The document is a map of Manhattan highlighting various office districts and neighborhoods. It shows the layout and boundaries of key commercial areas like Midtown East, Midtown West, Downtown, Soho, Tribeca, and others. Landmarks like Central Park, Broadway, and avenues are also indicated on the map. The map provides an overview of the geography of Manhattan's office markets.
2. HUDSON
RIVER
EAST
RIVER
PLAZAPLAZA
DISTRICTDISTRICT
PLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZAPLAZA
DISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICT
MIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WESTMIDTOWN WEST
MIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EASTMIDTOWN EAST
GRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRALGRAND CENTRAL
TIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARETIMES SQUARE
CITY HALLCITY HALLCITY HALL
| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT
CITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALLCITY HALL
| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT| INSURANCE DISTRICT
WORLDWORLDWORLD
TRADETRADE
CENTERCENTER
WORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLDWORLD
TRADETRADETRADETRADETRADETRADETRADETRADETRADETRADE
CENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTER
FINANCIAL
DISTRICTDISTRICTDISTRICT
FINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIALFINANCIAL
DISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICTDISTRICT
ROCKEFELLERROCKEFELLER
CENTERCENTER
ROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLERROCKEFELLER
CENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTERCENTER
PENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICTPENN STATION | GARMENT DISTRICT
CHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEACHELSEA
MURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILLMURRAY HILL
GRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRONGRAMERCY | FLATIRON
SOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHOSOHO | NOHO
HUDSON SQ.HUDSON SQ.
| TRIBECA| TRIBECA| TRIBECA
HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.HUDSON SQ.
| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA| TRIBECA
FDRDRIVEFDRDRIVE
WESTSIDEHIGHWAYWESTSIDEHIGHWAY
12THAVE
12THAVE
111THAVE1THAVE
WESTST
WESTST
FDRDRIVEFDRDRIVE
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICAS
AVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICAS
8THAVE8THAVE8THAVE8THAVE
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAY
BROADWAYBROADWAYBROADWAYBROADWAYBROADWAY
HUDSONST
HUDSONST
HUDSONST
HUDSONST
HUDSONST
HUDSONST
HUDSONST
VARICKST
VARICKST
VARICKST
VARICKST
VARICKST
VARICKST
BROADWAYBROADWAYBROADWAYBROADWAYBROADWAY
WBROADWAYWBROADWAYWBROADWAYWBROADWAYWBROADWAY
BROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAYBROADWAY
TRINITYPLTRINITYPLTRINITYPLTRINITYPL
WILLIAMSTWILLIAMSTWILLIAMSTWILLIAMSTWILLIAMST
GOLDST
GOLDST
GOLDST
GOLDST
WATERST
WATERST
WATERST
WATERST
WATERST
WATERST
8THAVE8THAVE8THAVE8THAVE
110THAVE0THAVE0THAVE0THAVE1110THAVE0THAVE0THAVE0THAVE0THAVE
CENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWEST
CENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTHCENTRAL PARK SOUTH
AVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICASAVENUEOFTHEAMERICAS
5THAVE5THAVE5THAVE5THAVE5THAVE
1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE1STAVE
AVEAAVEAAVEAAVEA
ALLENSTALLENSTALLENSTALLENSTALLENST
BOWERY
BOWERY
BOWERY
BOWERY
DELANCEY ST
DELANCEY ST
DELANCEY ST
DELANCEY ST
DELANCEY ST
DELANCEY ST
DELANCEY ST
DELANCEY ST
E HOUSTON ST
E HOUSTON ST
E HOUSTON ST
E HOUSTON ST
E HOUSTON ST
E HOUSTON ST
W HOUSTON STW HOUSTON STW HOUSTON STW HOUSTON STW HOUSTON STW HOUSTON STW HOUSTON ST
W HOUSTON ST
W HOUSTON ST
W HOUSTON ST
W HOUSTON ST
W HOUSTON ST
W HOUSTON ST
GANESEVOORT ST
GANESEVOORT ST
GANESEVOORT ST
GANESEVOORT ST
GANESEVOORT ST
GANESEVOORT ST
GANESEVOORT ST
W 4TH STW 4TH STW 4TH STW 4TH ST E 4TH STE 4TH STE 4TH ST
CHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS STCHAMBERS ST
VESEY STVESEY STVESEY ST
VESEY STVESEY STVESEY STVESEY STVESEY ST
PARK PLPARK PLPARK PL
WORTH STWORTH STWORTH STWORTH STWORTH ST
FRANKLIN ST
FRANKLIN ST
FRANKLIN ST
FRANKLIN ST
FRANKLIN ST
WALL STWALL STWALL STWALL ST
BATTERY
BATTERY
BATTERY
BATTERY
BATTERY
BATTERY
PLPL
BEAVER ST
BEAVER ST
BEAVER ST
BEAVER ST
BEAVER ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
CANAL ST
PARK
ROW
PARK
ROW
PARK
ROW
PARK
ROW
PARK
ROW
PARK
ROW
PARK
ROW
PARK
ROW
CENTRESTCENTRESTCENTRESTCENTREST
5THAVE5THAVE5THAVE5THAVE5THAVE
LEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVELEXINGTONAVE
5THAVE5THAVE5THAVE5THAVE5THAVE
W 14TH STW 14TH STW 14TH STW 14TH STW 14TH ST
W 23RD STW 23RD STW 23RD ST E 23RD STE 23RD STE 23RD STE 23RD ST
W 34TH STW 34TH STW 34TH ST E 34TH STE 34TH STE 34TH ST
W 42ND STW 42ND STW 42ND ST E 42ND STE 42ND STE 42ND STE 42ND STE 42ND ST
W 47TH STW 47TH STW 47TH ST E 47TH STE 47TH STE 47TH STE 47TH STE 47TH STE 47TH STE 47TH ST
W 57TH STW 57TH STW 57TH ST E 57TH STE 57TH STE 57TH ST
E 14TH STE 14TH STE 14TH STE 14TH STE 14TH STE 14TH STE 14TH STE 14TH ST
CENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWESTCENTRALPARKWEST
W 65TH STW 65TH STW 65TH STW 65TH STW 65TH STW 65TH STW 65TH ST E 65TH STE 65TH STE 65TH STE 65TH STE 65TH ST
LEE NYC
MANHATTAN
TREND TRACKER
3Q2015
MANHATTAN TREND TRACKER 3RD QUARTER 20152
SUBMARKETS
MIDTOWN
MIDTOWN SOUTH
DOWNTOWN
LEE & ASSOCIATES NYC
3. MARKET SUMMARY
MANHATTAN TREND TRACKER 3RD QUARTER 20153 LEE & ASSOCIATES NYC
LEE NYC
MANHATTAN
TREND TRACKER
3Q2015
Market
Inventory
(MSF)
Available
Total
(SF)
Total
Vacancy
Rate
(%)
Total
Availability
Rate
(%)
Total
Net
Absorption
(SF)
Under
Construction
(SF)
Direct
Asking
Rent
($PSF)
Sublease
Asking
Rent
($PSF)
Overall
Asking
Rent
($PSF)
Midtown 223 24,659,164 7.8% 11.0% -68,734 670,000 $81.94 $64.02 $79.37
Grand Central 71 9,852,620 9.6% 13.8% 230,512 - $73.80 $58.93 $72.28
Midtown East 25 1,523,880 4.3% 6.0% -67,592 - $71.73 $60.10 $70.07
Midtown West 20 1,532,409 5.6% 7.5% 72,752 - $74.40 $50.35 $71.90
Plaza District 39 3,934,705 7.6% 10.1% 165,474 670,000 $114.15 $73.16 $107.61
Rockefeller Plaza 30 2,247,312 6.0% 7.5% 46,450 - $82.31 $49.82 $75.89
Times Square 38 5,568,238 9.7% 14.7% -516,330 - $75.10 $73.05 $74.65
Midtown South 149 13,029,989 5.9% 8.7% 97,570 6,661,751 $68.95 $52.97 $65.64
Chelsea 18 980,899 3.7% 5.4% -68,170 85,202 $57.05 $56.61 $56.97
Gramercy | Flatiron 30 2,429,876 5.7% 8.1% 93,893 - $74.98 $61.04 $72.25
Hudson Square | Tribeca 21 2,488,053 9.7% 11.4% -375,235 120,413 $73.64 $51.71 $71.62
Murray Hill 13 1,070,943 4.3% 8.3% 85,536 - $64.43 $48.35 $60.78
Penn Station-Garment 54 5,045,821 6.1% 9.4% 224,054 6,456,136 $66.59 $49.96 $62.45
SoHo | NoHo 13 1,014,397 3.7% 8.1% 137,492 - $75.36 $57.10 $71.05
Downtown 107 12,957,608 11.0% 12.1% 348,253 2,861,402 $61.10 $45.49 $59.32
City Hall | Insurance Dist. 28 1,707,925 4.6% 6.1% -35,519 - $50.51 $39.64 $49.68
Financial District 44 5,865,575 10.9% 13.2% 440,736 - $55.20 $43.36 $53.35
World Trade Center 35 5,384,108 16.4% 15.6% -56,964 2,861,402 $67.87 $50.95 $66.64
Manhattan 479 50,646,761 8.0% 10.6% 310,709 10,193,153 $73.28 $56.66 $70.76
2015 | 3Q Manhattan Office
Commenced with report, 1Q 2015, Lee & Associates utilizes new metric methods from its prior reporting methods. Lee & Associates Office Metrics are based on
office buildings with a minimum rentable building area of 100,000 square feet, with the exception in the submarket of Soho/Noho, which uses metrics based on
office buildings with a minimum rentable building area of 50,000 square feet. Lee & Associates Office Metrics comprise data representing existing office buildings for
Classes A, B and C. Since new metric methods have been applied, the correlation of data for this report (and all reports since 1Q 2015) will have no bearing over the
reports previously published by Lee & Associates (prior to 1Q 2015).
