Law Firm Binder & Schwartz Takes 8.5K SF at 675 Third Avenue
Law firm Binder & Schwartz scored some new digs in Midtown East Binder & Schwartz inked a seven-year deal to relocate to 8,496 square feet across the entire 26th floor of 675 Third Avenue, between East 42nd and East 43rd streets, Commercial Observer has learned. Asking rent was $74 per square foot, according to landlord The Durst Organization. The law firm will ditch its current 6,851 square feet at 366 Madison Avenue in June to accommodate its growing number of employees, said Lauren Handelsman, a partner at Binder & Schwartz. Binder & Schwartz was founded in 2013 by Neil Binder,…
Date 2023-02-28
Author Celia Young
REBNY’s new return-to-office gauge paints bright view for ‘trophy’ towers
There’s a new kid on the block to report on how many employees are really back at their desks in Manhattan office buildings — and it paints a more nuanced and optimistic picture than either the widely-cited Kastle Systems Back-to-Work Barometer or the Partnership for New York City’s Return to Office Survey The Real Estate Board of New York’s new Analysis of Location Data, reported here for the first time, relies on estimates by Placer.ai, which calls itself the “largest provider of anonymized location intelligence data” for the US. Simply, that means it measures the movement of mobile devices in…
Date 2023-02-27
Author Steve Cuozzo
A Midtown Movie Theater Will Reopen, Reimagined
Brian Schultz says the time has come for dinner and a movie on West 57th Street. At the same time Schultz is the chief executive of a company that has taken that concept to movie theaters in California and in Dobbs Ferry, N.Y. He has signed a lease to bring it to a theater that went dark in 2021 — the eight-auditorium theater in the triangle-shaped building at 625 West 57th Street. Schultz maintains that people want to go out again — and go to the movies. But with so many films available on streaming services like Netflix, theaters have…
Date 2023-02-16
Author James Barron
Op-ed: Conventional wisdom about commercial real estate is dead wrong
There's a surge of doom and gloom coming from pundits about the future of New York City's office market. Almost every day I click through stories about the industry's "drought," "crisis" and—my favorite new hyperbole—"doom spiral." I've been in the business since John Lindsay was mayor. I've read countless postmortem headlines for our city and industry from the 1970s recession, the '87 panic, the aftermath of 9/11, the Great Recession and now the pandemic. And I can say with confidence that the conventional wisdom about commercial real estate today is dead wrong. It's true that fewer workers than before the…
Date 2023-01-26
Author Douglas Durst
Fellow Travelers: REBNY’s 2023 Leadership Fellows
When Rudin Management operations manager Natisha Thomas decided to participate in the first Real Estate Board of New York fellows program two years ago, she expected to meet new contacts and learn about areas of commercial real estate outside her expertise What she didn’t expect was a soul-searching enterprise so emotionally revealing that she would wind up in tears. “There’s an exercise called brown bag,” said Thomas. “On the outside of the bag you put how people see you on the outside.” On the inside, people were asked to write how they see themselves, and this became a far deeper…
Date 2023-01-24
Author Larry Getlen