Prepared by Richard Plehn
Welcome to the June 24th edition of our Weekly Commercial Real Estate News! This week, we’re excited to bring you the latest market trends, breaking news on significant deals, and highlights of key developments reshaping the industry.
From the latest innovations in office space utilization to major retail and industrial transactions, our comprehensive coverage provides the insights you need to stay informed in the fast-paced world of commercial real estate. Dive in to discover the key drivers impacting the market and the most notable deals making headlines this week.
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The Real Deal
In unusual move, UBS selling Midtown tower in online auction
Brookfield lands huge refi for 1 Liberty Plaza
Tishman Speyer’s Spiral sews up five office leases
Frederick Rudd, prominent Manhattan real estate developer, dead at 70
Sovereign Partners have bought 3 office buildings in 1.5 years
The Commercial Observer
Citadel Takes Two Additional Office Floors At 830 Brickell – Commercial Observer
Investment Firm Dubin & Co. Subleases 11K SF at 450 Park Avenue – Commercial Observer
Nigol Koulajian’s Quest Partners to Move to 13K SF at 110 East 59th Street – Commercial Observer
Big Apple Occupational Safety Takes 5K SF at GFP’s 505 Eighth Avenue – Commercial Observer
Investment Firm Brighton Park Capital Moving to 16K SF at 452 Fifth Avenue – Commercial Observer
Audiovisual Designer Sees and Hears No Reason to Leave 171 Madison Avenue – Commercial Observer
Stripe Signs 147K-SF Sublease at 28 Liberty Street – Commercial Observer
Dice Career Solutions Renews 12K-SF Lease at 1040 Avenue of the Americas – Commercial Observer
Law Firm Clarick Gueron Reisbaum Signs 13K-SF Lease at Rudin’s 41 Madison Avenue
Lease Deals of the Week: Stripe’s 147K-SF Sublease at 28 Liberty
Tech Startup Grata Moves Uptown to 15K SF at 1410 Broadway
Crain’s New York
New office leases average 14% smaller, JPMorgan says | Crain’s New York Business (crainsnewyork.com)
Real estate leaders lament ‘a confusing time’ in their industry | Crain’s New York Business (crainsnewyork.com)
Former Pfizer HQ apartment conversion to kick off this summer
A hotel that gentrified the Lower East Side is facing default
Deals of the Day: June 24
Bisnow
This Week’s N.Y. Deal Sheet: Stripe Subleases 147K SF At 28 Liberty (June 6, 2024) (bisnow.com)
Shorenstein Under Duress With Troubled Debt Approaching $1B
Stellar Management’s Larry Gluck Dies At 71
This Week’s N.Y. Deal Sheet: Stripe Subleases 147K SF At 28 Liberty
Tishman Speyer Signs 130K SF Of Leases At The Spiral
UBS Puts 1M SF Midtown Office Tower On Online Auction Block8
Madison Capital, Vornado Seek $100M For Boutique SoHo Office
New Yok YIMBY
660 Lexington Avenue Continues Ascent in Midtown East, Manhattan – New York YIMBY
280 Eighth Avenue Begins Vertical Ascent in Chelsea, Manhattan – New York YIMBY
126 East 57th Street Climbs Higher Above Midtown East, Manhattan
660 Lexington Avenue Continues Ascent In Midtown East, Manhattan
Housing Lottery Launches For Amana NYC At 112 Seaman Avenue In Inwood, Manhattan
Construction Nears Completion On 609 Second Avenue In Kips Bay, Manhattan
New Museum’s Expansion Takes Shape At 231 Bowery On Manhattan’s Lower East Side
New York Post
Blackstone boosts footprint at 345 Park Ave. (nypost.com)
Wall Street-area office market sees strong leasing activity in May, CBRE report finds (nypost.com)
Sitting down with Stefan Soloviev, NYC’s most mysterious real estate titan
