Average property values are still sinking, despite a big pick up in the number of commercial buildings sold last year.
For the full story, please go here.
Crain's Reports NY Property Prices Still Falling
Massey Knackal, which tracks sales of all commercial property types, including office buildings, multi-family properties and industrial spaces had their chairman Robert Knakal on the market as it stands. Knakal stated "There is a better vibe in the market, and there is a perception that values have bottomed out, but that is not correct.” He further noted statistics indicate that “the market is trying to find a solid footing.” He added, “We are not quite there yet.”
Average property values are still sinking, despite a big pick up in the number of commercial buildings sold last year.
Average property values are still sinking, despite a big pick up in the number of commercial buildings sold last year.
The Advance Group Does Furniture Installations
Did you know The Advance Group does furniture installations? The Furniture Installation Business Unit of The Advance Group is called FITCO.
Call us for more information on FITCO at 877-308-3170 and check out our FITCO webpage.
Office furniture installation involves several key components, including an experienced and professionally trained staff, rigorous attention to detail, extensive pre-planning, and thorough execution. FITCO has successfully completed installations for the most demanding clients for over 15 years in the tri-state area.
FITCO has some of the most experienced talent and management-level team in the industry and prides itself on providing cost-effective, and highly coordinated responses to your most challenging projects.
Time Square Theater close to signing a tenant
According to the New York Post, Times Square Theater is close to signing a tenant,
After sitting vacant for almost two decades. Broadway 4D is the potential leasee, and would take over the 30,000 square foot facility at 217 West 42nd Street. Sources say the deal is massively complex and far from complete. Back in 2004, Landlord New 42nd Street, a non-profit group, came close to nailing down a long-term tenant when designer Marc Ecko signed a lease, only to walk away from the deal a few years after.
The Real reports "It was not immediately clear what the asking rent is on the building or which brokers are involved with the deal."
To read the whole story go here.
After sitting vacant for almost two decades. Broadway 4D is the potential leasee, and would take over the 30,000 square foot facility at 217 West 42nd Street. Sources say the deal is massively complex and far from complete. Back in 2004, Landlord New 42nd Street, a non-profit group, came close to nailing down a long-term tenant when designer Marc Ecko signed a lease, only to walk away from the deal a few years after.
The Real reports "It was not immediately clear what the asking rent is on the building or which brokers are involved with the deal."
To read the whole story go here.
WTC sees a change in potential tenants
In a rare positive turn of events for the landlords involved, the World Trade Center will most likely not have the government "Offices of General Services" leasing out 600,000 square feet as planned. Normally this would come as bad news, but Conde Nast's letter of intent 1 million square feet in the 2.6 million square-foot tower comes as a good surprise, as "government offices generally cheap a commercial buildings's image." states NY Post writer Steve Cuozzo. Read the full story here.
Bloomberg TV reports NYC's Wealthy are Renting vs Buying
Straight from the Real Deal:
"There is a temporary phenomenon being observed in the New York housing market of wealthy people renting homes instead of buying them, according to Bloomberg Television. "People on the fence about buying have more options so they are renting," appraiser Jonathan Miller of Miller Samuel told Bloomberg in a video. "It's a combination of having more selection -- rents are off a little bit down and prices up a little bit… so they are hedging for the future." However, in terms of the recovery, "we still have a ways to go," Miller said. "There is a rebound but no recovery… People are exploring options but not quite ready to jump in." For the original report, go here.
"There is a temporary phenomenon being observed in the New York housing market of wealthy people renting homes instead of buying them, according to Bloomberg Television. "People on the fence about buying have more options so they are renting," appraiser Jonathan Miller of Miller Samuel told Bloomberg in a video. "It's a combination of having more selection -- rents are off a little bit down and prices up a little bit… so they are hedging for the future." However, in terms of the recovery, "we still have a ways to go," Miller said. "There is a rebound but no recovery… People are exploring options but not quite ready to jump in." For the original report, go here.
The Real Deal reports mostly positive predictions for 2011
The Real Deal reports positive predications for 2011 from experts in the industry.
Retail leasing will take an upward trajectory. Office rentals will see an occupancy increase, continuing a trend from 2010. If trends continue, building sales will continue to be robust. In terms of leasing, the market indicates that many International and West Coast companies will expand on the East Coast, most likely leasing space in Manhattan. For the full report, please go here.
Retail leasing will take an upward trajectory. Office rentals will see an occupancy increase, continuing a trend from 2010. If trends continue, building sales will continue to be robust. In terms of leasing, the market indicates that many International and West Coast companies will expand on the East Coast, most likely leasing space in Manhattan. For the full report, please go here.
Happy Holidays from The Advance Group!
Warm holiday wishes from the Advance Group and a Happy New Year!
Subscribe to:
Posts (Atom)