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Lee Nyc Manhattan Trend Tracker Lee1q2016 Nyc Manhattan Retail Fall 2017

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Lee Nyc Manhattan Trend Tracker Lee1q2016 Nyc Manhattan Retail Fall 2017 THE RETAIL MARKET REPORT LEE NYC MANHATTAN TREND TRACKER LEE1Q2016 NYC MANHATTAN RETAIL FALL 2017 600 MADISON AVENUE THIRD FLOOR NEW YORK 10022 WWWW.LEEASSOCIATESNYC.COM RecentAverage Retail Asking Condominium Ground Floor Rents Sales Select Retail Corridors Property Submarket SF Date Sold Value Fall$ Per SF Spring Buyer Fall % ChangeSeller % Change Retail Corridor Submarket 1327 Madison Avenue Upper East Side 4,725 2017-09 $ 7,400,000 2017$ 1,566 2017 - 2016 Spring 2017 - Fall 2016 Bleecker7 Hubert Street | Seventh Avenue SouthDowntown - Houston St 2,928 2017-09West$ Village 3,200,000$ $ 351 1,093$ Kinsmen 373 Property$ 471 Kang-6% Young Eun -25% Broadway150 East 55th | Battery Street Place - ChambersMidtown Street East 2,900 2017-08Financial$ District 5,100,000$ $ 374 1,759$ Izumi 362 Estate$ Co. 369 J&R Realty3% Holding 2% Broadway806-808 Broadway | Houston Street - BroomeMidtown Street South 29,000 2017-07 $SoHo 24,616,667$ $ 644 849$ Rubies 812 Costume$ Co. 755 SPI-21% Holdings -15% Broadway47 Mercer |Street 14th Street - 23rd StreetDowntown 7,500 2017-07 Flatiron$ 9,300,000$ $ 384 1,240$ Zar 348 Property$ 390 Daniel10% Langlois -2% Broadway201 East 77th & Seventh Street Avenue | 42ndUpper Street East - Side 47th Street4,000 2017-06Times$ Square 5,250,000$ $ 2,100 1,313$ Ashkenazy 1,930 Acquisition$ 2,170 Valley National9% Bank -3% Broadway325 Fifth Avenue | 72nd Street - 86th StreetMidtown East 5,880 2017-06Upper$ West 23,900,000Side $ $ 291 4,065$ 315HUBB $NYC 341 Continental-8% Properties-15% Columbus8 Jay Street Avenue | 66th Street - 79thDowntown Street 2,500 2017-06Upper$ West Side 3,800,000$ $ 338 1,520$ Ochre 344 Tribeca$ 403 Art Flag-2% Company -16% East575 Ave.57th of Street the Americas | Fifth Avenue - ParkMidtown Avenue South 3,450 2017-06Plaza$ District 6,000,000$ $ 1,294 1,739 N/APremier Equities$ 1,438 N/AVeritas -10% East347 Bowery86th Street | Lexington AvenueMidtown - Second South Avenue 8,439 2017-06Upper$ East Side20,301,250$ $ 450 2,406$ Eli399 Goldstein$ 428 Urban13% Muse 5% Fifth243 West Avenue 60th | Street14th Street - 23rd UpperStreet West Side 4,712 2017-06 Flatiron$ 2,941,363$ $ 449 624$ Empire 456 West$ 60 LLC 390 Algin Management-1% 15% Fifth Avenue | 42nd Street - 49th Street Grand Central $ 1,158 $ 1,163 $ 1,259 0% -8% 249 Church Street Downtown 5,000 2017-06 $ 6,000,000 $ 1,200 Thor Equities Ashkenazy Acquisition Fifth Avenue | 49th Street - 59th Street Plaza District $ 3,900 $ 3,324 $ 3,484 17% 12% 210 Canal Street Downtown 7,580 2017-05 $ 23,550,000 $ 3,107 Nightingale Properties Dean K. Fong Madison Avenue | 57th Street - 72nd Street Plaza District $ 1,348 $ 1,446 $ 1,433 -7% -6% 415 Greenwich Street Downtown 5,040 2017-05 $ 11,500,000 $ 2,282 KLM Equities Ashkenazy Acquisition Third Avenue | 60th Street - 72nd Street Upper East Side $ 261 $ 356 $ 340 -27% -23% 10 Madison Square West Midtown South 20,676 2017-04 $ 97,500,000 $ 4,716 TH Real Estate Savanna West 14th Street | Ninth Avenue - Tenth Avenue Meatpacking $ 323 $ 334 $ 345 -3% -6% 32-42 West 125th Street