Large Leases Signed in Manhattan

Financial service companies have been signing large leases in Manhattan, including several with rents approaching $200/sf.

Recent deals include Carlyle Group's 23,400 sf expansion at 520 Madison Ave., with rents that start at $180/sf, and Royal Bank of Scotland's lease for 70,000 sf at 1095 Sixth Ave., which starts at $140/sf and ramps up to $160/sf by the end of its 15-year term.

Also, AllianceBernstein has agreed to lease 151,500 sf at 1345 Sixth Ave., National Financial Advisors is moving into about 100,000 sf at 340 Madison Ave. and PricewaterhouseCoopers has a lease pending for 200,000 sf at 100 Park Ave.

Home Construction Is Slowest in 12 Years

APHome Construction Is Slowest in 12 Years

Wednesday September 19, 8:43 am ET

Housing Construction Falls to the Slowest Pace in 12 Years

WASHINGTON (AP) -- Construction of new homes fell in August to the slowest pace in 12 years as troubles in the housing industry continued to intensify.

The Commerce Department reported Wednesday that construction of new homes fell by 2.6 percent in August to a seasonally adjusted annual rate of 1.331 million units.

The housing industry is experiencing its steepest downturn in 16 years with analysts forecasting weak prices and further declines in sales for months to come, given rising mortgage defaults which are dumping even more homes on an already glutted market.

On Tuesday, the National Association of Home Builders reported that its index of builder confidence fell in September to 20, tying the lowest level on record.