1. Under Construction only includes buildings with expected deliveries, with a primary office use and over 50,000 square feet. Buildings under construction that
include office as a secondary or tertiary use are excluded. All proposed new construction buildings were excluded.
2. All rent figures are based on market and submarket weighted averages. Overall Asking Rents take Direct and Sublease rents into account.
Lee & Associates NYC accepts no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be
placed on the information contained in this document.
Market
Inventory
(MSF)
Available
Total
(SF)
Total
Vacancy
Rate
(%)
Total
Availability
Rate
(%)
Total
Net
Absorption
(SF)
Under
Construction
(SF)
Direct
Asking
Rent
($PSF)
Sublease
Asking
Rent
($PSF)
Overall
Asking
Rent
($PSF)
Midtown 223 24,659,164 7.8% 11.0% -68,734 670,000 $81.94 $64.02 $79.37
Grand Central 71 9,852,620 9.6% 13.8% 230,512 - $73.80 $58.93 $72.28
Midtown East 25 1,523,880 4.3% 6.0% -67,592 - $71.73 $60.10 $70.07
Midtown West 20 1,532,409 5.6% 7.5% 72,752 - $74.40 $50.35 $71.90
Plaza District 39 3,934,705 7.6% 10.1% 165,474 670,000 $114.15 $73.16 $107.61
Rockefeller Plaza 30 2,247,312 6.0% 7.5% 46,450 - $82.31 $49.82 $75.89
Times Square 38 5,568,238 9.7% 14.7% -516,330 - $75.10 $73.05 $74.65
Midtown South 149 13,029,989 5.9% 8.7% 97,570 6,661,751 $68.95 $52.97 $65.64
Chelsea 18 980,899 3.7% 5.4% -68,170 85,202 $57.05 $56.61 $56.97
Gramercy | Flatiron 30 2,429,876 5.7% 8.1% 93,893 - $74.98 $61.04 $72.25
Hudson Square | Tribeca 21 2,488,053 9.7% 11.4% -375,235 120,413 $73.64 $51.71 $71.62
Murray Hill 13 1,070,943 4.3% 8.3% 85,536 - $64.43 $48.35 $60.78
Penn Station-Garment 54 5,045,821 6.1% 9.4% 224,054 6,456,136 $66.59 $49.96 $62.45
SoHo | NoHo 13 1,014,397 3.7% 8.1% 137,492 - $75.36 $57.10 $71.05
Downtown 107 12,957,608 11.0% 12.1% 348,253 2,861,402 $61.10 $45.49 $59.32
City Hall | Insurance Dist. 28 1,707,925 4.6% 6.1% -35,519 - $50.51 $39.64 $49.68
Financial District 44 5,865,575 10.9% 13.2% 440,736 - $55.20 $43.36 $53.35
World Trade Center 35 5,384,108 16.4% 15.6% -56,964 2,861,402 $67.87 $50.95 $66.64
Manhattan 479 50,646,761 8.0% 10.6% 310,709 10,193,153 $73.28 $56.66 $70.76
2015 | 3Q Manhattan Office
Commenced with report, 1Q 2015, Lee & Associates utilizes new metric methods from its prior reporting methods. Lee & Associates Office Metrics are based on
office buildings with a minimum rentable building area of 100,000 square feet, with the exception in the submarket of Soho/Noho, which uses metrics based on
office buildings with a minimum rentable building area of 50,000 square feet. Lee & Associates Office Metrics comprise data representing existing office buildings for
Classes A, B and C. Since new metric methods have been applied, the correlation of data for this report (and all reports since 1Q 2015) will have no bearing over the
reports previously published by Lee & Associates (prior to 1Q 2015).
