Property Grunt

Monday, June 29, 2009

Commerical real estate chatter

Greetings folks got some info regarding the commercial real estate scene.

NYT did some coverage on the the Union Square space where Zen Palate was formerly located. Already has been a target for copper thieves due to the enormous amounts of copper that was used as an exterior. As many of you may know it is still vacant. Perhaps it is due to the asking rent which is $12 million dollars a year.

According to Rackedm there is a variety of candidates vying for the space that heralded the once great Virgin Megastore. However those tenant or tenants are going to have to work like whores to pay the current asking rent which is $22 million dollars a year.

A very well know nationwide real estate company that encompasses leasing and development, laid off 100 employees which included their commercial brokerage group stationed in New York City. The kicker is that the brokerage group set up their own shop and took their exclusives with them. Apparently the contracts were written so that the brokers that signed the deals could take the over 50 exclusives with them wherever they go.