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
4Q2015
MANHATTAN TREND TRACKER 4TH QUARTER 20152
SUBMARKETS
MIDTOWN
MIDTOWN SOUTH
DOWNTOWN
LEE & ASSOCIATES NYC
3. MANHATTAN TREND TRACKER 4TH QUARTER 20153 LEE & ASSOCIATES NYC
MARKET SUMMARY LEE NYC
MANHATTAN
TREND TRACKER
4Q2015
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 224 25,736,211 7.8% 11.5% -13,749 757,717 $82.68 $64.10 $80.14
Grand Central 71 10,616,412 9.5% 14.9% 91,625 - $74.03 $61.01 $72.70
Midtown East 25 1,721,964 3.9% 6.8% 98,683 - $72.33 $57.75 $70.24
Midtown West 20 1,525,485 5.2% 7.5% 37,957 87,717 $74.73 $50.31 $71.82
Plaza District 39 4,239,128 8.0% 10.8% (160,077) 670,000 $114.43 $74.32 $110.04
Rockefeller Plaza 30 2,345,828 4.9% 7.8% 342,476 - $82.52 $47.79 $75.30
Times Square 38 5,287,394 10.9% 13.9% (424,413) - $74.36 $73.90 $74.25
Midtown South 150 12,600,613 5.8% 8.4% 227,362 8,719,609 $69.23 $53.81 $66.14
Chelsea 18 1,084,397 4.0% 6.0% 81,570 128,367 $58.77 $60.45 $59.11
Gramercy | Flatiron 30 2,162,677 5.1% 7.2% 108,721 - $75.31 $59.17 $72.47
Hudson Square | Tribeca 22 2,560,972 8.2% 11.7% 331,021 120,413 $73.87 $59.54 $72.33
Murray Hill 13 1,098,129 5.5% 8.6% (156,269) - $64.68 $50.20 $60.86
Penn Station-Garment 54 4,984,752 6.3% 9.3% (95,185) 8,398,829 $67.10 $49.55 $62.92
SoHo | NoHo 13 709,686 4.0% 5.7% (42,496) 72,000 $72.58 $66.75 $71.72
Downtown 104 12,073,248 10.0% 11.5% 1,195,903 2,861,402 $61.60 $46.49 $59.75
City Hall | Insurance Dist. 27 1,413,937 4.5% 5.2% (110,900) - $51.91 $40.33 $50.85
Financial District 43 5,416,158 10.3% 12.6% 423,583 - $55.54 $44.06 $53.47
World Trade Center 34 5,243,153 13.9% 15.2% 883,220 2,861,402 $68.56 $55.41 $67.75
Manhattan 478 50,410,072 7.7% 10.6% 1,409,516 12,338,728 $74.49 $57.34 $71.94
2015 | 4Q Manhattan Office
Commenced with report, 1Q 2015, Lee & Associates utilizes new metric methods from its prior reporting methods. Lee & Associates Office Metrics are based on
office buildings with a minimum rentable building area of 100,000 square feet, with the exception in the submarket of Soho/Noho, which uses metrics based on
office buildings with a minimum rentable building area of 50,000 square feet. Lee & Associates Office Metrics comprise data representing existing office buildings for
Classes A, B and C. Since new metric methods have been applied, the correlation of data for this report (and all reports since 1Q 2015) will have no bearing over the
reports previously published by Lee & Associates (prior to 1Q 2015).
1. Under Construction only includes buildings with expected deliveries, with a primary office use and over 50,000 square feet. Buildings under construction that
include office as a secondary or tertiary use are excluded. All proposed new construction buildings were excluded.
2. All rent figures are based on market and submarket weighted averages. Overall Asking Rents take Direct and Sublease rents into account.
Lee & Associates NYC accepts no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be
placed on the information contained in this document.
