The Saks Global bankruptcy impact is drawing attention across commercial real estate markets, with industry experts saying the Chapter 11 filing reflects deeper shifts in how retail space is valued and used. According to Peter Braus, president of Lee & Associates NYC, the move underscores a structural change in the role of large-format department stores in today’s retail landscape. The Saks Global bankruptcy impact extends beyond the retailer’s balance sheet, touching property owners and landlords…
Pearl World Inks 12-Year Lease at Carnegie Hall Tower
Lee & Associates NYC has facilitated a 12-year, 8,800-square-foot lease for Pearl World Inc. at the Carnegie Hall Tower at 152 West 57th Street in the Plaza District. The cosmetics company will occupy the entire 48th floor for its showroom and office, relocating from 37 West 57th Street. Dennis Someck and Justin Myers of Lee & Associates NYC represented Pearl World, while Matt Leon of Newmark represented the landlord, TF Cornerstone. “Pearl World is a…
Q1 2024 NYC Office Overview
New York City’s economy continued to show signs of progress through Q1 2024. As of February 2024, the unemployment rate decreased to 5.10%, marking a 0.20% improvement from the previous quarter and significantly below the historical average of 7.72%. This improvement reflects a growing economy as private sector employment rose by 19,200 jobs year-over-year, totaling 4,090,200. The broader nonfarm job sector nearly returned to its pre-pandemic levels, reaching 98.7% recovery with 4,659,600 jobs. Read the…
City Winery Expanding by 14K-SF to Open 3 New Dining Options at Pier 57
The combination music venue and winery signed a 20-year lease for an additional 14,600 square feet in the five-story former shipping terminal building at 25 11th Avenue on Chelsea’s waterfront. Read Full Article Here
Q1 2024 NYC Retail Overview
While economic uncertainty loomed, consumer spending in the first quarter of 2024 remained robust for retail goods. Retail sales in the US rose 0.7% in March to $709.6 billion, and total sales for Q1 2024 were up 2.1% from the same period a year ago. The National Retail Federation expects retail sales to reach between $5.23 trillion and $5.28 trillion this year. The 2024 forecast is roughly in line with the 10-year pre-pandemic average annual…
Investment Sales – 2023 Year in Review
Dive into the highlights of a remarkable year! Click the link below to explore the 2023 Year in Review from our Investment Sales Team. 2023 Year in Review
May/June 2023 Economic Snapshot
Economic Snapshot of national and local market indicators for May/June 2023, a helpful overview on current market conditions. Read the complete snapshot here: May/June 2023 Economic Snapshot
Q2 2023 Manhattan Office Market Report
Leasing activity fell below historical levels in the second quarter to 6.2 million square feet, reflecting a 31.4% year-over-year decline and a 29.5% decline from the five-year rolling quarterly average of 8.8 million square feet. Q2 2023 leasing activity outpaced the first quarter due to a 630,000 square foot lease signed at 110 William Street by the Department of Citywide Administrative Services, leading to a 7.4% quarter-over-quarter increase in total activity. For the first half…
Cannabis Dispensary at 85 Delancey Street was repped by Lee NYC’s Greg Tannor & Jessica Gerstein
Greg Tannor and Jessica Gerstein represented tenant ConBud in the acquisition of their new Cannabis dispensary at 85 Delancey Street in the Lower East Side! The deal was recently featured in the NY Business Journal – check out the link here!