Prepared by Richard Plehn
Exploring the pulse of Real Estate: January 25 Edition. As we step into the heart of January, the Real Estate landscape is ablaze with dynamic developments and noteworthy trends. From bustling urban neighborhoods to serene suburban retreats, the realm of property is ever-evolving. In this edition of our Real Estate News Clipping, we delve into the latest updates, market shifts, and intriguing stories shaping the real estate narrative in New York and its surrounding areas. Join us as we unravel the tales woven into the vibrant fabric of commercial Real Estate.
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Real Deal
Jeff Sutton Sells Fifth Avenue Building to Gucci Owner for $963M (therealdeal.com)
Thor Equities’ 597 Fifth Ave Value Cut in Half After Default (therealdeal.com)
Archdiocese Takes 142K SF at Feil’s 488 Madison (therealdeal.com)
Bisnow
This Week’s New York Deal Sheet (January 1, 2024) (bisnow.com)
An Office-To-Resi Conversion Could Be In The Cards Near Penn Station (bisnow.com)
Defaulted Loan On Blackstone’s 1740 Broadway For Sale After $430M Value Drop (bisnow.com)
At 128th REBNY Gala, NYC CRE Kicks Off What Could Be ‘A Very, Very Hard Year’ (bisnow.com)
RXR, Ares Launch $1B Fund To Buy Distressed Manhattan Offices (bisnow.com)
Commercial Observer
Theatrical Organization The Barrow Group Expands Near Penn Station – Commercial Observer
Cision Transfers 33K-SF Office to American Express at 200 Vesey Street – Commercial Observer
How 817 Broadway’s Pre-Built Spaces Integrate Modern Design in a Classic Setting – Commercial Observer
Gucci Owner Kering Buys Fifth Avenue Retail Condo for $963M – Commercial Observer
Brookfield Hands Over U.S. Office Property Management to CBRE – Commercial Observer
New York Post
Luxury retailers are battling for NYC’s best boutique storefronts (nypost.com)
Small, growing companies give new life to frill-less office towers (nypost.com)
Crain’ s New York
NYC Deals of the Day: Jan. 22, 2024 | Crain’s New York Business (crainsnewyork.com)
Billionaires Row landlord Berndt Perl faces foreclosure at office site 24 W. 57th St. | Crain’s New York Business (crainsnewyork.com)
Vornado Realty Trust’s dividend shrank by 68% in 2023 | Crain’s New York Business (crainsnewyork.com)
Wall Street Journal
To Inflate Building Values, Office Landlords Offer Cash Gifts, Discounted Loans – WSJ
Former Upscale Hotelier Tries Comeback With New Brand Aimed at Gen Z – WSJ
The Bill Is Coming Due on a Record Amount of Commercial Real Estate Debt – WSJ
New York YIMBY
David Yurman Expands Lease At 200 Hudson Street In Tribeca, Manhattan (newyorkyimby.com)
Mulligan Security Expands And Renews Lease At 7 Penn Plaza (newyorkyimby.com)
FIT’s New Academic Building Nears Completion at 220 West 28th Street in Chelsea, Manhattan – New York YIMBY