Market
Inventory
(MSF)
Available
Total
(SF)
Total
Vacancy
Rate
(%)
Total
Availability
Rate
(%)
Total
Net
Absorption
(SF)
Under
Construction
(SF)
Direct
Asking
Rent
($PSF)
Sublease
Asking
Rent
($PSF)
Overall
Asking
Rent
($PSF)
Midtown 224 25,736,211 7.8% 11.5% -13,749 764,124 $82.68 $64.10 $80.14
Grand Central 71 10,616,412 9.5% 14.9% 91,625 - $74.03 $61.01 $72.70
Midtown East 25 1,721,964 3.9% 6.8% 98,683 - $72.33 $57.75 $70.24
Midtown West 20 1,525,485 5.2% 7.5% 37,957 94,124 $74.73 $50.31 $71.82
Plaza District 39 4,239,128 8.0% 10.8% (160,077) 670,000 $114.43 $74.32 $110.04
Rockefeller Plaza 30 2,345,828 4.9% 7.8% 342,476 - $82.52 $47.79 $75.30
Times Square 38 5,287,394 10.9% 13.9% (424,413) - $74.36 $73.90 $74.25
Midtown South 150 12,600,613 5.8% 8.4% 227,362 8,719,609 $69.23 $53.81 $66.14
Chelsea 18 1,084,397 4.0% 6.0% 81,570 128,367 $58.77 $60.45 $59.11
Gramercy | Flatiron 30 2,162,677 5.1% 7.2% 108,721 - $75.31 $59.17 $72.47
Hudson Square | Tribeca 22 2,560,972 8.2% 11.7% 331,021 120,413 $73.87 $59.54 $72.33
Murray Hill 13 1,098,129 5.5% 8.6% (156,269) - $64.68 $50.20 $60.86
Penn Station-Garment 54 4,984,752 6.3% 9.3% (95,185) 8,398,829 $67.10 $49.55 $62.92
SoHo | NoHo 13 709,686 4.0% 5.7% (42,496) 72,000 $72.58 $66.75 $71.72
Downtown 104 12,073,248 10.0% 11.5% 1,195,903 2,861,402 $61.60 $46.49 $59.75
City Hall | Insurance Dist. 27 1,413,937 4.5% 5.2% (110,900) - $51.91 $40.33 $50.85
Financial District 43 5,416,158 10.3% 12.6% 423,583 - $55.54 $44.06 $53.47
World Trade Center 34 5,243,153 13.9% 15.2% 883,220 2,861,402 $68.56 $55.41 $67.75
Manhattan 478 50,410,072 7.7% 10.6% 1,409,516 12,345,135 $74.49 $57.34 $71.94
2015 | 4Q 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. The Midtown market turned the quarter with a consecutive
negative net absorption (-13,749), mostly stimulated by the
Times Square submarket. Nevertheless, year-end net absorption
was close to positive million-square-feet. Availability increased
in four of the six submarkets, pushing Midtown’s availability rate
upwards by 50 basis points (11.5%). Sublease activity was cut to
half of what it was two quarters ago (49.8% decrease) and direct
rents increased by $0.74.
Grand Central would have remained strong if not for an increase
in available office space, which escalated by almost 8% since last
quarter (13.8% to 14.9%). In spite of the market’s 60% absorption
decrease since 2015Q3, it managed to output a positive net
absorption (91,625). Sublease vacancy dropped for the fourth
consecutive quarter (0.7%), while retaining the annual availability
average of 1.3%, escalating sublease rents by $2.08 quarter-to-
quarter. NOTABLE DEALS: Indeed.com doubled its company
footprint by leasing 81,225 square feet at the Hippodrome building
(1120 Avenue of the Americas), relocating from 125 West 55th
Street. Reported rent for the deal was in the high $60s. Law firm
Golenbock Eisman Assor Bell & Peskoe LLP took 38,050 square
feet for ten years at 711 Third Avenue, with a reported rent in the low
$60s. Both major deals were below market asking rents. Coming
in above market, NY-based hedge fund Fir Tree, Inc., took 31,126
square feet for ten years at SL Green’s Tower 46 (55 West 46th
Street), with a reported rent in the mid-$90s.
