The addition of Penn Station is expected to add 17 million sf office space to Midtown, bringing the market's total inventory to approximately 217 million sf. The redrawn borders represent a significant evolution in the way New York City's largest real estate services firm tracks market activity.
The Penn Station submarket will bring together several of the New York City skyline's most iconic buildings--the Empire State Building, 1 and 2 Penn Plaza, Madison Square Garden, the James A. Farley Post Office and Hotel Pennsylvania--as well as the largest building site left in Manhattan, the 26-acre Hudson Yards development parcel.
"Beginning with the resurgence of Times Square in the mid-1990s, the core Midtown market has undergone a significant westward and southward expansion over the past decade, highlighted by such newly iconic buildings as the New York Times Building and 11 Times Square, currently under development," notes Dean Shapiro, CBRE's executive managing director of New York City brokerage. "More recently, a burgeoning 34th Street business corridor, as well as an exciting roster of current and planned office projects and the impending development of the Hudson Yards area, reaffirm that the conventional boundaries of Midtown and Midtown South have changed."
Shapiro adds that CBRE's commitment to "accurately representing the changing face of the Manhattan office market necessitated an internal adjustment of our borders to reflect these historic marketwide updates." With the addition of Penn Station, Midtown now stretches south to 31st Street from Fifth to 10th avenues and to the north side of 30th Street from 10th Avenue to the Hudson River. Penn Station's northern border will extend across 35th Street from Fifth to Ninth avenues, across 34th from Ninth to 10th avenues and continue west on 33rd Street to the Hudson River. The western boundary will extend along the Hudson River from 30th to 33rd streets, and the eastern border will be moved east to the west side of Fifth Avenue from 31st to 35th streets.
In Midtown South, the boundaries for the Chelsea and PAS/Madison Square submarkets will also be revised, with the northern border of Chelsea moving up to the southern side of 31st Street and a portion of the western PAS/Madison Square border moving east. In Midtown, Times Square/West Side's southern border will be moved north to 33rd Street from 10th Avenue to the Hudson River.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