1. Under Construction only includes buildings with expected deliveries, with a primary office use and over 50,000 square feet. Buildings under construction that
include office as a secondary or tertiary use are excluded. All proposed new construction buildings were excluded.
2. All rent figures are based on market and submarket weighted averages. Overall Asking Rents take Direct and Sublease rents into account.
Lee & Associates NYC accepts no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be
placed on the information contained in this document.
4. Midtown remained slightly stagnant since last quarter,
maintaining the current vacancy and availability rates at
7.8% and 11%. The market’s overall asking rent increased only
by $0.52. With asking rents for Class A space peaking in the
$100s, the market experienced a negative total net absorption
of 68,734 SF. Although Midtown continues to be strong, as it
has since pre-recession years sublet vacancy and availability
both decreased by 10 basis points, while sublet rents increased
close to $4 due to prime Class-A spaces. Nevertheless, there’s
still a wide difference in direct and sublease pricing in the luxury
market at near $18 per square foot.
Grand Central also had an increased overall asking rent of
only $0.49. Its vacancy rate continued to drop for the third
consecutive quarter by 170 basis points since Q4 2014.
Simultaneously in the same time frame, its availability rate
increased by 40 basis points and it continues to have a positive
net absorption of a collective 1,269,756 total for the past three
consecutive quarters. SL Green Realty retained Pandora Media
for the largest lease renewal and expansion in the submarket at
125 Park Avenue for $65-$70/rsf on 103,515 SF. Additionally the
city’s largest landlord and NYC REIT signed investment advisory
service PJT Partners at 280 Park Avenue for 42,849 SF. Clarion
Partners and Alchemy-ABR Investments purchased a leasehold
interest in 211 E 43rd St. for $99M. The Mt. Sinai Hospital sold
off a 44,779 SF office condo for $603 psf to Marcus & Pollack
LLP at 633 Third Avenue.
Vacancy in Midtown East (aka Plaza District East) increased
by 30 basis points, while availability remained steady with a
negative net absorption of 67,592. Leasing activity hasn’t been
this low since Q3 2014, with 284,786 SF leased this quarter
compared to last quarter with 729,731 SF. The sublease market
continued to tighten with a 30-basis point drop in availability and
a vacancy of only 0.3%. Direct asking rents increased by $0.98.
Rudin Management completed its renovations at 560 Lexington
Ave. Down the street at 570 Lexington, Strathspey Crown
Holdings signed a 10-year lease with the Feil Organization for
16,000 SF. Across the street at 575 Lexington, a divestment of
a 75% stake by Normandy RE and NY Life Insurance Co. was
picked up by George Comfort & Sons with Angelo, Gordon &
Co. for approximately $382.5M.
For the third consecutive quarter, availability in Midtown West
(aka Columbus Circle) dropped 60 basis points Q-to-Q.
Direct asking rents have increased by $0.85 from last quarter
and $2.70 since Q1. Sublet rents in the submarket increased
by $2 with availability spiraling down by 60 basis points and
vacancy by 30 basis points. The Hallmark Channel renewed
its lease at Paramount Group’s 1325 Avenue of the Americas
for approximately 25,000 SF with rents starting in the low $70s.
The Plaza District continued its strength with another quarter
decrease in vacancy and availability with a 20 basis point
drop. Overall asking rents increased again by $1.09. The office
luxury market’s leasing activity did, however, slow for the fourth
consecutive quarter, with leasing activity at 427,619 SF (a fifth of
which was in sublet deals). Berkley Insurance leased 18,214 SF
at the Seagram Building (375 Park Avenue) with rents starting
in the high $100s in a 10-year lease. Medallion Financial Corp.
renewed its lease at 437 Madison for 17,339 SF with rents
commencing in the high $90s per square foot.
Overall asking rents in the Rockefeller Plaza submarket
decreased by $2.73, even with availability down by 120 basis
points. The submarket had its fifth consecutive quarter of
positive net absorption with a collective total of 925,306. In one
of the more notable signings, the Japanese company Itocho
leased 44,100 SF at the Mitsui Building (1251 Avenue of the
Americas) in a 10-year deal.
Times Square direct rents edged up by $1.05 since last quarter,
while experiencing large increases in vacancy and availability,
by 130 and 50 basis points. For the fourth consecutive quarter
Times Square had a negative net absorption, although the
market remains heavily active in leasing activity. The NBA
Player’s Association leased 47,234 SF at Durst’s 1133 Avenue
of the Americas for rents commencing in the $70s in a 21-year
deal. Kamber Management also purchased Tower 45 (120 West
45th Street) for $365M from SL Green Realty.