Midtown East (aka Plaza District East) gained 80 basis points in
its availability rate (6.8%), while decreasing by 40 basis points in its
vacancy rate. The submarket turned a negative net absorption from
last quarter to a positive this quarter, even with a rise in available
supply. Direct rents increased $0.60 and sublet rents decreased
by $2.35 with an increase of 30 basis points in sublet availability.
Leasing activity rose 21.5% since last quarter. Interestingly, the
combined square footage leased this quarter and in Q3 (666,710
SF) is approximately 100,000 square feet less than what it was in
Q2. NOTABLE DEALS: Aksia Research & Management expanded
17,627 square feet at Boston Properties’ 599 Lexington Avenue,
with a reported rent in the low $90s.
Midtown West vacancy decreased for the third consecutive
quarter to end the year at 5.2%. Availability remained at 7.5%.
Leasing activity drastically increased by 75% since last quarter,
forcing a positive net absorption for the second consecutive quarter.
Since Q1, direct asking rents are up $3.03. NOTABLE DEALS:
Architecture firm Gensler signed close to 120,000 square feet at
1700 Broadway on a 12-year deal. Reported rents for the mega-
deal were in the low $50s. Non-profit NY Stem Cell Foundation
took 41,200 square feet at the Movie Labs Building (619 West 54th
Street), where landlord Taconic Investment Partners was asking in
the low-to-mid-$40s. Cook+Fox Architects leased and designed
its new space at 250 West 57th Street, for 20,000 square feet on
a 16-year term. Reported rents for the architecture firm are in the
low $60s.
Plaza District performance either underperformed or remained
steady, depending on which analyst deciphers the submarket. The
trophy tower submarket saw a 40 basis point vacancy decrease
while adding 70 basis points to its availability rate. Although direct
rents remained as they did in Q3 (only a $0.28 increase), overall
asking rents rose by $2.43 to $110.04. The submarket’s solid
past two quarter performances was tarnished by a negative net
absorption of 160,077 square feet, in spite of a 29% leasing activity
increase. NOTABLE DEALS: WeWork Companies subleased
over 100,000 square feet at the Colgate-Palmolive Building (300
Park Avenue) for seven years, where the sublease asking rent
was in the low $60s. Paramount Group paid an all-cash deal for
remaining equity of 36% at 31 West 52nd Street. The investor paid
$230,000,000 for the stake. The asset’s value was at $1.06 billion.
Rockefeller Plaza vacancy was down for the sixth consecutive
quarter, by 1.1 percentage points since last quarter. Availability
increased by 30 basis points. Net absorption also remained positive
for six consecutive quarters, with the submarket seeing its largest
positive net absorption since 2013Q1. NOTABLE DEALS: Financial
and investment advisory firm Oaktree Capital Management renewed
and expanded its footprint at the Credit Agricole Building (1301
Avenue of the Americas) to 54,240 square feet, on a ten-year deal.
Reported rents were in the mid-to-high $80s.
Times Square continued to have the biggest impact on Midtown
rates (not necessarily rents). The submarket has the highest
vacancy and availability in Midtown. Net absorption has remained
negative for five consecutive quarters with a combined negative
net absorption of 2,033,636 square feet. Vacancy increased by 1.2
percentage points, while availability decreased by 80 basis points.
Times Square is the only Midtown submarket where direct rents
have decreased by $0.74. NOTABLE DEALS: The Media Arts
Building (311 West 43rd Street) was purchased for $107 million
by William Macklowe Company and Principal Financial Group.
Additionally, Paramount Group completed its $1 billion refinancing
of 1633 Broadway.
LEE NYC
MANHATTAN
TREND TRACKER
4Q2015
MIDTOWN
MANHATTAN TREND TRACKER 4TH QUARTER 20154 LEE & ASSOCIATES NYC
6. MIDTOWN SOUTH
MANHATTAN TREND TRACKER 4TH QUARTER 20156
Midtown South continues to strengthen, proving to be the
most popular of Manhattan’s three main office markets.
Availability in the market constrained by 3.4% (availability rate is
down to 8.4% from 8.7% since last quarter) and it experienced
its seventh consecutive quarter of positive net absorption, even
though leasing activity decreased for the sixth consecutive
quarter. Rents continue to gradually increase, albeit rather slowly,
with overall rents increasing by $0.50.
