Office Deals? Yes, But Skip Midtown—3rd Costliest Globally

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Office Deals? Yes, But Skip Midtown—3rd Costliest Globally

Midtown is the most expensive office market in the U.S. and North America, ranking third globally behind London’s West End and Hong Kong, according to Savills.

Midtown Manhattan’s average net effective cost hit $206.67 per square foot, up 9% from last quarter, including rent, incentives, and fit-out expenses. London’s West End leads at $277.55, while Hong Kong dropped to $230.39.

Downtown Manhattan ranks fourth in the U.S. at $91.88 per square foot, with San Francisco and Century City in between. Nearly half of ...

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One of the most expensive sales in the history of downtown Manhattan

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One of the most expensive sales in the history of downtown Manhattan

A six-bedroom, 7,000 square feet of living space, with panoramic views of the Hudson River and Manhattan skyline, and a 5,000-square-foot terrace penthouse condo apartment at One High Line, a new development in West Chelsea has entered into contract at $52 million, and downtown $50 million sales are rare compared to uptown luxury enclaves.

Some of the few $50 million residential real estate sales in downtown Manhattan include a penthouse at 70 Vestry Street in Tribeca that sold for $56 million and another Chelsea unit at the Getty, which sold for $59 million — both sales were ...

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