Prepared by the Richard Plehn team
Welcome to the May 11 edition of our newsletter.
This week we’re covering the latest leasing activity, development updates, and market trends shaping New York City’s commercial real estate landscape. From new office deals to projects advancing across the boroughs, the stories below highlight some of the transactions and signals currently driving the market.
Below is a roundup of the key CRE headlines and developments making an impact across NYC this week.
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The Real Deal
Cleary Gottlieb’s 475k sf Lease Appears to be a Downsizing – TRD
NYC Top Office Leases April 2026 – TRD
Feil Organization Signs 74K SF Lease at 7 Penn Plaza – TRD
New York City’s Top Construction Permits: May 1, 2026 – TRD
Vornado exec says they are “ready to roll” on 350 Park – TRD
Michael J. Fox Foundation Moving to RXRs 530 Fifth Avenue – TRD
Local Law 79 Paints Picture of COPA’s Future – TRD
Bisnow
Cleary Gottlieb Downsizing To 475K SF At One Liberty Plaza: The N.Y. Deal Sheet (May 5, 2026)
The Commercial Observer
HDR Engineering Relocates to 75K SF at Feil’s 7 Penn Plaza – Commercial Observer
Norm Ai Moves to 64K SF at Durst’s One World Trade Center – Commercial Observer
Polar Asset Management Partners Grows to 13K SF at Rudin’s 41 Madison Avenue – Commercial Observer
Parkinson’s Wellness Foundation Expands to 9K SF at Resnick’s 133 East 58th Street – Commercial Observer
Industrious to Open 28K-SF Coworking Space at Global Holdings’ 875 Third Avenue – Commercial Observer
Manhattan’s Tech Sector Notched a Record Number of Lease Deals in 2025 – Commercial Observer
Rain Brings Sunshine to Empire State Realty’s Scholastic Bet at 555-557 Broadway – Commercial Observer
Two Brookfield Buildings Led Lower Manhattan Office Leasing in April – Commercial Observer
LGT Capital Partners Takes 42K SF at 1251 Avenue of the Americas – Commercial Observer
Insurance Broker Howden Inks 32K-SF Deal at Durst’s 151 West 42nd Street – Commercial Observer
Office Space Provider Corporate Suites Takes 35K SF at 16 East 34th Street – Commercial Observer
Kuhn Law Group Among Four New Office Tenants at 370 Lexington Avenue – Commercial Observer
Consulting Firm Council Advisors Renews 18K SF at BGO’s 685 Third Avenue – Commercial Observer
Crain´s New York
Vietnamese restaurant Bun Mee to open first NYC restaurant – Crain’s New York Business
The penthouse in Fifth Avenue’s tallest building sold for $11.5M – Crain´s New York Business
New York Business Journal
AI firms eclipse 2025 NYC office leasing – New York Business Journal
HDR relocating New York office to 7 Penn Plaza – New York Business Journal
Penn Station seeing influx of office relocations – New York Business Journal
Industrious bringing new coworking spaces to FiDi, Midtown – New York Business Journal
Howden leases full floor at One Five One in Midtown – New York Business Journal
New York YIMBY
Why AI Startup Offices in NYC Are Flashy but Mostly Empty – WSJ
New York Post
One Liberty tenant Cleary Gottlieb renews lease – New York Ppst
Feil’s 7 Penn Plaza to lease three floors to HDR Engineering – New York Post
Wrey launches leasing in NYC with nearly 800 units – New York Post
