Subletting vs. Assigning for Commercial Tenants: Which to Choose When You Want to Get Out of Your Lease
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. Tenants of commercial or residential spaces…
The Most Expensive U.S. Office Space Submarkets In 2019
Key Takeaways California home to 36 of 100 most expensive U.S. office submarkets in 2019 New York’s Plaza District, Gramercy Park and Chelsea all in top 10 Mountain View’s Shoreline takes most expensive submarket in 2019 with average sale price per square foot of $1,554 compared to $233 national average The U.S. commercial real estate…
3 Tips for a Great CRE Listing
Presentation is everything and appearances count. This is especially true within the real estate industry; you can be the best commercial real estate (CRE) broker in town, but if you don’t properly present your CRE listing in an eye-catching, appealing manner, then you’ll have a hard time selling any property. In particular, you need three…
New York Broker Fees: Legal or Banned?
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. February will certainly be memorable for…
2019 Annual Multifamily Report: NYC Sales Volume Down 41%, Unit Volume Halved
Key Takeaways: Multifamily sales volume dives 41% Y-o-Y across the four boroughs. Manhattan prices accelerate; price per unit up 22% Y-o-Y. Queens loses 60% of its sales volume Y-o-Y after strong 2018. Bronx sales activity down 37%, inking a mere 155 deals. Brooklyn sales volume halved, transactional activity down 32% Y-o-Y. As a blue wave…
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…
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…
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…
Top Tech Companies Taking Manhattan Office Space in 2019
Tech companies are seemingly everywhere gobbling up major chunks of office space, especially in NYC’s most densely populated borough, Manhattan. Some of the companies making the largest impact are Amazon, Google, Facebook, Adobe, and LinkedIn. Amazon In February, Amazon walked away from plans to build its second corporate headquarters in Long Island City, Queens. The…
Top 5 US Cities for Self-Storage Facility Construction Right Now
The self-storage industry has been experiencing declining street rates in recent times, but there remains an enthusiasm for building storage facilities. With investors still seeing the industry as a good and stable option, it is therefore not surprising that in some parts of the country there are many self-storage projects in the pipeline, either in the construction or the planning…
Yardi Matrix Special Report: Coworking Grows Steadily, NYC Leads the Way
In October, Yardi Matrix released its latest special report, “Shared Space: Coworking’s Rapid Growth Set to be Tested.” According to the findings, the coworking segment continued its growth in 2019, despite industry headlines being dominated by the struggles of The We Company. However, this rapid expansion is set to be put to the test in…
Three NYC Coworking Spaces with 24/7 Access
The growth that coworking space has seen in recent years goes hand-in-hand with the expansion of the gig economy. However, a coworking space needs to have the proper tools in order to provide service around the clock. For example, Yardi Kube — the most powerful coworking management software on the market — offers features such as automated…
San Francisco and Bay Area Office Report Q3 2019: Sales Volumes Set Multi-Year Highs As Lease Rates Rise
Key Takeaways: 18 major office projects were completed in Q3 with 15 more expected by year-end Sales volume sets a 5-year record at nearly $2.7 billion in San Francisco Sales volume in the Bay Area set a multi-year high of more than $2.9 billion Lease rates continue trending upward with trophy vacancies in San Francisco…
New York Apartment Construction Drops for the Second Year in a Row
Key Takeaways: New apartment deliveries down 8% Y-O-Y nationally; New NYC apartment deliveries down 33% Y-O-Y; Bushwick home to 8% of new apartment supply in NYC; 2019 marks the second year in a row in which apartment construction declines in New York metro. After 2018 saw the number of projected new apartments fall from…
Cove Property Group’s Hudson Commons Gets $724M Refi from Blackstone
On Monday, Cove Property Group announced the closing of a $724.2 million financing from Blackstone Mortgage Trust for Hudson Commons, its trophy office redevelopment located in Manhattan’s Hudson Yards. An Eastdil Secured team led by Grant Frankel, Phil McKnight and Ethan Pond represented Cove in the deal. “We are thrilled to provide senior mortgage financing…
Manhattan Office Report Q3 2019: Price per Square Foot Reaches $1,676, Trophy Leases Surge
Key Takeaways Wafra flips the Coca-Cola Office Building and nets $30 million in less than 30 days Class A+ office rents in Manhattan surge 9.5% month-over-month Office sales prices reach a four-year high of $1,676 per square foot 3 million square feet of new office inventory set to hit the market by year-end Most signs…
Facebook Officially Signs Lease for 1.5M SF at Hudson Yards
Facebook has officially signed a lease for over 1.5 million square feet of Manhattan office space at Hudson Yards, after months of rumors about the company’s interest in the location. The tech behemoth will be taking over 30 floors in three of the Hudson Yards buildings, developers Related Cos. and Oxford Properties Group announced last…
Multifamily Sales Volume Declines City-Wide, But Gains 26% Y-o-Y in Brooklyn
Key Takeaways: City-wide multifamily sales volume down 60% Y-o-Y. Brooklyn sales volume climbs 26% Y-o-Y. NYC price per unit gains 26% over year-ago figures. Top multifamily sale in Manhattan fetches $53 million. YTD unit volume drops 65% in Queens. Sales activity down 60% in the Bronx. As New York City’s commercial real estate market adjusts…
Want to stay on top of the real estate market?
Access comprehensive property data and ownership information with intuitive research tools.