LEE NYC
MANHATTAN
TREND TRACKER
3Q2015
MIDTOWN
MANHATTAN TREND TRACKER 3RD QUARTER 20154 LEE & ASSOCIATES NYC
6. MIDTOWN SOUTH
MANHATTAN TREND TRACKER 3RD QUARTER 20156
Midtown South continues to remain the strongest
Manhattan market, with low vacancy and availability
rates. Vacancy did increase by 10 basis points and availability
decreased by 20 basis points. Direct rents only increased by
$0.76. Total net absorption remained positive for two years
now. New construction remains a focal point with over six
million square feet under construction (mostly in the Hudson
Yards submarket). Overall asking rents increased in four of
the six submarkets.
Chelsea’s availability continued to decrease, down 40 basis
points since last quarter. Its vacancy rate increased 30 basis
points. The submarket remains steady, as it was last quarter,
with overall asking rents only increasing by $0.20. It experienced
a negative net absorption of 68,170 and leasing activity cut more
than half of what it was last quarter. Teknion Corp. renewed
its lease with SL Green Realty at 641 Avenue of the Americas
for 22,000 SF on a 10-year deal. Additionally, TAMI tenant Infor
took 21,981 SF at the same building. Vornado Realty Trust
acquired the Otis Elevator Building and its adjacent garage at
260 Eleventh Ave. for $110M on a 99-year ground lease.
The Gramercy and Flatiron submarket continued to tighten its
vacancy with a 1% decrease since Q1. Availability decreased by
70 basis points since last quarter, and is the lowest it’s been since
the beginning of 2013, at 7.5%. Overall asking rent increased
by slightly over $1. The submarket experienced a high leasing
activity of 1,581,390 SF year-to-date. Rockrose Development
Corp. signed the fantasy sport giant Fanduel to a 41,013 SF
lease at 300 Park Avenue South. The talent agency William
Morris Endeavor leased 33,000 SF for 15 years at the
Metropolitan Life Insurance Plaza (11 Madison Avenue), which
was recently acquired by SL Green Realty in a $2.285 billion deal.
Direct asking rents in Tribeca and Hudson Square have risen
$2.63 since last quarter. The submarket, however, drove
vacancy up by 190 basis points and a slight bump in availability
by 10 basis points. Its continued net absorption is still in the
negative, with 375,235 this quarter alone. With 120,413 SF under
construction at 860 Washington Street with Romanoff Equities
and Property Group Partners, the new Class A building will
soon be available for occupancy. Horizon Media expanded at
One Hudson Square with 34,412 SF. The San Francisco based
home furnishings retailer One Kings Lane leased 51,576 SF at
Jack Resnick & Sons’s 315 Hudson Street LaSalle Investment
Management acquired a 34,742 SF office penthouse condo at
99 Hudson Street for $1,400 per-square-foot.
Vacancy in Murray Hill decreased by 70 basis points to 4.3%,
while availability increased by 70 basis points. This is the third
consecutive quarter that availability has risen, going from 6.2%
end of 2014 to 8.3% Q3 2015. Overall, direct and sublet asking
rents have decreased. Overall asking rent have been lowered
by $1.38. Most notable leasing took place between Houghton
Mifflin Harcourt and Cohen Brothers Realty at 3 Park Ave. The
giant book publisher expanded by 40,343 SF for 10 years with
asking rents in the low $60s. It now has a combined 90,000 SF
on four floors.
The Penn Station-Garment District had a great quarter with
a decreased vacancy and availability, positive net absorption,
a high leasing activity and an increase in overall asking rents.
Vacancy is down by 40 basis points and availability by 20, with
a combined positive absorption of 467,829 for the past two
quarters and 907,921 SF of leasing activity. The submarket saw
a half-a-dollar increase in asking rents. LinkedIn is expanding
at the Empire State Building increasing its offices to cover
124,125 SF for ten years. The micro-market of Hudson Yards
finally had the breaking news of 10 Hudson Yards topping out.
VaynerMedia took space at the new Class A property with
88,091 SF on two floors. Vanbarton Group acquired 31 Penn
Plaza for close to $596 per square foot from Savanna.
SoHo and NoHo had a vacancy decrease of 70 basis points,
with vacancy down for the second consecutive quarter. The
submarket remains heavily active and hot among TAMI tenants,
driving direct asking prices by $8.32. The submarket continued
its positive net absorption for the seventh consecutive quarter.
