The Dragon Speaks tries to keep you up to date on the Manhattan commercial real estate scene. From office space news to commercial real estate trends; leases, developments and everything in between. In case you missed them, here are some recent real estate news stories worth checking out about New York City.
- The New York Times reports that the Garment District is becoming more theatre and arts and less garment. While clothing factories are moving out theatres and performing arts centers are moving in to the district which boasts some of the lowest asking rates in Manhattan.NY Times
- Manhattan’s hotel market continues to stay weak entering 2010 reports the Real Deal. Average rates per night have dropped 8% for January 2010 compared to January 2009 and now come in at a modest, well for New York City, $192/room. The Real Deal
- 340 Madison Avenue is expected to become one of few buildings to earn a profit for recent owners. The 750,000 square foot office tower was purchased in 2006 by Broadway Partners and is expecting to produce a 6% return in 2010. The office building stands in Midtown East just above 43rd street and is leased commercially by CB Richard Ellis. NY Post
- Stamford area commercial firm Rhys Commercial will be opening its first office in New York in the next few months. The 20 person firm will be expanding into Manhattan and eventually New Jersey as well. The Real Deal
- Heritage Auction Galleries, based in Dallas Texas, has successfully bid for the retail space at 445 Park Avenue here in New York City. Heritage is the world’s largest collectibles auctioneer and holds live and online auctions for all types of memorabilia. The Commercial Observer