Prepared by Richard Plehn
Welcome to the May 20th edition of our Weekly Commercial Real Estate News!
As we navigate another week in the ever-evolving commercial real estate sector, we’re excited to bring you the latest insights into market trends, breaking news on significant deals, and highlight developments that are shaping the industry.
Our goal is to provide you with a comprehensive understanding of the forces driving the market forward, helping you stay informed and ahead in this dynamic environment.
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Bisnow
Bloomberg Extends 1M SF Headquarters Lease Until 2040 (bisnow.com)
Vornado Eyes Selling Fifth Avenue Retail As Office Occupancy Drops (bisnow.com)
Fitch Flags Transparency Concern Over Workout Of $350M NYC Office Loan (bisnow.com)
Bain & Co. Relocating Huge NYC Office As Part Of Leasing Wave At 22 Vanderbilt (bisnow.com)
This Week’s N.Y. Deal Sheet (May 5, 2024) (bisnow.com)
Thor Equities Reveals $3B Coney Island Casino Proposal (bisnow.com)
Charles Cohen Presses On With New Projects Despite $1B In Defaults (bisnow.com)
The Commercial Observer
Media Startup Puck Moving Newsroom to 10K SF at Trinity Commons – Commercial Observer
Lindamood-Bell Moving Midtown Learning Center to Rudin’s 355 Lexington Avenue – Commercial Observer
Trade Desk Taking Over Bain & Company’s 126K SF at Grace Building – Commercial Observer
Alvarez & Marsal Brokerage Arm Expands Office With Move to 488 Madison Avenue – Commercial Observer
Bernhardt Furniture Renews 20K-SF Showroom at 136 Madison Avenue – Commercial Observer
New York City Office Owners and Brokers Tout Recovery – Commercial Observer
Textiles Firm Maharam Opening First NYC Retail Shop at 257 Park Avenue South – Commercial Observer
Crain´s New York
Manhattan office landlords face steep increases in borrowing costs | Crain’s New York Business (crainsnewyork.com)
Op-ed: The Big Apple’s commercial real estate rot is threatening banks (crainsnewyork.com)
NYC Deals of the Day: May 16, 2024 | Crain’s New York Business (crainsnewyork.com)
Flatiron Home Depot building to get $23M renovation | Crain’s New York Business (crainsnewyork.com)
Landlord Fred Ohebshalom sells one of his Manhattan apartment buildings, on West 10th Street | Crain’s New York Business (crainsnewyork.com)
Silverstein-owned 1177 Sixth Ave. fills half of Signature Bank’s vacant space | Crain’s New York Business (crainsnewyork.com)
The Real Deal
CIM’s 1440 Broadway Nabs Modification Amid 46% Value Cut (therealdeal.com)
There’s New Hope For Chetrit’s Hotel Bossert (therealdeal.com)
Macklowe drops Compass from One Wall Street sales (therealdeal.com)
New York YIMBY
Housing Lottery Launches for The Sierra Chelsea at 130 West 15th Street in Chelsea, Manhattan – New York YIMBY
The Corcoran Group Relocates To 220 West 19th Street In Chelsea (newyorkyimby.com)
Vuori To Open Third New York City Location At 120 Fifth Avenue (newyorkyimby.com)
Ekimetrics Relocates To 120 Broadway In Financial District, Manhattan (newyorkyimby.com)
JKS To Open New Location At 1245 Broadway In NoMad, Manhattan (newyorkyimby.com)
Five New Leases Signed At 22 Vanderbilt In Midtown, Manhattan (newyorkyimby.com)
New York Post
Inside the 6 most innovative reconstruction projects in NYC (nypost.com)
NYC’s best Class A offices are already running out of space (nypost.com)
Why NYC office conversion projects are a massive boondoggle (nypost.com)
Wall Street Journal
Trump’s Prized Wall Street Building Could Fall Victim to the Office-Market Meltdown – WSJ
A $10 Billion Real-Estate Fund Is Bleeding Cash and Running Out of Options – WSJ
