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January 4, 2010 
 
 
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UPTOWN, DOWNTOWN

How did you spend your holidays? We’d love to run a few pictures of local real estate-types in exotic locales. You know, like New Jersey. Send photos of your vacations, staycations, and other fun activities (with a description) for inclusion in Bisnow!

 
Edison Properties, owner of Workspace Office & Studio’s 5030 Broadway, is extending the sixth floor to bring in over 40 more units to its popular office concept in Northern Manhattan. There had been only three spots left—two with paper trading.
 
On the 5030 Broadway rooftop,p with Edison Properties' Lenny Lazzarino and Jason Miller

How’s that for a sunset? We found this rooftop view when we met the firm’s Lenny Lazzarino and Jason Miller to check out the 150 to 1k-SF offices. Inwood didn’t have a defined office market, so Edison initially turned two floors of the property, mostly Manhattan Mini-Storage, into office space to attract a variety of neighborhood tenants. Where else can you find an opera singer, state senator, gastroenterologist, and real estate company on the same floor? The new floor will be 50% mini-storage, and Workspace’s area will include a conference room, sit-down kitchen, and other tenant amenities.

This office is occupied by 1MonthFeeNY.com. Edison is also marketing the full 18k-SF 9th floor, ideally for rehearsal space with its 21 foot-high ceilings. And there’s over 50k SF of retail space on the bottom floor, which might attract a medical tenant (separate entrances can be built out for the horseshoe-shaped floorplate), or perhaps a pharmacy or coffee shop. If you don’t want to trek to the end of the A line—most tenants are from the neighborhood—you can also check out Edison’s similar concepts at 131 Varick and 55 Vandam, which they report are also doing well.


DOWNTOWN'S RECOVERY
 
FirstService Williams CEO Mark Jaccom (left, with FirstService Real Estate Advisors CEO Doug Frye and Williams executive chairman Bob Freedman)

NYC’s office market is seeing signs that the worst may be over, says FirstService Williams CEO Mark Jaccom (left, with FirstService Real Estate Advisors CEO Doug Frye and Williams executive chairman Bob Freedman) in response to the firm’s 4Q analysis. He notes that tenants who were priced out of Midtown now see it as a viable destination. But with almost a 50% decline in effective rents from a year ago, the now-affordable Midtown North might take a toll on Downtown, which has seen a jump in availability. With the financial sector still a major driving force in Downtown, the submarket’s recovery may be slower than expected, Bob adds.


VOICE OF EXPERIENCE
 
MLBKaye International Realty’s Lewis Kaye

When you’ve been through 10 recessions, you become a cycle pro. Since Kennedy was president, we’ve seen a recession every five or six years, says MLBKaye International Realty’s Lewis Kaye, whose firm is celebrating its 44th anniversary this year—but none of them are like today’s, where one thing continues to feed off of another. Vacancies are more serious in what used used to be just a Downtown problem, and we’re not seeing loans.

MLBKaye International Realty’s Lewis Kaye with his wife Marilyn
We snapped Lewis with his wife and business partner Marilyn, when he was honored as “Male Pioneer of the Year” by NY Residential magazine in September. Lewis tells us that the market will improve when lending loosens up again, but it's hard to tell when that will happen. Despite the market, Lewis was recently able to arrange three deals: a 1.5k-SF deal for Portrait Bug at 2466 Broadway; a 500-SF deal for Verizon dealership MLC at 2464 Broadway, and Eisen and Schulman’s 3.5k-SF lease at 18 East 48th St.

UPCOMING EVENTS
 

January 12 - REBNY Commercial Seminar 8am-10am - 570 Lexington Avenue - REBNY Mendik Education Center - Registration Required; members only

 

New year, new stories! Send transactions, trends, and event invites to amanda@bisnow.com

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