Retail faces a bleak future in NYC

Manhattan’s retail rents fell in 2016, but some market observers predict the slide is only the beginning. The culprit: online retailers. “There’s nowhere to go but down,” Cushman & Wakefield’s Steven Soutendijk told Crain’s. “Rents got too high too fast.” One indicator of potential future rent decreases are availability rates, which remain precariously high in […]

Thor Equities quietly marketing chunk of NYC commercial portfolio

Joe Sitt and his buildings at 530 and 590 Fifth Avenue Joe Sitt wants to strike while the iron is still hot. Thor Equities, Sitt’s development and investment firm, is looking to sell off a sizable chunk of its prime commercial portfolio, The Real Deal has learned. Potential buyers have received set-ups on at least […]