Follow Cresa New York

Cresa New York
450 Lexington Avenue
32nd Floor
New York, NY 10017
212.758.3131 tel
212.980.1977 fax
Email
Map/Directions

Contacts

Mark Jaccom
President and Managing Principal
Email
212.687.4084 tel

New York

  • Market Highlights

    Manhattan Q1 2014

    Supply
    45.8 msf
    Vacancy
    8.3%
    Absorption
    763,061 SF
    Avg. Lease Rate
    $54.55
  • Market Highlights

    Midtown North Q1 2014

    Supply
    24.7 MSF
    Vacancy
    7.8%
    Absorption
    455,484 SF
    Avg. Lease Rate
    $60.12
  • Market Highlights

    Midtown South Q1 2014

    Supply
    7.0 MSF
    Vacancy
    6.9%
    Absorption
    314,058 SF
    Avg. Lease Rate
    $59.52
  • Market Highlights

    Downtown Q1 2014

    Supply
    13.5 MSF
    Vacancy
    11.0%
    Absorption
    5,099 SF
    Avg. Lease Rate
    $43.01

Cresa's New York City Office tracks local real estate market statistics in the five boroughs of New York City: Manhattan, Brooklyn, Queens, the Bronx and Staten Island. The Office's primary focus is in the Manhattan submarkets of Midtown North, Midtown South and Downtown.

The City is home to perhaps the most broadly diversified array of companies operating within any of the world’s largest metropolitan areas. Manhattan remains the undisputed international hub for the financial services industry and, in addition, it is home to many of the world’s leading law firms and other professional services firms. 

The City continues to attract an ever-widening range of creative services firms, including internet-based/technology companies, media organizations, publishing and communications entities. Such fast-growth organizations as Amazon, Google, Twitter, Gilt, Huffingtonpost.com and Facebook continue to expand here.

Cresa is active within the Manhattan office market on a daily basis and our professionals are knowledgeable about all significant current trends and market conditions.  We offer unparalleled experience in addressing the needs of the business community - - whether finding the perfect space, negotiating favorable lease terms or arranging the optimal space layout, our team offers a range of invaluable resources to help tenants find the best solutions to their occupancy needs.


People

Jamie Addeo Senior Advisor 212.687.4136
Helen Ball Business Manager 212.687.0534
Bruce Beegel Advisor 212.687.4329
Andrew Chase Advisor 212.687.4390
Kira Cromer Administrative Assistant
Howard Cross Principal 212.687.4159
Justin Halpern Senior Advisor 212.687.4164
S. Kent Holliday, AIA Principal, Consulting Services 212.687.1939
Mark Jaccom President and Managing Principal 212.687.4084
Harold D. Kahn Managing Principal, Operations & Administration 212.687.4127
Keith Keppler Senior Vice President, Consulting Services 212.687.1954
Peter Kozel, Ph.D. Principal, Consulting Services 212.687.0629
Sam Mann Advisor 212.687.4365
Mike McKenna Senior Advisor 212.687.4183
Dolores Minardi Senior Advisor 212.687.4176
Stephen Naidu Advisor 212.687.4309
Jonathan Ortiz, CPA Vice President, Consulting Services 212.687.1372
Martha Pellegrino Senior Vice President, Project Management 212.687.1695
Nelcol Philip Controller 212.687.0652
James A. Pirot Principal, Project Management 212.687.1048
Michael Plavin Advisor 212.687.4192
Marcus Rayner Managing Principal 212.687.4103
Jane Roundell Principal 212.687.4195
Wes Rudes Principal 212.687.4206
Stephen Santoro Principal 212.687.4240
Robert J. Sattler Advisor 212.687.0738
Elyse Schindler-Candella, Esq. Senior Advisor 212.687.4150
Barbara Singleton Receptionist
Michael Smith Senior Advisor 212.687.4243
Luca Smoleac Research Associate
Barry C. Spagna Advisor 212.687.4294
Robert P. Stella Principal 212.687.4306
Eric Thomas Principal 212.687.4314
Mark Toubin Senior Advisor 212.758.3131
Michael Vallejos Advisor 212.758.3131
Hillary Walter, LEED AP ID + C Vice President, Consulting Services 212.687.1958
Ed Wartels Senior Advisor 212.687.4319
Geoffrey E. Wowk Vice President, Consulting Services 212.687.1629

