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.
- According to Steve Cuomo of the New York Post the commercial office market in Manhattan is doing just fine after all. While a vacancy rate of 11.5% in New York City seems high its well below the national average of 15% as well as Chicago at 16.2% and Washington DC at 14.5%. 2010 leasing is well above 2009’s numbers and the 4.4 million square feet leased in March and April represents the largest two month figure since June and July 2007 in the height of the market peak. The New York Post
- Denmark’s largest bank, Dnaske, has returned to New York City after a multi-year hiatus from the Big Apple. The bank recently signed a new 10 year lease for 8,700 square feet of space at 280 Park Avenue in Midtown. Both Danske and landlord Broadway Partners were represented by CB Richard Ellis on the deal. The Commercial Observer
- Retail giant Sephora has just signed a new lease for 4,500 square feet in the Meatpacking District. The space is at 21-27 9th avenue at the corner of 13th street. Sephora plans on opening a boutique version of their popular flagship store in the trendy space which asked for over $400 per square foot. The New York Post
- Modeling agency Ford Models has taken the top three floors of office space at 57 West 57th at the corner of 6th Avenue in Midtown. The agency is taking a total of 11,239 square feet of space which includes wrap around terraces perfect for photo shoots or hosting events. Christel Engel of First Service Williams represented the landlord while Colliers represented Ford Models in the deal. The Real Deal
- Landlord Zar Properties has signed two new tenants to its Soho buildings at 42 Greene Street and 64 Wooster Street. Hair stylist Kelly Van Gogh took the space at 42 Greene Street. They were represented by Tungsten Properties for the 5 year deal for 1,600 square feet. Jean Bourget Inc, a French fashion designer, took 1,500 square feet at 64 Wooster street with the intent of creating a showroom for children’s clothing. Zar Properties was represented in house by David Zar on both deals. The Commercial Observer