Prepared by Richard Plehn
Welcome to the August 12th edition of our Weekly Commercial Real Estate News! In this edition, we’re eager to share the latest updates on market trends, major deal announcements, and key developments that are influencing the commercial real estate landscape.
From cutting-edge strategies in office spaces to significant transactions in the retail and industrial sectors, our detailed coverage offers the insights you need to stay informed in this fast-paced industry.
Dive in with us as we examine the market forces and notable deals making waves this week.
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The Real Deal
Chetrit Shares Details of Parkhill City Foreclosure (therealdeal.com)
Co-working Firm Jay Suites Buys Midtown Building for $35M (therealdeal.com)
Ben Ashkenazy Hamptons Farm Listed for Record $125 Million (therealdeal.com)
Uniqlo buys portion of US flagship for $340M from Vornado (therealdeal.com)
Vornado Agrees to Masterlease 770 Broadway (therealdeal.com)
Columbia Property Trust Eyes 799 Broadway Short Sale (therealdeal.com)
Blackstone, CBRE among top NYC office lease deals in July 2024 (therealdeal.com)
StubHub Subleases From Spotify At 4 World Trade Center (therealdeal.com)
The Commercial Observer
Lower Manhattan’s Hotel Occupancy Rate Hits Record High as Office Leasing Stalls – Commercial Observer
Daiwa Capital Markets Relocating to 44K SF at 1251 Avenue of the Americas – Commercial Observer
Virtus Investment Partners Takes 41K SF at Paramount’s 1301 Avenue of the Americas – Commercial Observer
NYPD to Renew Its 52K-SF Offices at 90 Church Street – Commercial Observer
Tech Firm PubMatic Takes 60K SF at 498 Seventh Avenue – Commercial Observer
Spotify Sheds More 4 World Trade Center Space in Sublease to StubHub – Commercial Observer
Jonathan Rose Companies Renews 11K-SF Lease at 551 Fifth Avenue – Commercial Observer
Corporate Consultant F.W. Cook Moving to 11K SF at 505 Fifth Avenue – Commercial Observer
Midtown Orthopedics Renews 15K-SF Lease at 485 Madison – Commercial Observer
Spa- and Salon-Booking Startup GlossGenius Takes 14K SF at 836 Broadway – Commercial Observer
Nonprofit Legal Services Firm Access Justice Moving to 9K SF at 203 Jay Street – Commercial Observer
Facebook Parent Meta to Downsize NoVA Office by 51K SF – Commercial Observer
Jeweler Mark Henry Renews 5K-SF Office at 535 Fifth Avenue – Commercial Observer
Hurley and Brookstone Manufacturer Signs 8K-SF Lease at 10 West 33rd Street – Commercial Observer
Civil Construction Firm E.E. Cruz Signs 22K-SF Lease at 14 Penn Plaza – Commercial Observer
Lower Manhattan’s Hotel Occupancy Rate Hits Record High as Office Leasing Stalls – Commercial Observer
Crain´s New York
Upper West Side townhouse with links to spying scandal lists for $11 million. | Crain’s New York Business (crainsnewyork.com)
NYC Deals of the Day: Aug. 9, 2024 | Crain’s New York Business (crainsnewyork.com)
Exterior Work Continues on 1 Park Row in Financial District, Manhattan – New York YIMBY
Giorgio Armani Residences Sell-Out At 760 Madison Avenue In Manhattan (newyorkyimby.com)
1345 Third Avenue Nears Topping Out on Manhattan’s Upper East Side – New York YIMBY
Extell’s 32 West 48th Street Nears Topping Out in Midtown, Manhattan – New York YIMBY
ODA’s 126 East 57th Street Nears Topping Out in Midtown East, Manhattan – New York YIMBY
Bisnow
Alexandria Sues NYC For $50M, Says It Delayed Kips Bay Tower (bisnow.com)
REPORT: $2.5B Times Square Project Taken Over By Goldman Sachs-Led Lender Group (bisnow.com)
Vornado Shares Soar After Uniqlo Deal, Mystery Tenant Takeover Of 770 Broadway (bisnow.com)
Busy Summer Continues For NYC Office Leasing With Midtown The Clear Leader (bisnow.com)
This Week’s N.Y. Deal Sheet: StubHub Taking 100K SF From Spotify At 4 WTC (August 8, 2024) (bisnow.com)
Wall Street Journal
Surge in Commercial-Property Foreclosures Suggests Bottom Is Near – WSJ
Left Behind in the Retail Real-Estate Comeback: Department Stores – WSJ
