New Developments The Chelsea Art Museum located at 556 West 22nd Street is about to be replaced by H

Optimal Spaces, is an industry leader Tenants' Representative in New York . Optimal Spaces, in Manhattan provides Commercial Real Estate solutions through consulting, analysis federal government travel regulations and brokerage services.
We have been talking about pending new construction for the last few newsletters. Now it has finally happened. Coach is buying a new building to be constructed as part of Related development on the West Side. Brookfield is also about to start constructing the $300 million deck above the rail tracks. This will dramatically change the neighborhood from fringe to potentially the next Rockefeller federal government travel regulations Center on the West Side.
News of Wall Street s financial losses has pushed banks to cut 10,000 jobs and may put more sublease space on the market as they looking for ways to cut back on expenses. Some real estate insiders expect those boardroom decisions to lead to another increase in sublease space in the Manhattan market. After a strong first half of the year, Manhattan leasing activity declined in the third quarter. But despite the slowdown, which stemmed from a dearth of mega deals, federal government travel regulations the availability rate and asking rents for the overall market continued to strengthen. Manhattan leasing volume fell from nearly 10.6 million square feet in the second quarter to 6.7 million square feet in the third quarter. The lower volume came after a strong beginning of the year, in which major tenants like Japanese financial giant Nomura Holding America and publishing powerhouse Condé Nast inked deals for 900,000 square feet and up Average asking rents were up overall and leasing velocity, although down sharply from last quarter, federal government travel regulations was still in the traditional range. We are back to a normal market in terms of leasing velocity. We had a great first quarter and we had a great second quarter. It is a healthy federal government travel regulations market. Yet there were causes for concern. The vacancy federal government travel regulations rate for Midtown Class A properties rose by .1 points to 10.6 percent, in the last quarter there had been negative net absorption in some areas of Manhattan. Though new development sales slowed severely in Manhattan and Brooklyn in recent months, prices are mostly on the upswing. In Manhattan, the number of sponsor sales recorded in public records declined 18 percent from the second quarter, while Brooklyn declined 34 percent. However, the median sales price per square foot in that same period rose 4 percent in Manhattan to $1,243, and 3 percent in Brooklyn to $594. As for overall sales figures, in Manhattan the median price gained 10 percent since the third quarter of 2010 to about $1.5 million, and in Brooklyn it rose 7 percent to about $600,000. Foreclosure rates in the New York-White-Plains-Wayne, N.J. areas continued to increase in July over the same period last year, increasing 1.15 percentage federal government travel regulations points to 5.19 percent, compared with 4.04 percent in July 2010. Foreclosure activity in New York-White Plains-Wayne is lower than the national foreclosure rate, which was 3.44 percent.
New Developments The Chelsea Art Museum federal government travel regulations located at 556 West 22nd Street is about to be replaced by Hewlett-Packard, federal government travel regulations which has special plans for the building. HP signed a 10-year lease for the entire 34,500 feet inside the three-story museum federal government travel regulations building at 556 West 22nd Street near 11th Avenue.. Drastic job and spending cuts are in the cards for 2013 for the New York City construction industry, according to a report released today by the New York Building Congress entitled "New York City Construction Outlook 2011-2013." Construction spending is expected to total $27.7 billion this year. The average number of construction jobs will fall by 4,900 this year to 106,900 The Building Congress expects the number of jobs to plummet to 91,800, down 40,000 from the 2008 peak. The auction of Anglo Irish Bank s troubled $9.5 billion U.S. loan portfolio has surprised some industry observers -- and spread fear among some borrowers, who worry about having new lenders take over their troubled projects. Three lenders divvied up Anglo Irish s portfolio. No one but a bank could really afford federal government travel regulations to buy the performing loans. non performers inevitably went to different buyers. Lone Star Funds acquired about $5 billion in sub- and nonperforming loans, while Wells Fargo and JPMorgan Chase acquired the remaining performing loans in separate transactions. The Bloomberg administration s wants Roosevelt Island for a new applied science federal government travel regulations graduate school for New York University who would prefer to open one in Downtown Brooklyn at the former Metropolitan Transportation Authority headquarters at 370 Jay Street and transform it into its Center for Urban Science and Progress. "It would make Brooklyn the urban center of the universe," said Paul Horn, NYU s senior vice provost for research. CIM Group has taken control of an extended-stay hotel tower at 47 East 34th Street. BridgeStreet Corporate Housing currently uses the building for extended-stay residences, though its $400,000-per-month lease is slated to expire on Dec. 31. CIM, which owned the defaulted