The long Thanksgiving weekend promises to be slow in and around City Hall. That will give Mayor-elect Bill de Blasio a chance to catch up on some reading and perhaps reflect on the changes he has promised to bring to post-Bloomberg New York. We’d recommend that he consult a new study conducted by Cushman & Wakefield’s capital markets group—it shows that, for the third straight year, New York is home to the world’s largest real estate market.
Sahara India Pariwar is looking to put a lid on reports that it intends to sell The Plaza Hotel, Dream Downtown and the Grosvenor House in London.
Multiple overseas publications, including India’s DealCurry, reported that the assets were up for sale earlier this month, and later the New York Post reported Read More
Fifth Avenue again lost out to Hong Kong’s Causeway Bay in a ranking of the world’s priciest retail locations, according to a report released today by the retail research division of Cushman & Wakefield.
The 25th annual edition of the Main Streets Across the World ranking found a 14.7 percent growth in rental values–to an average $3,017 per square foot–along Causeway Bay, with Fifth Avenue trailing at an average $2,500 a foot. That figure was right on par with last year’s. Paris’s Champs Elysées rounded out the top three at $1,601 a foot rental value, an impressive 38.5% surge from last year for the tourist mecca, which has recently been trying to restore some of its long-vanished class and exclusivity.
Burberry. Salvatore Ferragamo. Ermenegildo Zegna. Michael Kors. Scoop. Hermes. Judith & Charles. Calypso St. Barth.
It’s an impressive list of retailers. What’s more striking is that Brookfield Office Properties cut deals with all of them this year, and they’ll be sharing a home at the revamped Brookfield Place beginning next year, forming an unprecedented shopping Read More
With the net-lease at 35 Union Square West expiring, the building’s ownership recognized an opportunity to capitalize on the increasing popularity of the Union Square area and increase rents. The development spells doom for the original location of Heartland Brewery, which will vacate its space by year’s end. The 10,200-square-foot space is being marketed by Cushman & Wakefield to a variety of potential tenants, including restaurants and retailers, and, with limited availability, the prime address is sure to get its fair share of interest.
Spread across a 4,000-square-foot ground floor, 2,200-square-foot mezzanine and 4,000-square-foot basement, the space offers a number of different layout possibilities for potential tenants.
Joanne Podell and Brandon Singer of Cushman & Wakefield spoke to The Commercial Observer last week about the space and why it’s such a unique opportunity. “There is very limited availability in Union Square, which speaks to the health of the market,” Ms. Podell noted.
Just months after taking over 120,000 square feet Downtown at 222 Broadway, WeWork is reportedly taking another 86,000 square feet down the street in a 20-year lease at 25 Broadway.
After a one-year period of free rent, the collaborative work space provider will begin paying in the low-$30s per square foot for the 9th and Read More
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
Shortly after a Chinese business tapped Studley’s newly opened Shanghai office to help it expand beyond the city and country and procure space in New York earlier this year, Yin Li, head of the brokerage firm’s China operations, hit a roadblock.
In line with standards in China, Ms. Li’s client was looking to sign a short-term two- or three-year lease, which New York landlords were reluctant to accommodate. Instead, Ms. Li convinced her client to seek out an alternative—a sublease deal.
Cushman & Wakefield duo Harry Blair and Sean Kearns have been named the exclusive leasing and managing agents for 501 Seventh Avenue, the W&H Properties-owned 18-story office building in the thick of the Midtown South market, it was announced in a press release today.
Demand for space at 40 Wall Street continues to grow with news yesterday that the Trump Organization-owned building’s leasing agency signed financial advisory group PFM Management to a ten-year lease on the 49th floor of the office tower.
Public Financial Management, which does business as PFM Asset Management, is taking 9,263 square feet of turnkey space on the entire 49th floor of 40 Wall Street, brokers involved with the transaction exclusively told The Commercial Observer yesterday. Asking rents were in the low $40s.