Looking Back on Monday

Finishing off Monday:

  • A new report by CBRE Group Inc. says that U.S. office vacancy rates will decrease to 14.3% of inventory next year, from 15.1% in 2013's third quarter.  Scarcity will push the rate to 13.5% by the end of 2015, the report says.  Bloomberg Finance has the details.
  • Crain’s New York Business has the details on 1290 Avenue of the Americas, where it reports Microsoft has left for Times Square, leaving a space to be filled by owner-manager Vornado Realty Trust.  The announcement today: Hachette Book Group will move from 237 Park Avenue.  The building has had a lot of comings and goings, and the article details them, and how Vornado has filled up its empty Sixth Avenue spaces.

  • More activity on Avenue of the Americas:  ACC Construction has recently completed the lobby renovation at Durst Organization-owned 1133 Sixth Ave., and the new New York Real Estate Journal has a story on it with pictures, HERE.

  • Real Estate Weekly today posted “Checking in on New York’s hotel market,” by Andrew Posil of Massey Knakal Realty Services.
  • A six-story office building  at 246 Fifth Ave. sold for $19 million last week by HH Realty Equities. Not bad at all, but the really interesting part was the location of the sale—not a stuffy boardroom, but online at Auction.com. Details on Bloomberg Personal Finance.

 

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