Prepared by Richard Plehn
Welcome to the first edition of our Weekly Real Estate News for the new year! As we step into 2025, we’re bringing you the latest updates and insights on New York’s dynamic commercial real estate market and beyond. From key transactions to transformative developments and emerging trends, this week’s roundup highlights the deals and strategies shaping the future of office, retail, and residential spaces in the city that never sleeps—and in other major markets around the globe. Stay tuned for the stories driving the industry forward!
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The Real Deal
Manhattan’s Largest Office Leases of 2024
Extell’s Central Park Tower Sells Unit For $45M
RXR, SL Green, Apollo Converting 5 Times Square Into 942 Resi Units
Atlas Capital Group selling 548 W. 22nd Street to Fortinet
Hahn Kook Center on Park Avenue Plans Upgrade with M-CORE
Real Estate Editor Steps Down to Write About “The Real World”
NYC’s Resi Market Closed 2024 On High Note
Citadel Inks Lease at Brookfield’s 660 Fifth
Real Estate Investor Jacob Chetrit Dies
American Exchange Group Acquires 1375 Broadway
Bisnow
Citadel Expands NYC Office Footprint With 500K SF Lease
Manhattan Office Market Closes 2024 With Most Active Quarter In 5 Years
Wall Street Journal
Led by AI, Tech Demand for Office Space Is on the Rise – WSJ
Office Conversions Find New Life After Property Values Plunge – WSJ
New York City’s Biggest Office Landlord Offers a Glimpse of the Market’s Comeback – WSJ
The Commercial Observer
Savanna Buys Ground Lease for 430 West 15th Street From Invesco – Commercial Observer
Why Nonprofits Are Taking More New York Office Space – Commercial Observer
Impact.com, Peter Pennoyer Architects Renew 37K SF at 136 Madison Avenue – Commercial Observer
Citadel Inks Deal for 504K SF at Brookfield’s 660 Fifth Avenue – Commercial Observer
CBRE and Industrious Lease 64K SF at Lever House – Commercial Observer
Crain´s New York
Five biggest office deals of 2024 | Crain’s New York Business
Manhattan office market ends 2024 on solid footing | Crain’s New York Business
NYC Deals of the Day: Jan. 2, 2025 | Crain’s New York Business
CBRE partners with Industrious for new Lever House financial headquarters | Crain’s New York Business
NYC Deals of the Day: Jan. 3, 2025 | Crain’s New York Business
New York Post
The NYC office market was full of surprises — both good and bad — in 2024 – New York Post
New York YIMBY
KPF’s 520 Fifth Avenue Reaches 1,002-Foot Pinnacle in Midtown, Manhattan – New York YIMBY
Demolition Prep Underway for 1,220-Foot Supertall at 625 Madison Avenue in Midtown East, Manhattan – New York YIMBY
Exterior Work Continues on JPMorgan Chase’s Supertall Headquarters at 270 Park Avenue in Midtown East, Manhattan – New York YIMBY
Façade Installation Underway on 16 Fifth Avenue in Greenwich Village, Manhattan – New York YIMBY
Financing Closes For Pelham House At 217 Fifth Avenue In Pelham
Demolition Finishes at 430 West 37th Street in Hell’s Kitchen, Manhattan – New York YIMBY
Residential Conversion Underway at 738 Greenwich Street in West Village, Manhattan – New York YIMBY
New York Business Journal
10 Party City leases hit the market in New York City – New York Business Journal
RXR plans conversion of Times Square office building to apartments – New York Business Journal
REBNY: NYC office visits at 67% of pre-Covid numbers – New York Business Journal
Trump policies, housing affordability key real estate trends to watch in 2025 – New York Business Journal
Trump administration and M&A, insurance sector woes among business stories to watch in 2025 – New York Business Journal
Pace University acquires its FiDi tower developed by SL Green – New York Business Journal
CBRE to open Global Financial Headquarters in Midtown – New York Business Journal
