NEWS

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…

Lee &Associates NYC has tapped Avison Young’s Todd Korren to head up its New York leasing team, Commercial Observer has learned. Lee & Associates NYC announced today that it has appointed Todd Korren as its Principal, Executive Managing Director, and Director of Leasing. Korren will lead day-to-day brokerage operations, recruit, develop, and manage agents and staff, and participate in strategic planning and financial reporting while externally promoting Lee & Associates NYC in the marketplace. Korren brings over 30 years…

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

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

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…

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!

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

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…

March 13, 2023 (New York, NY) – Lee & Associates, the largest broker-owned commercial real estate firm in North America, announces 119 SPRING STREET LEASED TO LUXURY RETAILER Philip Plein’s BY LEE NYC’S PAUL POPKIN & JESSICA GERSTEIN See the story covered in Crain’s, New York Business Journal, and Connect CRE. ### MEDIA CONTACT First Last Lee & Associates (000) 000-0000 email@lee-associates.com