Chelsea still has one of the lowest vacancy rates with one of the
tightest supplies of available office space. Availability shrunk by
60 basis points, with an uptick of 30 basis points in the vacancy
rate. Rents in the submarket have seen upswing movements.
Quarter-to-quarter, direct asking rents are up by $1.72, sublease
rents $3.84, and overall rents have increased by $2.14. Chelsea’s
sublet market accounts for less than 1% of inventory. NOTABLE
DEALS: Sporting goods manufacturer Peloton Interactive leased
40,727 square feet at 125 West 25th Street. Reported rents were
in the low $70s.
Gramercy and Flatiron took the mantle as the top Midtown
South submarket. With the highest direct rents in the market
(at $75.31), this submarket continues to take advantage of its
office inventory stock, catering to TAMI tenants. Vacancy and
availability have both declined since last quarter, with vacancy
shedding by 60 basis points and availability by 90 basis points.
NOTABLE DEALS: Digital advertising firm Criteo expanded to
60,000 square feet at TF Cornerstone’s Bryce Building (387 Park
Avenue South). Asking rents were in the low $80s. Architectural
firm Perkins Eastman signed a 77,000 square foot renewal at
Winter Organization’s 115 Fifth Avenue. IMG Worldwide leased
an additional 18,045 square feet at 304 Park Avenue, bringing its
footprint at the SL Green Realty building to 112,623 square feet.
Hudson Square and Tribeca closed out the year with a major
reduction in vacancy, a 150 basis point drop. The submarket
turned over a positive net absorption of 331,021, compared to last
quarter’s negative net absorption of 375,235. Volatility was heavily
felt in the sublet market. Sublease vacancy dropped by 80 basis
points, pushing sublease rents up by $7.83 to $59.54 per square
foot. Leasing activity continued to drop since Q1 and will likely
remain stagnant or reduce further. NOTABLE DEALS: Norges
Bank took an interest stake of 44% in a portfolio comprising 11
office properties located in the submarket. The Norway fund
invested $1.56 billion into the office properties numbered on
Varick Street (75 and 225) and Hudson Street (200, 205, 345, 350
and 435); including 10 Hudson Square, 100 & 155 Avenue of the
Americas and 12-16 Vestry Street.
Murray Hill led Midtown South with the highest negative net
absorption this quarter, at 156,269 square feet. The submarket
did not follow the quarter’s spread of vacancy drops in Manhattan,
instead seeing a vacancy increase of 1.2 percentage points.
Additionally, its availability rate increased by 30 basis points.
NOTABLE DEALS: Furniture design company Bernhardt Design
signed a ten-year lease at 136 Madison Avenue for 20,332 square
feet. Across the street at 135 Madison Avenue, co-working
startup Blender Workspace signed a 10.5-year lease for 14,430
square feet. The asking rent was $58-per-square-foot.
The Penn Station-Garment submarket remained consistent
with its Q3 performance, with subtle changes in vacancy (up 20
basis points) and availability (down 10 basis points). Direct asking
rents increase by half a dollar. This quarter was the first time the
submarket’s leasing activity was below the 1,000,000-square-
feet threshold it held for so long, since 2009Q2. NOTABLE
DEALS: Excell will be relocating from 295 Fifth Avenue to 3
Herald Square (1333 Broadway), taking 29,566 square feet.
Apparel manufacturing firm Alfred Dunner subleased close to
60,000 square feet at the same building.
The SoHo and NoHo submarkets saw a cooling down period
at the close of 2015. Vacancy increased by 30 basis points,
remaining the lowest in Manhattan (tied with Chelsea). Availability
decreased drastically, by 240 basis points. SoHo/NoHo provides
evidence of the volatility of leasing activity in the southern portion
of Midtown South. The submarket’s sublease rents increased
by $9.65. Nevertheless, overall asking rents were balanced out
with a $2.78 decrease in direct asking rents, pushing overall
asking rents up only $0.67 from last quarter. NOTABLE DEALS:
WeWork Companies leased 75,000 square feet at 524 Broadway,
continuing its never-ceasing expansion.
