New York's Tall TalesMar 6, 2012
New York remains the crown jewel of the U.S. commercial real estate market. And as the recession recedes further into the rearview mirror, the city is experiencing a full-scale revival.
Previously underdeveloped and underappreciated areas of Manhattan are being enlivened by new construction projects such as Downtown’s World Trade Center complex and the West Side’s Hudson Yards.
A renaissance in new commercial development, especially of the LEED-certified and mixed-use varieties, is also taking place throughout Manhattan, with Midtown’s 7 Bryant Park tower as the star of the show.
And deals, both bold and unprecedented, are being done, from Condé Nast’s 25-year lease at One World Trade Center to SL Green’s recent $4.2 billion acquisition drive that’s included retail, office and multifamily properties centered around Midtown and Downtown.
In the links below, we provide a few snapshots from the past year in the city that never sleeps and show how deals and developments currently in motion will affect Manhattan’s landscape.
We sat down with SL Green to get a sense of what the firm has been buying and selling and what its next steps are.
We took a look at the landmark Condé Nast lease signed last May, what’s happened since the ink on the deal dried and how that deal is helping to change the perception of Downtown Manhattan as a whole.
Lastly, the cranes are rising throughout the city—almost too many to count. We’ve checked on the progress of some of the major developments that have been announced and how they are shaping up, given the overall state of demand for space throughout the city.
To view a gallery of New York's latest and largest deals, click here.