Amazon still expanding in NYC with Bryant Park lease

New York Post - Apr 20th, 2025

Amazon has secured a significant 330,000 square-foot lease at 10 Bryant Park, marking another major step in the tech giant's expansion within New York City. This lease, located at the former HSBC tower, underscores Amazon's commitment to establishing a long-term presence in the Midtown office market. Despite past setbacks, like the scrapped plans for a Queens campus in 2016, Amazon has continued to expand aggressively in the city, including the purchase of the former Lord & Taylor building and additional leases across Manhattan. The lease keeps the building, owned by Israel's Property & Building Corp., fully occupied, signaling strong demand in Midtown's office space market.

This move is significant as it represents Amazon's first long-term direct-lease commitment in the city since the pandemic, aligning with Jeff Bezos's strategy of consolidating office space to create a cohesive Manhattan campus. The lease, which begins at $29.5 million annually and increases over the next five years, reflects both Amazon's growth ambitions and the tightening of prime office space in Midtown. Industry experts have noted that the availability of top-tier office space in the area is dwindling, a scenario that seemed unlikely just a few years ago. This expansion not only bolsters Amazon's workforce capacity in New York but also highlights the ongoing demand for premium office locations in Midtown, despite broader market challenges.

Amazon Jeff Bezos New York City Real Estate Midtown Office Market Property & Building Corp. Hsbc

Story submitted by Fairstory

RATING

6.8

Fair Story

Consider it well-founded

The article provides a detailed account of Amazon's lease at 10 Bryant Park, accurately reporting key facts and figures related to the transaction. It effectively communicates the significance of this move for both Amazon and the Midtown office market. However, the story could benefit from a broader range of perspectives and more transparent sourcing to enhance its balance and credibility. While it is timely and of public interest, its potential impact on public opinion and policy is limited by the lack of in-depth analysis. The article is clear and readable, making it accessible to a general audience, but it could engage readers more by incorporating narrative elements or exploring the broader implications of Amazon's expansion in New York City.

Accuracy

The story is largely accurate, with several key facts aligning with external reports. For instance, the claim that Amazon signed a lease for 330,000 square feet at 10 Bryant Park is supported by multiple sources. The financial details, such as the starting rent of $29.5 million and future increases, are consistent with filings reported by Property & Building Corp. However, some details, like the specific timeline for when the space will be ready by early 2026, could benefit from further verification. Additionally, the assertion that this lease represents Amazon's first long-term commitment since the pandemic requires more context to confirm its uniqueness compared to other leases.

Balance

The article presents a balanced view of the situation, focusing on Amazon's expansion and its impact on the Midtown office market. However, it primarily highlights the benefits of Amazon's lease without exploring potential drawbacks, such as the impact on smaller businesses or local real estate dynamics. The story could have included perspectives from community stakeholders or urban planners to provide a more comprehensive view of the implications of Amazon's expansion in New York City.

Clarity

The article is well-structured and uses clear language to convey the main points about Amazon's lease and its implications. It effectively outlines the key details, such as the lease terms and market impact, in a logical sequence. However, the inclusion of more background information on the Midtown office market's current state could enhance comprehension for readers unfamiliar with the topic. Overall, the tone is neutral and professional, aiding in the clarity of the message.

Source quality

The article references credible sources, such as The Real Deal and filings with the Tel Aviv Stock Exchange, which lend credibility to the reported facts. However, the story lacks direct quotes or statements from Amazon or the property owners, which would enhance the reliability of the information. The reliance on unnamed sources for some claims, like the future use of other leased spaces, slightly undermines the overall authority of the reporting.

Transparency

The article provides some context about the lease and its significance but lacks transparency in certain areas. For example, the methodology behind the financial figures and the basis for claims about the office market's status are not fully explained. Additionally, the article does not disclose any potential conflicts of interest or affiliations that could impact the reporting, leaving readers without a clear understanding of the factors influencing the story's narrative.