News

Subleases & Sales

Property Available Space Rental Rate
Sublease: Third Avenue Sublease Available
622 Third Avenue
Between 40th & 41st Street
New York, NY
Partial 30th Floor - 7,200 SF Upon Request
Sublease: 75 Maiden Lane - Roofdeck - 11,600 SF
75 Maiden Lane
Between William & Gold Streets
New York, NY
11,600 SF Aggressively Priced
Sublease: 75 Maiden Lane, 11th Floor
75 Maiden Lane
New York
Upon Request
Sublease: Meat Packing - Brand New Listing 81,268 SF
450 West 15th Street
Milk Studios
New York, NY
Partial 4th Floor, Partial 6th Floor, Partial 7th Floor - 81,268 SF Upon Request
Sublease: 104 West 40th Street
Adjacent to Bryant Park
New York, NY
Entire 20th Floor - 6,610 RSF Upon Request
Sublease: Spectacular Meatpacking Sublease
450 West 15th Street
New York, NY
Partial 4th Floor - 21,512 RSF Upon Request

Project Management



The build-out of your new workspace is not something you want to undertake alone. Our project management team is your assurance that it will happen in a timely, cost-effective way. 

We are true tenant advocates — we understand that the interests of landlords and developers are not at all the same as yours. We can run the entire project. We’ll advise on all issues of programming, feasibility, and other challenges that may affect the build-out. We’ll negotiate with the landlord, hire the architects, engineers, and any other consultants, looking out for your interests at every turn. And we’ll make sure you get the working environment you pay for — and that your people expect — by taking complete control of the following:

  • Budget — We take charge of the spending for your project, advising you of any issues and pointing out possible savings
  • Schedule — We oversee the construction schedule, informing you of key dates, making sure you have time to plan your move without disruption
  • Plans — We create a rough outline of how your space will be built out, then we select the architect to draw it up formally
  • Permits — We take care of obtaining any permits necessary for the construction of your space
  • Vendor Selection — We oversee the hiring and supervision of: designers, contractors, voice/data suppliers, and other suppliers
  • Coordinate Installs — We supervise the installation of carpet, paint, trim, wiring, lighting, system furniture, and other items required in a working office
  • Relocation Management — We can implement your entire move — hiring the mover, packing and unpacking, setting up computers, etc. — so your people can keep working with as few distractions as possible

 

Contact:

James A. Pirot
Senior Vice President, Project Management

212.687.1048
jpirot@cresa.com

Martha Pellegrino
Vice President, Project Management

212.687.1695
mpellegrino@cresa.com


Why Cresa?


Market Overview

Manhattan’s Office Market: The Appearance of Stability Hides Profound Changes

Manhattan’s office market responded to spring’s warmth with its own green shoots. Almost across the board, rents moved higher in the second quarter from first quarter’s levels; as landlords made the case that available space was disappearing from the market. In fact, the calculated overall combined Class A & B availability rate for Manhattan did decline in the second quarter of 2014, reaching 11.3 percent from 11.8 percent in the first quarter of 2014 and 12.9 percent one year ago. 

 

With the availability rate falling, the average asking rent was up at an annual rate of nearly
9 percent in the second quarter over the first quarter’s level. For the past last year, the average asking rent is up by 6.9 percent.

Adding to the sense of activity and scarcity is the fact that the pace of leasing has remained solid, with numerous high profile and large transactions. The quest for space by the tech firms is driven by positive fundamentals. However, other prominent deals may not represent as positive a picture. For example, Sony’s sale of 550 Madison and move to 11 Madison as well as Time’s departure from 1271 Avenue of the Americas to 225 Liberty Street in Brookfield Place were driven by the need for less space and the requirement to reduce occupancy expenses on a square foot basis.

The high level of leasing activity has the impact of lowering the availability rate, particularly when the transaction involves a move well in the future. The space at the future location is taken off the market while the marketing of the currently occupied space is often delayed. Vacant space, however, is space that is not occupied and likely on which there is no lease in force. For Manhattan’s combined Class A & B space, the vacancy rate has actually increased over the last year; rising from 8.4 percent to 8.9 percent.

Manhattan enjoys the strongest office market in the U.S. and on a global basis certainly one of the most solid. At the same time and as just indicated, it is difficult to precisely quantify exactly how strong this market actually is. Several major forces complicate the situation. 

For the first time in a generation, Manhattan is on course to add a substantial amount
of new space, with the World Trade Center, Hudson Yards, Midtown East, and assorted other projects around the City. Also, major capital expenditures on older properties have become the norm, which has and will add newly competitive buildings to the total inventory. 

In addition to the new inventory, the underpinnings of the New York City economy are being transformed. Technology, professional services, advertising/communications, life sciences, and education are becoming the major drivers of the city’s economy. At the same time, financial and legal services are suffering from a fundamental shift in the regulatory environment and a slow growth global economy. The basic formulas that described how the New York City office property markets behaved in an economic recovery likely no longer work and new equations will have to be created as the city moves ahead.