Upper Manhattan 8,356 $ 10,500,000 $ 1,257 HVA 125 LLC West 34th Street | Fifth Avenue - Seventh Avenue 2017-04Herald Square $ 633 $ Wharton 734 Properties$ 745 -14% -15% 125th148 Duane Street Street | FDR Drive - Henry HudsonDowntown Parkway 20,061 2017-04 Harlem$ 19,020,790$ $ 123 948$ 124Vornado$ 125 Summit-1% Equities -2% 259 Bowery Downtown 2,860 2017-04 $ 5,500,000 $ 1,923 Thor Equities Charles Saulson 42 Lispenard Street Downtown 4,500Median2017-03 Asking$ Ground 4,500,000 Floor$ Rents 1,000 Montauk Sofa Colonnade Group 5 East 44th Street Midtown East 2,658 2017-03Select$ Retail 4,500,000 Corridors $ 1,693 Michail Kandov UES Dental PLLC 121-133 Hudson Street Downtown 33,500 2017-03 $ 36,000,000 $ 1,075 ASG Equities Centurion Realty Fall Spring Fall % Change % Change 1082 Madison Avenue Retail CorridorUpper East Side 1,693 2017-02Submarket$ 6,000,000 $ 3,544 Premier Equities John K. Doyle 2017 2017 2016 Spring 2017 Fall 2016 248-258 Bleecker Street Midtown South 8,490 2017-01 $ 20,605,000 $ 2,427 Kroger Inc. Rob Kaufelt Bleecker Street | Seventh Avenue South - Houston St West Village $ 371 $ 375 $ 475 -1% -22% Broadway25 North Moore | Battery Street Place - ChambersDowntown Street 2,508 2017-01Financial$ District 3,500,000$ $ 400 1,396$ Debra 363 Hamid$ 350 6010% Guilders 14% Broadway23-31 John | Street Houston Street - BroomeDowntown Street 6,290 2017-01 $SoHo 19,550,000$ $ 600 3,108$ 850HUBB $NYC 685 -29%Yair Levy -12% Broadway170-178 Ninth | 14th Avenue Street - 23rd StreetMidtown South 4,250 2017-01 Flatiron$ 5,500,000$ $ 328 1,294$ Ashkenazy 320 Acquisition$ 390 Coutinho3% Properties -16% Broadway959 First Avenue & Seventh Avenue | 42ndMidtown Street East- 47th Street2,713 2017-01Times$ Square 4,500,000$ $ 2,000 1,659$ Sarex 2,000 Associates$ 2,200 Toll0% Brothers -9% Broadway2300 Fred. |Douglass 72nd Street Blvd. - 86th StreetUpper Manhattan 3,526 2017-01Upper$ West Side 3,850,000$ $ 295 1,092$ Regal 335Home $Collections 375 Heritage-12% Realty -21% Columbus496 LaGuardia Avenue Place | 66th Street - 79thMidtown Street South 2,280 2017-01Upper$ West Side 2,975,000$ $ 300 1,305$ Zar 332Apparel$ Group 412 Boris-10% Nepoe -27% East682 Broadway57th Street | Fifth Avenue - ParkMidtown Avenue South 1,450 2017-01Plaza$ District 10,000,000$ $ 1,250 6,897 N/AAscot Properties$ 1,400 PremierN/A Equities -11% East56-58 86th Pine Street Street | Lexington AvenueDowntown - Second Avenue 6,392 2017-01Upper$ East Side 4,450,000$ $ 450 696$ 345Ariel Aber$ 345 Rugby30% Realty 30% Fifth733 Amsterdam Avenue | 14th Avenue Street - 23rd UpperStreet West Side 12,800 2016-12 Flatiron$ 13,000,000$ $ 409 1,016$ Cohen 415 Equities$ 400 Starrett-1% Corp 2% Fifth330 East Avenue 75th | Street 42nd Street - 49th UpperStreet East Side 10,357 2016-10Grand$ Central 5,500,000$ $ 1,200 531$ 1,100RKM Realty$ III 1,200 Sherwood9% Equities 0% Fifth42 Hudson Avenue Street | 49th Street - 59th StreetDowntown 5,400 2016-10Plaza$ District 3,400,000$ $ 3,900 630$ Premier 3,472 Equities$ 3,500 Duane12% Square 11% Madison502 Ninth Avenue Avenue | 57th Street - 72ndMidtown Street West 1,796 2016-10Plaza$ District 3,100,000$ $ 1,247 1,726$ 1,500 -$ 1,350 David-17% Cohen -8% Third Avenue | 60th Street - 72nd Street Upper East Side $ 275 $ 326 $ 385 -16% -29% West 14th Street | Ninth Avenue - Tenth Avenue Meatpacking $ 300 $ 300 $ 350 0% -14% West 34th Street | Fifth Avenue - Seventh Avenue Herald Square $ 650 $ 700 $ 750 -7% -13% 125th Street | FDR Drive - Henry Hudson Parkway Harlem $ 130 $ 114 $ 114 14% 14% The Manhattan retail leasing market is still in a corrective period. The increased rents of previous years are receding. Deals are still getting done, but they favor parties willing to Ten Year Growth in Average Asking Rents be flexible with deal structure, uses, asking rent adjustments, and increased concession Manhattan 65% packages. The correction may prove healthy for both the shortActive and long-termRetail Condominium viability of InvestorsEast Side 8% the Manhattan retail leasing market. Per square foot ground floor retail asking rents West Side 2% declined year-over-year in 13 of the 17 high profile corridors. The most resilient corridors Midtown 154% to this trend were the Flatiron Fifth Avenue corridor, where the ground floor retail Midtown South 6% average asking rent rose 15 percent to $449 psf year-over-year; and the Lower Downtown 26% Manhattan Broadway corridor,where the average asking rent increased two percent year- Upper Manhattan -2% over-year to $374 psf. • Downtown: South of 14th Street • East Side: 60th Street - 96th Street | East of Fifth Avenue • Midtown: 35th Street - 59th Street • West Side: 60th Street - 116th Street | West of Morningside Park • Midtown South: 15th Street - 34th Street • Upper Manhattan: Above 97th Street (East of Fifth Avenue) and Above 116th Street (West of Morningside Park) Source: Lee & Associates and Real Estate Board of New York 2 | MANHATTAN RETAIL REPORT Fall 2017 LEE & ASSOCIATES NYC 3 | MANHATTAN RETAIL REPORT Spring 2017 LEE & ASSOCIATES NYC Recent Retail Condominium Sales Property Submarket SF RecentDate Retail CondominiumSold Value $ SalesPer SF Buyer Seller 1327 Madison Avenue Upper East Side 4,725 2017-09 $ 7,400,000 $ 1,566 - - 7 Hubert StreetProperty SubmarketDowntown SF2,928 2017-09Date $ Sold Value3,200,000 $$ Per 1,093 SF KinsmenBuyer Property KangSeller Young Eun 222 East 58th Street Midtown East 4,032 2017-10 $ 5,600,000 $ 1,389 M&A 222 Realty HM 222 East 58th Street 150 East 55th Street Midtown East 2,900 2017-08 $ 5,100,000 $ 1,759 Izumi Estate Co. J&R Realty Holding 401 East 60th Street Upper East Side 92,000 2017-10 $ 73,250,000 $ 796 Gazit Horizons Brodsky Organization 806-808 Broadway Midtown South 29,000 2017-07 $ 24,616,667 $ 849 Rubies Costume Co. SPI Holdings 124 Hudson Street Downtown 11,830 2017-10 $ 15,275,000 $ 1,291 Merchants National Time Equities 47 Mercer Street Downtown 7,500 2017-07 $ 9,300,000 $ 1,240 Zar Property Daniel Langlois 530 Fifth Avenue Midtown West 59,839 2017-09 Buyout GGP Thor Equities 1327201 East Madison 77th Street Avenue Upper EastEast SideSide 4,7254,000 2017-092017-06 $$ 7,400,0005,250,000 $$ 1,566 1,313 AshkenazyF9 Investments Acquisition Valley National- Bank 7325 Hubert Fifth StreetAvenue MidtownDowntown East 2,9285,880 2017-092017-06 $$ 23,900,0003,200,000 $$ 1,093 4,065 KinsmenHUBB Property NYC ContinentalKang Young Properties Eun 1508 Jay East Street 55th Street MidtownDowntown East 2,9002,500 2017-082017-06 $$ 5,100,0003,800,000 $$ 1,759 1,520 IzumiOchre Estate Tribeca Co.
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