A Fresh Take on CRE

Weekly Comps Digest: Grand Central, Chelsea and Times Square South




Two New Leases at SL Green's 521 Fifth Ave

Major, Lindsey & Africa recently took the entire 5th floor (21,667 SF) at 521 Fifth Avenue, and Chinatrust Commercial Bank took the entire 11th floor in the building (20,987 SF) Major will pay rent starting in the mid-$40s and receive TI allowance in the $60s on its 10 year lease. Chinatrust will pay rent ranging from the higher $40s to the higher $50s and receive just under $60s in TIs on a 15-years lease. Get the Major- Lindsay comp on CompStak Get the Chinatrust Bank comp on CompStak




At Chelsea Building Effective Rents Increase for Larger and Longer Leases

The School of Audio Engineering (SAE Institute) just joined Yammer and Red Bull as a recent tenant at 218 West 18th Street. Effective rents in the building increase in direct correlation with the lease size and term. Yammer, with 13,504 SF and a five year term is effectively paying $42 PSF.  SAE's 27,000 SF, ten year lease cost just under $50, and Red Bull's 41,642 SF, fifteen year lease has effective rent close to $60 PSF. Conclusion? Seems like both landlords and tenants agree that rents in the area will rise to the sixties in the next 10-15 years. Get the SAE comp information on CompStak Get the Yammer comp information on CompStak Get the Red Bull comp information on CompStak




Times Square South: $35 PSF Is The Median Effective Rent in 2012

Tenants looking for effective rents in the thirties don't have to move Downtown. By Design signed a ten year lease on the entire 4th floor at 1441 Broadway, approximately 21,000 SF, with rent and TI in the low $40s, effectively bringing the rent down to about $35 PSF.  Higher floors in the building command slightly higher rents-  CPX Interactive's effective rent is $39.80 PSF for offices on the 17th and 18th floors.  According to the CompStak database, these rents are not unusual for this submarket; about half the 2012 deals in Times Square South had effective rents below $35 PSF. Get the By Design comp on CompStak Get the CPX Interactive comp on CompStak