LEE NYC
MANHATTAN
TREND TRACKER
3Q2015
LEE & ASSOCIATES NYC
8. DOWNTOWN
MANHATTAN TREND TRACKER 3RD QUARTER 20158
The Downtown market continued to improve this quarter
as it did last quarter, with both vacancy and availability
decreasing. Vacancy dropped to 11%, which is still high
compared to the Midtown and Midtown South markets.
Availability is down by a full 100 basis points since Q1. Overall
asking rents remained steady since Q1, hovering between
$59-$60 psf. We’ve witnessed another quarter of positive net
absorption. Downtown’s sublet vacancy continued to decrease
for the third consecutive quarter (0.4%), however subleases
accounted for 7% of completed transactions.
Asking rents in the City Hall and Insurance District have
increased. Direct asking rents increased by $1.24 and overall
asking rents by $0.77. The sublet market is only 0.2% of
inventory with average sublet rents down to $39.64. The market
experienced its first negative net absorption since Q3 2013, at
35,519; and total leasing activity was almost cut in half to below
100,000 SF. According to private sources, KBS Realty Advisors
and Savanna renewed FT Interactive Data for 44,500 SF in 110
William Street. Most of the transactions completed were below
10,000 SF; for example, Ebiquity Inc. took 7,564 SF for 10 years
at the same building.
The Financial District saw great improvement, with a 1%
decrease in vacancy, and a 90 basis point drop in availability,
continuing its positive net absorption from last quarter with a
collective absorption of 908,820 SF. This offset the negative
net absorption of 1.1M experienced in Q1. Leasing activity
increased close to 18% since last quarter. Direct asking rents
have increase $0.69 since Q1. The community development
group NFF (Nonprofit Finance Fund) signed a 15-year lease at
5 Hanover Square for 14,126 SF. Part of the move was strategic
in getting a cost-effective space, moving from Midtown.
Savanna sold its 480,000 SF office tower at 100 Wall Street
to the Cornerstone Group for $275M, or $573 per square foot.
The property was 97% leased at the time of the transaction.
Alphadyne Asset Management expanded its footprint at RFR
Realty’s 17 State Street to 29,386 SF. The most notable deal
of the quarter was between Fosun International and Ironshore
Holdings at 28 Liberty Street. Ironshore leased over 100,000 SF
comprising three floors in a 15-year deal.
The popularity of the World Trade Center and World Financial
Center remains high among tenants looking for a move from
Midtown or Midtown South. With average direct asking rents
hovering between $67 to $70 psf since Q1, the submarket
finally passed the 500,000 SF mark in leasing activity since Q3
2014 (existing buildings only). Experiencing its first negative net
absorption since Q2 2014, the market’s vacancy increased by
30 basis points. Its availability decreased to 15.6% from 16.5%,
Q-to-Q. Securities brokerage and financial services firm KCG
Holdings leased 169,000 SF in the World Financial Center (300
Vesey Street). The move highlights a growing firm relocating
from Jersey City to Downtown Manhattan. Fashion giant
Gucci signed a 15-year lease for 83,964 SF at 195 Broadway.
The asking rents were in the mid-$50s. The credit rating and
research company Moody’s leased 75,312 SF at One World
Trade Center. This makes One World Trade Center Moody’s
second office footprint in the WTC complex, with the first
located at 7 World Trade Center.
LEE NYC
MANHATTAN
TREND TRACKER
3Q2015
LEE & ASSOCIATES NYC
10. CONSTRUCTION
ACTIVITY
MANHATTAN TREND TRACKER 3RD QUARTER 201510
LEE NYC
MANHATTAN
TREND TRACKER
3Q2015
LEE & ASSOCIATES NYC
Est.
Delivery
2018
2019
2019
2016
2018
2018
2016
2015
2015
Completion
2016
2015
2016
2015
2017
2015
2015
2015
Under
Construction
Developer Square
Feet Class
Silverstein
Properties 2,861,402 A
Related
Companies 2,600,000 A
Brookfield
Properties 2,300,000 A
Related
Companies 1,725,250 A
Related
Companies 1,556,136 A
GreenOak
Real
Estate 670,000 A
Durst
Organization 204,950 A
Romanoff
Equities 120,413 A
Atlas
Capital
Group 85,202 B
Major
Renovations
Owner Square
Feet Class
Clarion
Partners 858,710 A
RXR
Realty 623,000 A
Rudin
Management 292,627 A
Waterbridge
Capital 138,000 B
Witkoff
Group 112,000 B
Edison
Properties 66,797 B
Edison
Properties 65,578 B
MRP
Realty,
Inc. 55,744 A
Pre-‐Construction
Phase
Sponsor Square
Feet Class
Brookfield
Properties 3,000,000 A
Silverstein
Properties 2,800,000 A
Related
Companies 2,300,000 A
Moinian
Group 1,869,500 A
SL
Green
Realty
Corp. 1,763,110 A
Tishman
Speyer 1,259,000 A
MADDD
Equities 415,000 A
Youngwoo
&
Associates 300,000 A
Albanese
Organization 170,000 A
Vornado
Realty
Trust 153,754 A
Savanna 128,367 A
Durst
Organization 112,552 A
Yeung
Real
Estate
Dev. 93,000 A
Joy
Construction
Corp. 90,505 B
Fisher
Brothers
Management 75,170 B
Minetta
Lane
Owners 60,000 A
Only
Properties
with
over
50,000
Square
Feet
are
listed.
