a bit of a damper on stocks, real estate prices continue to reach all-time highs. We surveyed New York City’s commercial real estate (CRE) professionals to determine how 2020 might look after…
JLL Sells Bruckner Building in the Bronx for $65 Million
ZG Capital Partners acquired the commercial loft building in the Bronx for $65 million from a partnership between Savanna and Hornig Capital Partners. The 188,000-square-foot waterfront building is located at 2417 Third Avenue in Mott Haven. JLL represented the seller. The eight-story Bruckner Building was built in 1928. It underwent a comprehensive renovation in 2016,…
If Glass Facades are Out, What Will NYC Skyscrapers Use?
Building designs change rapidly, with materials going in and out of fashion all the time. However, glass has been a steady favorite for facades due to its elegance and low cost. But, comments late last year by New York City Mayor Bill De Blasio regarding the banning of “glass and steel skyscrapers” have sparked conversations…
At Almost $4 Million,Hudson Yards Surpasses Tribeca As NYC’s Priciest Neighborhood
Hudson Yards’ nearly $4 million price put Tribeca squarely in second place. pushing SoHo to third.
Legal Agreements to Protect Landlords
NYC-based boutique law firm Pardalis & Nohavicka brings the latest legal updates from the world of real estate to PropertyShark. Pardalis & Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions, currently litigating and representing clients throughout the United States and around the world. When a landlord looks to make…
Top 50 Most Expensive Zip Codes in New England
Key Takeaways: After releasing our traditional year-end report of the 100 most expensive zip codes in the U.S., we were curious about the 50 priciest New England zip codes in 2019. After all, the region placed seven zip codes among the 100 most expensive in the U.S. – including 02199 in Boston, the #6 most expensive zip code…
Central Business Districts vs. Urban vs. Suburban: Breaking Down 10 Years of Office Expansion in the US
Between 2008 and 2018, the U.S. expanded its office footprint by 682 million square feet, 370 million of which have been added in the top 20 markets. Using data from Yardi Matrix, a recent COMMERCIALCafé study looked closely at where this space was added—urban areas, suburban areas or central business districts (CBDs). The findings highlight…
New York: The Most Popular Place to Live for Baby Boomers
While the suburbs are usually known for their family-friendly environment, they are not the preferred living option for Baby Boomers. In fact, according to a study by RENTCafé, New York challenges sunny locations for the title of the most popular place to live for Baby Boomers. Reviewing the zip codes with the largest Baby Boomer…
Four California Cities Have Some of the Highest Shares of Renters Over 60 in the Top 30 Largest U.S. Cities
While many seniors still choose to own a home rather than rent it, there are still some who find renting the more comfortable option. A study by RENTCafé shows that renter households over 60 have increased considerably between 2007 and 2017, outpacing owner households and rising faster than other age groups. Specifically, among the top…
What are Office Building Classes?
Office building classes help commercial real estate investors, tenants, and brokers compare properties in the same market, which helps justify asking rents and asset pricing. Office buildings may be classified as Class A, Class B, or Class C. In addition, investment, institutional and speculative are three designations used when comparing office buildings among several metropolitan…
Working from Home or Staying in the Office?
With email and chat, video conferences and whiteboards, a growing freelance workforce, and countless cloud-based collaboration tools, it’s easy to conclude that working from home leads to higher productivity. But, is this really the case? If working from home is more productive, then why don’t companies just get rid of their office spaces and save…
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