UN Plaza Class A Office Condo 15000-30000 sf for sale The office condominiums at United Nations Plaza offers […]
13,725 sf, Mixed-Use Building, Live Plus Income Building A 25′ wide, seven-story, approximately 13,725 square feet mixed-use building. The building […]
12,274 sf, A 39.58` wide, 5 story, approximately 12,274 sq. ft. commercial building with a manual elevator. Built in […]
Office buildings for sale in Manhattan NYC
Office buildings for sale in Manhattan – Based on the information given by the New York City Department of Finance, there are 550 million square feet of office building space in the City. There are three business districts in Manhattan ( Midtown South, Midtown, and Downtown). Together they contain 450 million square feet of office space or 82 percent of all areas locally. According to some analytics, there are commercial districts in each of the five boroughs. Manhattan retail spaces for sale are projected to grow near 4.9% in 2019 and 2020. Office spaces in buildings are typically grouped into one of three class categories: Class A, B, or C. The amount of Class A office area now comprises nearly two-thirds of all office space. The World Trade Center development has substantially increased the amount of Class A office building space in Downtown Manhattan. Hudson Yards, located in the region of 10th and 12th avenues from West 30th to West 34th streets, is the most significant private real estate development in Manhattan since Rockefeller Center.
Most occupiers in modern times are planning to use their retail space to recruit top talent, which has altered the focus of current needs. Increased transit connectivity within Manhattan has made this location less of an issue with tenants now open to moving outside the hub of Midtown. Areas prime for new developments or significant modern renovations are top destinations for office tenants.
The inventory of the New York City retail real estate market is divided approximately between nine significant areas. Let’s look at the numbers: Bronx 587 buildings with 13250 square feet, Central Queens 301 buildings with 4677 square feet, Chelsea 515 buildings with 44496 square feet, Downtown Brooklyn 206 buildings with 25336 square feet, Northeast Queens 731 buildings with 11704, Northwest Queens 454 buildings with 17093, South Brooklyn 1112 buildings with 18984 square feet, South Queens 417 buildings with 6487 square feet, Staten Island 925 buildings with 6921 square feet, World Trade Center 45 buildings with 36652 square feet. Some new communities are growing up across the region, with development mainly targeting on the borders of Manhattan.
Markets and submarkets in Brooklyn, Queens, and New Jersey have expanded their inventory. The new projects have been met here with outrageous demand and will be maintaining their busy pace shortly. As of the third quarter of 2019, more than 40,000 units are under construction. Development is concentrated in the same areas. This giant performance continued in the last quarter of 2019, with more than 2% growth recorded at the beginning of this year. Prime Group Holdings acquired the 223,000-SF property at 62 I’m. St. in Brooklyn for $100 million (approximately $448/SF) in February 2019. The building was fully occupied by Christazie’s at the time of the sale. This primary warehouse was advertised as a potential redevelopment opportunity. New constructions in the area outline the shift toward more retail space as owners aim to drive the traffic through multi-layered customer experience, knowing that shopping today is mostly online.