LEE NYC
MANHATTAN
TREND TRACKER
4Q2015
LEE & ASSOCIATES NYC
8. DOWNTOWN
MANHATTAN TREND TRACKER 4TH QUARTER 20158
The Downtown market continues to perform strongly,
thanks to its attraction of new tenants from Midtown, where
direct asking rents are, on average, 25.5% higher. For instance,
relocating west of Broadway in the World Trade Center and
World Financial Center submarkets provides tenants with similar
Class-A office inventory as does Midtown. However, direct
asking rents between this Downtown submarket and Midtown’s
most affordable submarket of Midtown East, provide an
average discount of 5%. The discount is greater between other,
more expensive, Midtown submarkets. Downtown experienced
a drop in vacancy by 100 basis points and a drop in availability
by 60 basis points. The market saw another quarter of positive
net absorption over a million square feet (Q2 & Q4), even though
it ended the year with less than a million square feet in leasing
activity (988,408 square feet). Rents are gradually going up
each quarter, despite the high rents at the World Trade Center
and World Financial Center towers. We forecast that Downtown
overall asking rents will breach the $70-per-square-foot mark
next quarter.
Rents in the City Hall and Insurance District submarkets
have increased across the board, with direct asking rents up
by $1.40; sublet rents up $0.69; and overall asking rents up by
$1.17. The submarket’s vacancy and availability also performed
better this quarter, with a vacancy drop of just 10 basis points
but an availability drop of 90 basis points. Unfortunately, the
submarket has a negative net absorption for two consecutive
quarters. NOTABLE DEALS: RSA Mortgage Brokerage leased
17,582 square feet at 123 William Street, which was asking rents
in the high $40s.
The Financial District had a stable and improving performance
to close out the year. Rents are gradually edging upwards,
all within less than a dollar. The submarket’s vacancy and
availability is down by 60 basis points, with three consecutive
quarters of positive net absorption, combining for a total of
1,332,403 square feet. This balances out the end-of-year to a
positive net absorption of 191,432 square feet, since Q1 saw
an abundance of space due to the delivery of One World Trade
Center. NOTABLE DEALS: The Teachers Retirement System
of the City of New York expanded and renewed its footprint at
55 Water Street, to 191,138 square feet.
The World Trade Center and World Financial Center
submarket had one of the better and stronger performances
in Manhattan this quarter. Across the board, the submarket got
stronger, hence the rise in rents. Direct asking rents are up this
quarter from last by $0.69, sublet rents increased by $4.46, and
overall asking rents are up by $1.11. Vacancy in the submarket
is still high compared to other submarkets in the city, although
it did drop 250 basis points. If not for Q3, the submarket would
have seen a decline in vacancy for six consecutive quarters.
Availability dropped only 40 basis points, but decreased for
the third consecutive quarter. The quarter had a positive net
absorption of 883,220 square feet. Despite all this, leasing
activity is down by 13% since Q3. NOTABLE DEALS: Time Inc.
magazine commenced the move of its magazines to Brookfield
Place (225 Liberty Place), as one of many tenants making their
way from Midtown to the submarket and Downtown overall.
Cambridge University Press leased 39,771 square feet at One
Liberty Plaza, relocating from 32 Avenue of the Americas.
Sterling Equities signed on at 4 World Trade Center for 83,546
square feet, which had asking rents in the low $70s. Advertising
and marketing firm xAd leased 42,668 square feet at One World
Trade Center, with asking rents in the high $60s. Namely, Inc.
expanded its footprint at 195 Broadway to a total of 83,964
square feet. The expansion’s lease had a reported rent of the
mid-$50s. Construction of 3 World Trade Center is slated for
completion in January 2018.