2
Pike
Street SoHo
|
NoHo
122
West
3rd
Street SoHo
|
NoHo
55
Hudson
Yards Penn
Station-‐Garment
110
Wall
Street Financial
District
510
West
22nd
Street Chelsea
61
Ninth
Avenue
(Prince
Tower) Chelsea
330
East
62nd
Street Midtown
East
600
West
58th
Street Midtown
West
3
Hudson
Boulevard Penn
Station-‐Garment
One
Vanderbilt
Avenue Grand
Central
540
West
26th
Street Chelsea
435
Tenth
Avenue Penn
Station-‐Garment
451
Tenth
Avenue Penn
Station-‐Garment
57
Eleventh
Avenue
(Pier
57)
Chelsea
75
Rockefeller
Plaza Rockefeller
Plaza
125
West
25th
Street Chelsea
701
Seventh
Avenue Rockefeller
Plaza
430
West
15th
Street Chelsea
Office
Property Submarket
390
Madison
Avenue Grand
Central
855
Sixth
Avenue Penn
Station-‐Garment
860
Washington
Street
(Approaching
Completion) Hudson
Square
|
Tribeca
Office
Property Submarket
3
World
Trade
Center World
Trade
Center
10
Hudson
Yards
(Approaching
Completion) Penn
Station-‐Garment
30
Hudson
Yards Penn
Station-‐Garment
400
West
33rd
Street
(One
Manhattan
West)
(North
Tower) Penn
Station-‐Garment
425
Park
Avenue Plaza
District
315
East
46th
Street Midtown
East
45
West
27th
Street Gramercy
|
Flatiron
13-‐15
West
27th
Street Gramercy
|
Flatiron
133
West
52nd
Street Rockefeller
Plaza
2
World
Trade
Center World
Trade
Center
50
Hudson
Yards Penn
Station-‐Garment
Office
Property Submarket
400
West
33rd
Street
(One
Manhattan
West)
(South
Tower) Penn
Station-‐Garment
11. NOTABLE
INVESTMENT SALES
MANHATTAN TREND TRACKER 3RD QUARTER 201511
LEE NYC
MANHATTAN
TREND TRACKER
3Q2015
LEE & ASSOCIATES NYC
Office Property Submarket Class SF Buyer Seller Price $PSF
11 Madison Avenue
(MetLife Ins. Plaza)
Flatiron A 2,348,115 SL Green Realty
CIM Group
Sapir Organization
2,285,000,000$ $973
575 Lexington Avenue Midtown East A 739,040
Angelo, Gordon & Co.
George Comfort & Sons
NY Life Insurance Co.
Normandy Real Estate Fund III
$510,000,000 $690
163 Front Street
80 South Street
Insurance Dist. B/C 100,213 Oceanwide Holdings Co. Howard Hughes Corp. $390,000,000 $3,891
120 West 45th Street
(Tower 45)
Times Square A 458,446 Kamber Management Co. SL Green Realty $365,000,000 $796
51 Astor Place
(49.9% Interest)
NoHo A 400,000
FG Asset Management
Korean Teachers Credit Union
Rockwood Capital $299,400,000 $748
550 Washington Street
(St. John's Center)
Hudson Square B 1,294,802 Westbrook Partners Fortress Investment Group $287,500,000 $222
100 Wall Street Financial Dist. A 520,000 Cornerstone Real Estate Savanna $275,000,000 $528
132 West 31st Street
(31 Penn Plaza)
Penn Station B 444,676 Vanbarton Group Savanna $265,000,000 $595
370 Lexington Avenue Grand Central A 261,000 Unizo Holdings Company
Sherwood Equities
JPMorgan Asset Management
$247,000,000 $946
104-110 Greene Street
(90% Interest)
SoHo B 193,200 SL Green Realty Goldman Properties $229,500,000 $1,187
511 Fifth Avenue
(Leasehold)
Grand Central B 125,632
Aurora Capital
Wharton Properties
Kurt Schimmel $174,000,000 $1,385
18 West 33rd Street
20-28 West 33rd Street
Penn Station C 187,100 Carlyle Group Kamber Management Co. $111,000,000 $593
211 East 43rd Street
(Leasehold)
Grand Central C 211,000
Clarion Partners
Alchemy-ABR Invt. Partners
Meadow Partners $99,000,000 $469
260 Eleventh Avenue
(Otis Elevator Bldg)
Chelsea C 227,973 Vornado Realty Trust Gould Investors $80,000,000 $350
10 West 47th Street Grand Central B 71,738 Extell Development Kenart Realties Inc. $74,350,000 $1,036
88 University Place NoHo B 82,000 Elie Tahari Himmel + Meringoff Properties $70,000,000 $853
434 West 33rd Street
(Condo Unit)
Penn Station A 103,000 Brookfield Asset Management Planned Parenthood $69,600,000 $675
113 Spring Street SoHo B 18,550 Morgan Stanley (MSREI)
Sitt Asset Management
Centurion Realty
$68,000,000 $3,665
Selective Bulk Portfolio sales and condominium units are excluded.
