Leasing

It's more evidence that retail is regaining ground, although unevenly by category.

A local family trust purchased the property, Elements 616, a 105-unit apartment complex.

Construction completions were sluggish, with just 4,861 new units coming online during the quarter.

Occupancies are up at nursing homes and assisted-living facilities, but a full recovery is not expected until 2023.

Bullock Capital acquired the 27,440 square-foot building, which is anchored by Comfy | Enlightened, a Siemens Real Estate subsidiary.

The luxury retailer has signed a 14,000-SF, long-term lease at 680 Fifth Ave. and plans to open the store in 2023 following an office lobby-to-retail repositioning.

New construction is already trailing new deliveries in Manhattan with only 2.1 million square feet of new office development starts to-date since the beginning of last year.

JLL predicts landlords will have to provide bundling of utilities, Internet access, and tech packages.