Commercial Real Estate In NYC: Latest Updates
A lot is going on at the commercial, real estate and coworking space front in New York.
First of all, shares of real estate investment trusts based in New York, rose after Queens, NYC, became a likely prospect for Amazon’s new headquarters, HQ2 location.
Amazon, an e-commerce giant based in Seattle, might be naming Long Island City situated in Queens in NYC as its final location for its 2nd headquarters.
Moreover, according to the latest reports, certain big commercial, real estate transactions are also taking place in NYC. The news is abuzz and a lot is going on at that front.
Leases, Sub-Leases And Acquisitions In Commercial Real Estate NYC
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Additionally, 3 main deals in commercial real estate NYC have taken place that have made it to the frontlines.
First, a brand new property in NYC has been given on lease; the other is available for lease and finally, one commercial property is up for sale in Manhattan, New York.
Gleason’s Tavern, a restaurant, and bar to open in Manhattan next year, has signed a new contract of a 10-year lease for about 3,200 square feet of land. With 2000 on the ground floor and 1200 on its 2nd level, it is a 6 story building designed for mixed purposes.
While Gleason’s Tavern is the tenant of the building, Gorjian Real Estate Group is its landlord.
Space was previously occupied by Coliseum Bar & Restaurant. Additionally, it has a 1500 square foot storage for its basement and it can accommodate up to 150 seats.
With a $124.87 square ft. land, Space has a yearly rent of $399,600.
Available For Lease
Also in Manhattan, a $63 per square ft. the building is up for rent. With a $816,795 annual rent, the 10-15 year lease is available for the 9th floor in a 12 story building in 1911 Midtown West.
The building’s 9th floor, which is up for lease, has a new kitchen, polished floors made of concrete, 3-passenger elevator, a freight elevator and much more. It is spread over 12,965 square foot. Additionally, it comes with a new heating and AC system.
Zar Property NY owns the building that is up for lease in Manhattan, NYC.
Property Sale
Sold by Lorraine DePrisco, Barrett Design has recently purchased a $9 million building in Park Slope, Brooklyn.
The buyer himself is a developer and deals mainly in condominiums. The building is a 1931 building with 2 stories. A limestone building, it was originally a bank. Now, Body Reserve Gym has occupied the decades-old building. Overall, the building still has a design of a bank or at least the look of one.
The building measures 5,559 square foot and has a 12,000 worth of buildable square feet. It has several floors and is ideal for a multi-purpose setup.
NYC is one of the most hustling cities in America. The commercial real estate is worth billions and trillions of dollars in New York alone. Moreover, the latest deals related to commercial real estate in New York shows that NYC is one of the first priorities investors and companies in New York.
