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New York Commercial Real Estate

THE LIGHTS ARE MUCH BRIGHTER THERE

Cue Petula Clark—there's been a slew of downtown activity making the headlines. We'll let you decide if the new mosque falls into that category, but the city's been especially abuzz with the potential 1M SF Condé Nast move to One World Trade Center.
The Alliance for Downtown New York
The New York Daily News referenced a letter sent to the publishing house's employees by COO John Bellando that described active discussions regarding 1WTC, but notes a final decision is several months away. However, this is one step closer to Downtown becoming a media center—in addition to The Daily News and US News and World Report's recent 100k SF lease and American Media's 88k SF lease at 4 New York Plaza, 59 other media tenants are already here, Alliance for Downtown New York prez Liz Berger tells us. And Hive at 55, the Downtown Alliance's co-working facility at 55 Broad St., just celebrated its sixth-month anniversary, operating at more than 80% of its shared-workspace capacity to support small biz, freelancers, and entrepreneurs. The space was included in Mayor Mike's MediaNYC 2020 plan, a program of eight initiatives to strengthen the media industry.




Trump SoHo also announced that it's closed on the sale of 20 hotel condo units in the past 60 days, for gross sales of over $26M and an average closed price of $2.5k/SF. (We snapped Donald Trump Jr. at the building in April; his firm partnered with The Sapir Org. and Bayrock Group for the project). And YTD leasing activity Downtown has jumped 28% over last year to approximately 1.4M SF, according to the Downtown Alliance. More than 800k SF of leases have already been signed in Q3 or are expected to be finalized soon.

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