Prepared by Richard Plehn
Welcome to the March 21st edition of our Real Estate News, where we bring you the latest updates, market trends, and breaking news on deals shaping the industry landscape. We will explore the dynamic shifts occurring in the real estate sector, from emerging market trends to noteworthy deals making headlines. Let’s dive in and explore the opportunities and challenges that lie ahead.
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The Real Deal
Third Avenue Office Landlords Battle High Vacancy Rates (therealdeal.com)
Blackstone Lands $309M Refi For Park Avenue Tower (therealdeal.com)
These are New York’s Top All-Cash Commercial Real Estate Deals (therealdeal.com)
Extell Tops Busy Week In Manhattan Luxury (therealdeal.com)
Chetrit’s 65 Broadway Loan Heads to Special Servicing (therealdeal.com)
Where WeWork’s Left-Behind Landlords Now Stand (therealdeal.com)
Rockrose’s 666 Greenwich Leases to Luxury Wellness Operator (therealdeal.com)
The Commercial Observer
Lease Deals of the Week: Private Equity Firm GTCR Takes 56K SF – Commercial Observer
Fitness Factory to Open First NYC Location in Harlem – Commercial Observer
BioLife Plasma Services to Open at Harlem’s East River Plaza – Commercial Observer
Citizens Bank Signs 74K-SF Office Lease at 1301 Avenue of the Americas – Commercial Observer
Audioboom Signs 5K-SF Lease at 183 Madison Avenue – Commercial Observer
Men’s Clothing Company Eton Signs 5K-SF Lease at 381 Park Avenue South – Commercial Observer
Paris Hilton’s Spouse’s VC Firm M13 Takes 10K SF at 419 Lafayette – Commercial Observer
Crain’s New York
Garment District office tower hit with foreclosure lawsuit | Crain’s New York Business (crainsnewyork.com)
Two big New York City landlord groups look to join forces | Crain’s New York Business (crainsnewyork.com)
Apparel company acquires ex-WeWork site owned by David Berley in Garment District | Crain’s New York Business (crainsnewyork.com)
Manhattan return-to-office rate hits 78%: JPMorgan | Crain’s New York Business (crainsnewyork.com)
Law firms emerge as prime tenants for struggling office landlords | Crain’s New York Business (crainsnewyork.com)
Bisnow
RXR Is Still Bullish On Office — But Only If It Has A Golf Simulator (bisnow.com)
Lender Moves To Foreclose On $350M Loan Tied To 1.1M SF Garment District Tower (bisnow.com)
WeWork Renegotiates 8 More Leases, Delays Financial Reporting Again (bisnow.com)
Pfizer’s Former Midtown HQ Could Be Manhattan’s Largest Office-To-Resi Conversion Yet (bisnow.com)
New York Yimby
501 Ninth Avenue Rises Above Street Level in Midtown, Manhattan – New York YIMBY
Wells Fargo Begins Retail-to-Office Conversion of 20 Hudson Yards in Hudson Yards, Manhattan – New York YIMBY
50 Ninth Avenue Nears Completion in Chelsea, Manhattan – New York YIMBY
The Greenwich by Rafael Viñoly Nears Completion In Financial District (newyorkyimby.com)
ODA’s 126 East 57th Street Climbs Above Podium Levels in Midtown, Manhattan – New York YIMBY
One High Line’s Public Plaza Takes Shape at 500 West 18th Street in Chelsea, Manhattan – New York YIMBY
New York Post
Park Avenue landlords boast new leases after glowing Sixth Ave. report (nypost.com)
NYC landlords luring workers to offices with fancy perks (nypost.com)
Wall Street Journal
America’s Office Fire Sale Has Barely Begun – WSJ
Location (Data) Is Everything for Retailers Opening Stores – WSJ