LEE NYC
MANHATTAN
TREND TRACKER
4Q2015
LEE & ASSOCIATES NYC
10. MANHATTAN TREND TRACKER 4TH QUARTER 201510 LEE & ASSOCIATES NYC
CONSTRUCTION
ACTIVITY
LEE NYC
MANHATTAN
TREND TRACKER
4Q2015
Under Construction
Developer Square Feet Class Est. Delivery
Silverstein Properties 2,861,402 A 2018
Related Companies 2,600,000 A 2019
Brookfield Properties 2,300,000 A 2019
Related Companies 1,725,250 A 2016
Related Companies 1,556,136 A 2018
GreenOak Real Estate 670,000 A 2018
Durst Organization 217,443 A 2016
Savanna 128,367 A 2016
Romanoff Equities 120,413 A 2016
Durst Organization 94,124 A 2016
Larry Kuo 72,000 B 2017
Major Renovations
Owner Square Feet Class Completion
Clarion Partners 858,710 A 2016
RXR Realty 623,000 A 2016
Rudin Management 292,627 A 2016
Kaufman Organization 83,196 B 2016
Edison Properties 66,797 B 2016
Pre-Construction Phase
Sponsor Square Feet Class
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
Brookfield Properties 1,653,912 A
Sherwood Equities 1,259,000 A
MADDD Equities 415,000 A
Youngwoo & Associates 300,000 A
Albanese Organization 174,222 A
Vornado Realty Trust 153,754 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
155 West 23rd Street Chelsea
540 West 26th Street Chelsea
600 West 58th Street
(Frank 57 West)
Midtown West
300 Lafayette Street SoHo | NoHo
315 East 46th Street Midtown East
45 West 27th Street Gramercy | Flatiron
2 World Trade Center World Trade Center
50 Hudson Yards Penn Station-Garment
Office Property Submarket
400 West 33rd Street
(Two Manhattan West)
(South Tower)
Penn Station-Garment
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
(500 West 33rd Street)
Penn Station-Garment
400 West 33rd Street
(One Manhattan West)
(North Tower)
Penn Station-Garment
425 Park Avenue Plaza District
Office Property Submarket
390 Madison Avenue Grand Central
75 Rockefeller Plaza Rockefeller Plaza
3 Hudson Boulevard Penn Station-Garment
One Vanderbilt Avenue Grand Central
435 Tenth Avenue Penn Station-Garment
451 Tenth Avenue Penn Station-Garment
57 Eleventh Avenue
(Pier 57)
Chelsea
2 Pike Street SoHo | NoHo
122 West 3rd Street SoHo | NoHo
55 Hudson Yards
(550 West 34th Street)
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
Under Construction
Developer Square Feet Class Est. Delivery
Silverstein Properties 2,861,402 A 2018
Related Companies 2,600,000 A 2019
Brookfield Properties 2,300,000 A 2019
Related Companies 1,725,250 A 2016
Related Companies 1,556,136 A 2018
GreenOak Real Estate 670,000 A 2018
Durst Organization 217,443 A 2016
Savanna 128,367 A 2016
Romanoff Equities 120,413 A 2016
Durst Organization 94,124 A 2016
Larry Kuo 72,000 B 2017
Major Renovations
Owner Square Feet Class Completion
Clarion Partners 858,710 A 2016
RXR Realty 623,000 A 2016
Rudin Management 292,627 A 2016
Kaufman Organization 83,196 B 2016
Edison Properties 66,797 B 2016
Pre-Construction Phase
Sponsor Square Feet Class
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
Brookfield Properties 1,653,912 A
Sherwood Equities 1,259,000 A
MADDD Equities 415,000 A
Youngwoo & Associates 300,000 A
Albanese Organization 174,222 A
Vornado Realty Trust 153,754 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.