note with a $93.2 million judgment, took control of the 36-story building for $54 million. IStar Financial sold CIM the $84 million senior mortgage debt this year, after a final judgment was issued against the previous owner Esplanade Capital. TF Cornerstone is more than halfway into the $1 billion-plus development of seven buildings on the Long Island City waterfront. Despite the impressive scale of the 3 million square feet of development on 21 acres with 3,500 market-rate apartments, and the resident-friendly public park space that has replaced roads. A massive $350 million mixed-use development project in the Bronx one of the largest private rezonings proposed for that borough in decades received the final green light by the city s Urban Land Use Review Process. The proposal calls for the creation of ten mixed-use buildings comprising 1325 housing units and 46,000 square feet of retail space that will be built in Crotona Park East and West Farms on a five-acre former industrial plot adjacent the Sheridan Expressway. The developer, Signature Urban Properties, is projecting that 663 homes would be set aside as affordable housing. The project is expected to take seven years to build. Marty Markowitz has found a way to capitalize on his role as a power broker for development in the borough. Real estate developers and other Brooklyn businessmen federal government travel regulations currying favor with Markowitz have donated somewhere between $20 million to $45 million to his four Brooklyn charities. The charities all work to fund projects federal government travel regulations that improve the lives of Brooklyn residents and Markowitz claims there s no wrong-doing involved. A new 181-unit luxury rental building with a retail will be built on Broadway and 77th Street with a $125 million loan funded by the issuance of bonds provided by the New York State Housing Finance Agency. The building, the Larstrand, will be developed by Friedland federal government travel regulations Properties and its representative Rose Associates. CVS has already agreed to lease part of the retail space. Thirty-seven of the units at the Larstrand will be designated as affordable. Vornado Realty Trust and SL Green Realty are planning a transformation of the office towers at 280 Park Avenue that they acquired for almost federal government travel regulations $500 million. The group has commissioned architects federal government travel regulations KPF to oversee facade modifications to the structure. The MTA will lease all the space in the forthcoming federal government travel regulations Fulton Street Transit Center to one company and let that firm manage federal government travel regulations it. The agency hopes to make it a shopping and dining destination. Once complete in 2014, the three-story glass and steel structure at the corner federal government travel regulations of Fulton Street and Broadway will have 70,000 square feet of retail space. Bluerock Real Estate s high-end development known as the Charles at 1355 First Avenue between 72nd and 73rd streets, is being held up because an previous lender wants to remain in the deal even though its $5.57 million second mortgage was paid off in full. The lender, known only as Glacier 1355 First Avenue LP, won t formally cancel the mortgage federal government travel regulations obligation despite the fact that the note has been paid off. One57, Extell federal government travel regulations Development s 90-story condominium, has some asking prices hitting $6,000 federal government travel regulations per square foot. The 1,000-foot federal government travel regulations tall property, at 157 West 57th Street between federal government travel regulations Sixth and Seventh avenues, is slated to replace 8 Spruce Street as the city s tallest residential building. Foreign buyers -- primarily from China -- have already snapped up some of the units since the developer began shopping them privately last month. federal government travel regulations Building a hotel in New York City may be cheaper than purchasing one, as hotel property prices keep escalating. New York developers are planning to open around 50 new hotels in the city before 2013 and 68 more by 2014. Most developers would argue that it s better to open a hotel in 2013 than in 2012, but in New York City, a market that leads the cycle, next year should be good." Manhattan hotels have sold for an average of $505,157 per room so far in 2011, up from $344,799 in 2010 and $413,644 in 2009. Cornell and Stanford is seeking $400 million for a new science graduate school federal government travel regulations on Roosevelt Island, The buildings that go well beyond the environmental standards set by Mayor Michael Bloomberg. Cornell plan calls for four acres of solar panels, 500 geothermal wells, and two major buildings that would consume no more energy than they produce. Additionally, on hot days the building would actually generate additional power and feed it into the grid. A Hell s Kitchen development site, stalled for more than 30 years, has begun construction, for 1,258 apartments, more than half of which are affordable, a new school and stores. The $520 million four-building complex, called Gotham West, is being developed by the Gotham Organization. It will have a 31-story market-rate apartment building with 556 units, 682 affordable units across other buildings, 20 condominiums, a 670-seat school, stores and private gardens. The NBC Sports division may move out of 30 Rockefeller Plaza to Conn