Distress in Office Market Spreads to High-End Buildings (WSJ article)
Attached is an article from the Wall Street Journal, “Distress in Office Market Spreads to High-End Buildings” In a recession or down market, tenants move to better buildings(IE flight to quality) in New York City the Country Club buildings( HEDGE Fund BUILDINGS) The rents keep going up. there is a limited supply of hedge fund buildings in New York City. When looking at stats, the writer needs to look at the underlying data( ie What is defined as a Class A building).
April 17 – 2023 news:
> Banking Crisis Expected to Add to Manhattan, San Francisco Office Woes (The Commercial Observer)
The Commercial Observer
Investment Advisor Hodes Weill Moving to 11K SF at 825 Third Avenue – Commercial Observer
Three Firms Take 77K SF at Hudson Yards – Commercial Observer
Sports Betting Media Company Action Network Secures 8K SF at 61 West 23rd Street – Commercial Observer
Manhattan Community Board 5 Calls on City to Deny MSG’s Permit Renewal – Commercial Observer
Bisnow
Jeff Sutton, Fending Off Foreclosure On Fifth Avenue, Accuses New York Life Of Killing Rescue Deal (bisnow.com)
Manhattan Apartment Rents Hit New Record High As Bidding Wars Intensify (bisnow.com)
This Week’s N.Y. Deal Sheet (April 4, 2023) (bisnow.com)
Crain´s New York
NYC Deals of the Day: April 13, 2023 | Crain’s New York Business (crainsnewyork.com)
Outer-borough industrial leasing continues to take a breather as online shopping eases | Crain’s New York Business (crainsnewyork.com)
Trump’s still a billionaire with empire valued at least $1.2B | Crain’s New York Business (crainsnewyork.com)
New York Yimby
New York Post
CBRE’s first-quarter survey indicates slow leasing season (nypost.com)
Default risk grows on $1.5 trillion in commercial real estate debt: analysts (nypost.com)
The Real Deal
Broadway League lines up opposition to Times Square casino (therealdeal.com)
Biden Administration Wants Federal Employees in Offices (therealdeal.com)
Thor Equities Facing Foreclosure at 440 Broadway in Soho (therealdeal.com)
NYCFC Taps HOK, Turner for Queens Stadium (therealdeal.com)
NYCFC Taps HOK, Turner for Queens Stadium (therealdeal.com)
Jacob Garlick Wants Back in on Flatiron Building Deal (therealdeal.com)
Tishman Speyer Eyes $485M Loan Extension at Depleted 300 Park (therealdeal.com)
Jeff Sutton Fires Back at Lender in Fifth Ave Foreclosure (therealdeal.com)
New York City’s 10 Biggest Office Leases of March (therealdeal.com)