155 West 23rd Street Chelsea
540 West 26th Street Chelsea
600 West 58th Street
(Frank 57 West)
Midtown West
300 Lafayette Street SoHo | NoHo
315 East 46th Street Midtown East
45 West 27th Street Gramercy | Flatiron
2 World Trade Center World Trade Center
50 Hudson Yards Penn Station-Garment
Office Property Submarket
400 West 33rd Street
(Two Manhattan West)
(South Tower)
Penn Station-Garment
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
(500 West 33rd Street)
Penn Station-Garment
400 West 33rd Street
(One Manhattan West)
(North Tower)
Penn Station-Garment
425 Park Avenue Plaza District
Office Property Submarket
390 Madison Avenue Grand Central
75 Rockefeller Plaza Rockefeller Plaza
3 Hudson Boulevard Penn Station-Garment
One Vanderbilt Avenue Grand Central
435 Tenth Avenue Penn Station-Garment
451 Tenth Avenue Penn Station-Garment
57 Eleventh Avenue
(Pier 57)
Chelsea
2 Pike Street SoHo | NoHo
122 West 3rd Street SoHo | NoHo
55 Hudson Yards
(550 West 34th Street)
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
Under Construction
Developer Square Feet Class Est. Delivery
Silverstein Properties 2,861,402 A 2018
Related Companies 2,600,000 A 2019
Brookfield Properties 2,300,000 A 2019
Related Companies 1,725,250 A 2016
Related Companies 1,556,136 A 2018
GreenOak Real Estate 670,000 A 2018
Durst Organization 217,443 A 2016
Savanna 128,367 A 2016
Romanoff Equities 120,413 A 2016
Durst Organization 94,124 A 2016
Larry Kuo 72,000 B 2017
Major Renovations
Owner Square Feet Class Completion
Clarion Partners 858,710 A 2016
RXR Realty 623,000 A 2016
Rudin Management 292,627 A 2016
Kaufman Organization 83,196 B 2016
Edison Properties 66,797 B 2016
Pre-Construction Phase
Sponsor Square Feet Class
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
Brookfield Properties 1,653,912 A
Sherwood Equities 1,259,000 A
MADDD Equities 415,000 A
Youngwoo & Associates 300,000 A
Albanese Organization 174,222 A
Vornado Realty Trust 153,754 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.
155 West 23rd Street Chelsea
540 West 26th Street Chelsea
600 West 58th Street
(Frank 57 West)
Midtown West
300 Lafayette Street SoHo | NoHo
315 East 46th Street Midtown East
45 West 27th Street Gramercy | Flatiron
2 World Trade Center World Trade Center
50 Hudson Yards Penn Station-Garment
Office Property Submarket
400 West 33rd Street
(Two Manhattan West)
(South Tower)
Penn Station-Garment
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
(500 West 33rd Street)
Penn Station-Garment
400 West 33rd Street
(One Manhattan West)
(North Tower)
Penn Station-Garment
425 Park Avenue Plaza District
Office Property Submarket
390 Madison Avenue Grand Central
75 Rockefeller Plaza Rockefeller Plaza
3 Hudson Boulevard Penn Station-Garment
One Vanderbilt Avenue Grand Central
435 Tenth Avenue Penn Station-Garment
451 Tenth Avenue Penn Station-Garment
57 Eleventh Avenue
(Pier 57)
Chelsea
2 Pike Street SoHo | NoHo
122 West 3rd Street SoHo | NoHo
55 Hudson Yards
(550 West 34th Street)
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
Under Construction
Developer Square Feet Class Est. Delivery
Silverstein Properties 2,861,402 A 2018
Related Companies 2,600,000 A 2019
Brookfield Properties 2,300,000 A 2019
Related Companies 1,725,250 A 2016
Related Companies 1,556,136 A 2018
GreenOak Real Estate 670,000 A 2018
Durst Organization 217,443 A 2016
Savanna 128,367 A 2016
Romanoff Equities 120,413 A 2016
Durst Organization 94,124 A 2016
Larry Kuo 72,000 B 2017
Major Renovations
Owner Square Feet Class Completion
Clarion Partners 858,710 A 2016
RXR Realty 623,000 A 2016
Rudin Management 292,627 A 2016
Kaufman Organization 83,196 B 2016
Edison Properties 66,797 B 2016
Pre-Construction Phase
Sponsor Square Feet Class
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
Brookfield Properties 1,653,912 A
Sherwood Equities 1,259,000 A
MADDD Equities 415,000 A
Youngwoo & Associates 300,000 A
Albanese Organization 174,222 A
Vornado Realty Trust 153,754 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.
