As the credit spigot began to
tighten in 2008, Manhattan-sized
transactions still got done
By Cody Lyon
Associate Editor
The top deals seen last year reflected the arrival
of sales and leasing environments where there
are increasing amounts of built space arriving
on the market. “You have landlords all over the place
willing to do all sorts of agreements, from one year to
six-month renewals,” says Alex Cohen, senior director
at Cushman & Wakefield.
And, as Dr. Sam Chandan points out, there are
diminished expectations for appreciation and hints
of seller duress.
Real Estate New York has summed up some of 2008’s
standout deals in leasing and sales, drawing primarily on reporting by our sister organization GlobeSt.
com, and has asked Chandan, president and chief
economist at Real Estate Economics in New York
City, to provide the bigger picture.
Sales
• In February, only days before the first bid was
due for SL Green Realty Corp.’s 1250 Broadway,
GlobeSt.com learned that Murray Hill Properties
1301 Ave. of the Americas, which Paramount Group acquired
last summer for a reported $1.45 billion, was one of several
Macklowe Properties trophy buildings to hit the market.
