Commercial Real Estate Archives - Rava Realty

Investing Smart: Soho Property Sells for 43.75% More in Two Years

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A Manhattan retail space housing Cartier in Soho has just sold for 43.75% more than what the owner paid in 2022. An undisclosed Japanese conglomerate purchased 102 Greene Street from Aby Rosen’s RFR Holding for $46 million, equating to about $4,020 per square foot, with a capitalization rate of 4.2%.

The four-story building, dating back to 1881, was transformed by Cartier into a flagship location featuring a gallery, lounge, studios, and a rooftop garden and opened late last year. RFR had acquired ...

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Good signs for the Manhattan office market

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Last month, Manhattan’s office market surged, nearing pre-pandemic levels, led by robust leasing in Midtown. Nearly 2 million square feet were leased there, contributing to a total of 3 million square feet across all central business districts in May, a 70% increase from last year. Key transactions included Bloomberg’s large lease at 731 Lexington Avenue, the largest since 2019, and substantial leases at 22 Vanderbilt, highlighting market dynamics. These large deals significantly influenced market activity, but despite challenges, the market shows signs ...

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Office space in Manhattan reaches all-time high

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The office market continues to struggle as available office space reaches a record high in the second quarter. According to Savills, there were 70.3 million square feet of office space ready for leasing, accounting for 19.7 percent of total space, the highest since the start of the pandemic. Leasing activity dropped by 12.1 percent in the first half of the year compared to 2022, and the second quarter saw a significant decrease of 25.2 percent compared to pre-pandemic levels. Lease renewals and expansions ...

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