Prepared by Richard Plehn
Welcome to the August 19th edition of our Weekly Commercial Real Estate Update! This week, we’re excited to bring you the latest on market trends, major deals, and key developments shaping the commercial real estate landscape.
From innovative approaches in office spaces to notable transactions in the retail and industrial sectors, our in-depth coverage provides the insights you need to stay ahead in this dynamic industry.
Join us as we explore the market forces and significant deals making headlines this week.
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New York Business Journal
NYC metro leads the US in new apartment construction in 2024 – New York Business Journal (bizjournals.com)
Chaps & Co to open its second NYC barbershop – New York Business Journal (bizjournals.com)
Argent Ventures sells stake in 1601 Broadway in Times Square – New York Business Journal (bizjournals.com)
Thor Equities buys Chocolate Factory Lofts in Brooklyn – New York Business Journal (bizjournals.com)
Chaps & Co to open its second NYC barbershop – New York Business Journal (bizjournals.com)
The Real Deal
Elad Group Buys 419 Park Avenue South for Residential Conversion (therealdeal.com)
NYC Brokers Uncertain In Face Of NAR’s August 17 Deadline (therealdeal.com)
GFP, TPG Office-to-Resi Conversion Plans at 222 Broadway (therealdeal.com)
Avison Young Busyness Study: NYC Ahead on Return to Office (therealdeal.com)
RXR, SL Green Eyes 5 Times Square for Office-to-Residential Conversion (therealdeal.com)
Tamares Group Defaults on $365M Times Square Plaza Loan (therealdeal.com)Lease Fills Turnbridge, Dune Industrial Warehouse in Brooklyn (therealdeal.com)
VTS Cuts 20% of Workforce (therealdeal.com)
Elected Officials Pitch Ban on Rent-Fixing Software (therealdeal.com)
Witkoff, Blavatnik Refinance One High Line Condo Project (therealdeal.com)
Bisnow
Savanna’s $242M Bryant Park Office Loan Sent To Special Servicing Following Default (bisnow.com)
NYC’s One High Line Inks One Of City’s Biggest Refis This Year In JPMorgan-Led Deal (bisnow.com)
Return To ‘Glory’: Finance Giants Are Doubling Down On Park Avenue (bisnow.com)
RXR Examines 5 Times Square For Partial Residential Conversion (bisnow.com)
This Week’s N.Y. Deal Sheet (August 8, 2024) (bisnow.com)
REPORT: $2.5B Times Square Project Taken Over By Goldman Sachs-Led Lender Group (bisnow.com)
Return To ‘Glory’: Finance Giants Are Doubling Down On Park Avenue (bisnow.com)
Busy Summer Continues For NYC Office Leasing With Midtown The Clear Leader (bisnow.com)
Vornado Shares Soar After Uniqlo Deal, Mystery Tenant Takeover Of 770 Broadway (bisnow.com)
The Commercial Observer
Civil Construction Firm E.E. Cruz Signs 22K-SF Lease at 14 Penn Plaza – Commercial Observer
Mercedes-Benz, Nine Left Capital Ink Deals at 27 West 24th Street – Commercial Observer
GU Inks 11K-SF Office Lease Near Future SoHo Flagship – Commercial Observer
Ellipsis Labs Signs 9K-SF Lease at 205 West 28th Street – Commercial Observer
Crain´s New York
NYC Deals of the Day: Aug. 16, 2024 | Crain’s New York Business (crainsnewyork.com)
What to know about changes home buying | Crain’s New York Business (crainsnewyork.com)
New York Post
Yeshiva University enlarges Midtown footprint with Herald Center deal (nypost.com)
Former Manhattan WeWork to be reborn as condos (nypost.com)
Wall Street Journal
San Francisco Is Sinking in Bad Hotel Debt – WSJ
New York YIMBY
1345 Third Avenue Nears Topping Out on Manhattan’s Upper East Side – New York YIMBY
280 8th Avenue Approaches Topping Out in Chelsea, Manhattan – New York YIMBY
Construction Quickly Goes Vertical At 525 Sixth Avenue in Manhattan’s Greenwich Village – New York YIMBY
Demolition Wraps Up at 289 Hudson Street in Hudson Square, Manhattan – New York YIMBY
660 Lexington Avenue Surpasses Halfway Mark in Midtown East, Manhattan – New York YIMBY
