Instead, he asked for a higher rent per square foot arguing that without a Loss Factor, his space was still less expensive than space being offered by competing landlords imposing high Loss Factors.
2) According to Real Capital Analytics, the following statistics apply to 2005 sales of Manhattan commercial properties worth a minimum of $5 million: $13.1 billion of total sales, 138 properties, 30.6 million square feet, $426 average price per square foot, 5.24% average cap rate.
"Even at $100 per square foot
in construction costs, you'll spend just $6,000 to create something of character that breaks up a straight run corridor," says ThreeArchitecture's Dullard.
Major Manhattan retail corridors continued to see rents increase for ground floor space, as the median price per square foot
climbed 12.5 percent from the same period last year, according to the Real Estate Board of New York's (REBNY) Fall Retail Report.
The average price per square foot
set a record at $988, up 4.9% from the previous quarter average price per square foot
Average asking rent in the CBD dropped $3.18 per square foot
, or 10%, Over the past year to $28.17 per square foot
and $1.30 per square foot
, or 5%, in the Non-CBD to $26.91 per square foot
Approximately half of GE Commercial Finance's 221,000 square foot
lease at Merritt 7, for one, counted towards absorption--the landlord relocated six tenants from the 201 Merritt 7 building to other buildings within the park to make way for the mega-tenant.
* Affinity Credit Leased Gale & Wentworths 125,000 square foot
building at Mountainview in Bernards Township.
* Principals David Simon, Robert Dinner, Bill Cariste and Stan Simon closed an 18,000 square foot
lease for Fremont Indemnity Company at Mount Kemble Corporate Center in Morris Township.
A 16,000 square foot
lease on behalf of Meridian Health Realty Corp.
In separate transactions, Cari Lyon of Insignia/ESG negotiated a 9,560 square foot
lease on the 20th floor for Newsnet, an Internet-related firm, and Gregory Collins of Julien J.
The company leased 24,000 square feet within Reckson's 48,000 square foot
property at 933 Motor Parkway.