We can’t fully say we’re sorry to see 2022 go. It was better than 2021, and much better than 2020 (we hope that this at least indicates a positive trajectory!) but it’s not as though 2022 didn’t come with its share of disappointments.
We recently looked at the top 10 leases in New York over the past year — as well as the top 10 sales of the year — and they’re always valuable in taking stock of a year and finding out what went right and what went wrong. (JLL’s Robert Knakal also offered his always valuable commentary.)
CO reporter Rebecca Baird-Remba took a step back and tried to put New York’s real estate landscape in context, and it’s worth reading over if only to emphasize that there were good stories in 2022, along with some cruddy ones. (Office leasing, for instance, showed improvement. There was 9.9 million square feet of leasing in the third quarter, a 24 percent uptick from the previous quarter. That being said, average asking rents slid from $76 a square foot in the second quarter to $74 per square foot. And that has been sort of the story of real estate’s recovery from the shock of COVID-19 — for every step forward there’s a step backwards.)
In January, we learned that the Post Brothers closed a whopping $400 million loan on a 1.9 million-square-foot megadevelopment (the largest residential development in the U.S., in fact) in Philadelphia.
In February, Glendale USA Corporation sold a fully leased 75,600-square-foot office to the Georgetown Company for $93 million. (The tenant made for one of the more intriguing parts of the sale: Netflix.)
Much to our shock, March brought the news that Blackstone, the largest private landlord in the world, was handing the keys back on 1740 Broadway. “It’s the smartest move for their investors,” one source noted.
Of course, May brought Power Finance and Power 100. Those are always good for a re-read. (Speaking of the power players of real estate, it’s also worth a look at the feature we ran on Stephen Ross’ efforts to essentially take over Miami.)
August is usually the time to kick back and take some time off … which is sort of what Amazon decided to do beyond just August. They nixed or delayed some 50 warehouses. (Maybe they got wind of the crazy pipeline in the works. But that pipeline still sounds pretty necessary.)
September meant Power L.A.!
We’ll leave you with that today. Again, happy New Year!
We can’t fully say we’re sorry to see 2022 go. It was better than 2021, and much better than 2020 (we hope that this at least indicates a positive trajectory!) but it’s not as though 2022 didn’t come with its share of disappointments. We recently looked at the top 10 leases in New York overRead MoreChannel, Features, More, 1740 Broadway, Blackstone, Bruckner Commons, Gelndale USA, Georgetown Company, Post Brothers, Robert Knakal, Sunday Summary, Target, West Park Presbyterian Church, Will Friend Commercial Observer Read More
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,