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!
2023 NYC Retail Overview
Despite economic headwinds, consumer demand for retail goods remained robust through the first quarter of 2023. National retail sales (including food services) totaled a seasonally adjusted $2,063 billion in Q1 2023, up 4.9% from the prior year and surpassing Q1 2019’s level of $1,509 billion by 36.7%. Food and beverage sales accounted for 12.8% of total retail spending, on par with pre-pandemic levels. Read the complete overview here: 2023 NYC Retail Overview
Q1 2023 Manhattan Office Market Report
In the first quarter, leasing activity in Manhattan totaled just 5.5 million square feet, a 31.4% decline from the same period last year and a 29.9% decline from last quarter. Larger deals were driven by renewals, indicative of tenants’ hesitancy to commit to significant real estate decisions in the current market. Meanwhile, availability stood at 18.4%, reflecting an additional 36.2 million square feet on the market compared to 2020 Q2, leading to a persisting supply-demand…
119 Spring Street Leased to luxury retailer Phillip Plein by Lee NYC’s Paul Popkin & Jessica Gerstein
See the story covered in Crain’s, New York Business Journal, and Connect CRE.
Ben Tapper Featured in Real Estate Capital USA
Senior Managing Director Ben Tapper was interviewed for the February/March issue of Real Estate Capital USA where he discussed how he creates opportunity for NYC owners to maintain generational wealth through the creative use of leaseholds. Full section here: Ben Tapper Featured in Real Estate Capital USA
Executive Managing Director Justin Myers featured in Crain’s New York.
This Crain’s article features Justins Myers as he discusses tech firms and their latest approaches to traditional office space in Manhattan.
Commercial Observer covers Lee NYC Q4 Office Report
The Commercial Observer referenced Sarah Orcutt’s Q4 Office Market Report in this article discussing leasing activity trends.
Q4 2022 Manhattan Office Market Report
At the close of the year, national and local labor markets remained strong despite the Federal Reserve’s continued efforts to cool demand. National unemployment in November was 3.7% while New York City’s rate was 5.8%, unchanged from October but down 1.7% year-over-year. Read the complete report here: Q4 2022 Manhattan Office Market Report
Q3 2022 Manhattan Office Market Report
At 8.3 million square feet, Q3 2022 was the strongest quarter for Manhattan leasing activity of the year so far, up by 5.1% from the previous quarter. However, activity was down by 4.6% from the same period last year and 24.8% from the pre-pandemic (2017- 2019) average of 11.0 million SF. Read the complete report here: Q3 2022 Manhattan Office Market Report