Office Property Submarket Class SF Buyer Seller Price $PSF
11 Madison Avenue
(MetLife Ins. Plaza)
Flatiron A 2,348,115 SL Green Realty
CIM Group
Sapir Organization
2,285,000,000$ $973
575 Lexington Avenue Midtown East A 739,040
Angelo, Gordon & Co.
George Comfort & Sons
NY Life Insurance Co.
Normandy Real Estate Fund III
$510,000,000 $690
163 Front Street
80 South Street
Insurance Dist. B/C 100,213 Oceanwide Holdings Co. Howard Hughes Corp. $390,000,000 $3,891
120 West 45th Street
(Tower 45)
Times Square A 458,446 Kamber Management Co. SL Green Realty $365,000,000 $796
51 Astor Place
(49.9% Interest)
NoHo A 400,000
FG Asset Management
Korean Teachers Credit Union
Rockwood Capital $299,400,000 $748
550 Washington Street
(St. John's Center)
Hudson Square B 1,294,802 Westbrook Partners Fortress Investment Group $287,500,000 $222
100 Wall Street Financial Dist. A 520,000 Cornerstone Real Estate Savanna $275,000,000 $528
132 West 31st Street
(31 Penn Plaza)
Penn Station B 444,676 Vanbarton Group Savanna $265,000,000 $595
370 Lexington Avenue Grand Central A 261,000 Unizo Holdings Company
Sherwood Equities
JPMorgan Asset Management
$247,000,000 $946
104-110 Greene Street
(90% Interest)
SoHo B 193,200 SL Green Realty Goldman Properties $229,500,000 $1,187
511 Fifth Avenue
(Leasehold)
Grand Central B 125,632
Aurora Capital
Wharton Properties
Kurt Schimmel $174,000,000 $1,385
18 West 33rd Street
20-28 West 33rd Street
Penn Station C 187,100 Carlyle Group Kamber Management Co. $111,000,000 $593
211 East 43rd Street
(Leasehold)
Grand Central C 211,000
Clarion Partners
Alchemy-ABR Invt. Partners
Meadow Partners $99,000,000 $469
260 Eleventh Avenue
(Otis Elevator Bldg)
Chelsea C 227,973 Vornado Realty Trust Gould Investors $80,000,000 $350
10 West 47th Street Grand Central B 71,738 Extell Development Kenart Realties Inc. $74,350,000 $1,036
88 University Place NoHo B 82,000 Elie Tahari Himmel + Meringoff Properties $70,000,000 $853
434 West 33rd Street
(Condo Unit)
Penn Station A 103,000 Brookfield Asset Management Planned Parenthood $69,600,000 $675
113 Spring Street SoHo B 18,550 Morgan Stanley (MSREI)
Sitt Asset Management
Centurion Realty
$68,000,000 $3,665
Selective Bulk Portfolio sales and condominium units are excluded.
12. Lee & Associates NYC
600 Madison Avenue, Third Floor
New York, NY 10022 | 212.776.1200
www.leeassociatesnyc.com
James Wacht
President
212.776.1202
jwacht@lee-associates.com
Peter Braus
Managing Principal
212.776.1203
pbraus@lee-associates.com
Henry Abramov
Research Manager
habramov@lee-associates.com
With offices
across the nation, the
Lee & Associates ® group
of independently owned
and operated companies
is the largest provider of
regional commercial real estate
services in the United States and
the fourth-largest full-service
commercial real estate
organization overall.