155 West 23rd Street Chelsea
540 West 26th Street Chelsea
600 West 58th Street
(Frank 57 West)
Midtown West
300 Lafayette Street SoHo | NoHo
315 East 46th Street Midtown East
45 West 27th Street Gramercy | Flatiron
2 World Trade Center World Trade Center
50 Hudson Yards Penn Station-Garment
Office Property Submarket
400 West 33rd Street
(Two Manhattan West)
(South Tower)
Penn Station-Garment
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
(500 West 33rd Street)
Penn Station-Garment
400 West 33rd Street
(One Manhattan West)
(North Tower)
Penn Station-Garment
425 Park Avenue Plaza District
Office Property Submarket
390 Madison Avenue Grand Central
75 Rockefeller Plaza Rockefeller Plaza
3 Hudson Boulevard Penn Station-Garment
One Vanderbilt Avenue Grand Central
435 Tenth Avenue Penn Station-Garment
451 Tenth Avenue Penn Station-Garment
57 Eleventh Avenue
(Pier 57)
Chelsea
2 Pike Street SoHo | NoHo
122 West 3rd Street SoHo | NoHo
55 Hudson Yards
(550 West 34th Street)
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
11. MANHATTAN TREND TRACKER 4TH QUARTER 201511 LEE & ASSOCIATES NYC
Office Property Submarket Class SF Buyer Seller Price $PSF
40 West 53rd Street
(35.8% Interest)
Plaza District A 786,647 Paramount Group, Inc. Hines $378,000,000 $1,342
370 Lexington Avenue Grand Central A 295,016 Unizo Holdings Company
Sherwood Equities
JPMorgan Asset Management
$247,000,000 $837
20 Broad Street Financial Dist. A 473,000 Metro Loft Management Vornado Realty Trust $185,000,000 $391
1710 Broadway Midtown West B 71,000 Extell Development C & K Properties $168,400,500 $2,371
250 West 39th Street Penn Station C 207,895 Duwaliya US Real Estate Lincoln Property Company $123,500,000 $594
40 Exchange Place
[Lords Court Building]
Financial Dist. C 238,000
Newmark Holdings
Northwind-Group
The Weiss Realty $115,000,000 $483
670 Broadway NoHo B 77,480 Paramount Group, Inc. F.D.R. Industries, Inc. $112,000,000 $1,445
311 West 43rd Street
[Media Arts Building]
Times Square C 186,083
William Macklowe Company
Principal Financial Group
Atlas Capital Group $107,000,000 $575
86 Trinity Place
[American Stock Exch.]
(70% Interest)
WTC B 181,725 Clarion Partners Steinhardt Management Co. $105,000,000 $825
564-568 Fifth Avenue Grand Central C 31,400 Thor Equities Bank Leumi USA $92,000,000 $2,929
645 Madison Avenue
[Pan Ocean Building]
Plaza District A 164,615
The Nightingale Group
Friedland Properties
TF Cornerstone Inc. $80,000,000 $485
771 Washington Street Hudson Square B 21,170 TOMS Capital LLC Alan Real Estate S.A. $71,000,000 $3,353
156 William Street Insurance Dist. B 252,000 LaSalle Investment Mgmt. William Macklowe Company $55,000,000 $218
7 West 18th Street Flatiron B 48,998
ASB Capital Management
George Comfort & Sons
Scandia Realty $43,750,000 $892
22 West 38th Street Penn Station C 70,000 Dalan Management {Unknown} $43,500,000 $621
315 West 36th Street
(35.5% Interest)
Penn Station C 147,619 Walter & Samuels, Inc. SL Green Realty Corp. $40,825,000 $779
314 Fifth Avenue Penn Station C 14,634 {Unknown} Bakal Realty $32,000,000 $2,186
Interest Sale
Leasehold
Redevelopment
Selective bulk portfolio sales, leaseholds and condominium units are excluded.
NOTABLE
INVESTMENT SALES
LEE NYC
MANHATTAN
TREND TRACKER
4Q2015
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 Director
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.
