It’s no secret that some midtown office hallways fare better than others. Still, Savills’ new research contains some notable findings.
Park Avenue’s current vacancy rate of 8.9% not only compares favorably to Midtown as a whole at 17.6%, but also compared to Park Avenue’s pre-pandemic vacancy rate of 11% in Q4 2019. Excellent.
Park Avenue’s wealth was bolstered by a recent big deal that we first reported on. Examples include Stone Peak Partners’ new lease at SL Green’s 245 Park, PJT Partners’ expansion of SLG’s 280 Park, and Sumitomo Corporation’s new lease at 277 Park from the Stahl Organization.
Savills defines “Midtown” as bounded by 61st Street on the north, 34th Street on the East Side, and 30th Street on the west. Therefore, that data may differ from the findings of other brokerages that believe Midtown begins at his 42nd Street.
However, the Savills study reminds us that Midtown’s 17.6% availability is not uniform across the district.
Broadway has the highest availability at 47.1%. But Third Avenue’s weakness at 26.9% makes more sense because it has much more office inventory than Broadway.
SoHo may be Manhattan’s healthiest retail district, with storefront occupancy estimated at 84%, higher than before the pandemic.
Its latest fashion name is Jacquemus, a men’s and women’s ready-to-wear line founded in Paris by Simon Porte Jacquemus that has a huge cult following. We just opened our first U.S. store at 143 Spring Street, across from Chanel on the corner in Worcester.
The boutique will be approximately 4,500 square feet and will span three stories behind a ground-to-ceiling glass façade. The currently vacant space was recently occupied by Pinko.
Current real estate advisors Brandon Charnas and Adam Hennick represented Jacquemus. Landlords Buchbinder and Warren were represented in-house by Bill Abramson and Matt Alden.
Terms were not disclosed, but sources said it would be around $2 million a year.
