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Prime NYC Office Buildings Still Catching High Price Tags

NEW YORK CITY-During the NYSSCPA/FAE Real Estate Conference held here recently, CB Richard Ellis EVP Darcy Stacom noted that while sublet and vacancy rates are still high, the city's prime class A buildings are going strong-- fetching high prices from high-profile tenants.

By Diana M. Rodriguez | Updated on January 09, 2003

NEW YORK CITY-Admitting the city’s real estate industry “probably has two to three years before it will see any real recovery,” CB Richard Ellis EVP Darcy Stacom was quick to note that the forecast is not all doom and gloom. At a real estate conference held here recently for the New York State Society of Certified Public Accountants and its Foundation for Accounting Education, Stacom said Manhattan’s “top 75 buildings” are still only seeing a combined vacancy rate of about 3.5%.

Recent leases in these trophy buildings, such as the Candler Building at 220 W 42nd St., are fetching high prices, she stated, referencing the recently inked 15-year lease to Clear Channel Communications at the Times Square property. Stacom also highlighted other high-profile deals–like the $600 per sf price tag that 399 Park Ave. garnered and the still-pending proposals for the Tyco Building, which are averaging about $90 per sf.

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