It’s no secret that some Midtown office corridors are doing better than others. Nonetheless, a new Savills survey contains a remarkable finding:
Park Avenue’s current vacancy rate of 8.9% compares not only favorably to Midtown’s overall rate of 17.6%, but also to Park Avenue vacancies during the prehistoric, pre-pandemic fourth quarter of 2019 – while it was 11%.
Park Avenue’s fortunes have been bolstered by the recent big deals we first reported on, like Stonepeak Partners’ new lease at SL Green’s 245 Park, PJT Partners’ expansion at SLG’s 280 Park, and the new lease of Sumitomo Corporation at 277 Stahl Organization Park.
Savills defines “downtown” as being bounded by 61st Street on the north, 34th Street on the east side, and 30th Street on the west side. So its data might differ from the findings of other brokerages that consider Midtown to begin at 42nd Street.
But the Savills survey reminds us that Midtown’s 17.6% availability is anything but uniform across the district.
Broadway has the highest availability of 47.1%. But the weakness of Third Avenue, where the figure is 26.9%, is more significant because it has a much larger office park than Broadway.
Soho may be Manhattan’s healthiest shopping district, where store occupancy is estimated at 84%, higher than before the pandemic.
The latest name in fashion is Jacquemus, the ready-to-wear line for men and women founded in Paris by Simon Porte Jacquemus and which has become cult. It just opened its first U.S. location at 143 Spring St., across from Chanel on the corner of Wooster.
The store will be approximately 4,500 square feet on three levels behind a floor-to-ceiling glass facade. The currently vacant space was recently occupied by Pinko.
Current real estate advisors Brandon Charnas and Adam Henick represented Jacquemus. Owners Buchbinder and Warren were replaced internally by Bill Abramson and Matt Olden.
Terms were not disclosed, but sources said the amount was in the range of $2 million per year.
New York Post
