Prepared by Richard Plehn
Welcome to the June 17th edition of our Weekly Commercial Real Estate News! This week, we’re bringing you the latest market trends, breaking news on significant deals, and highlights of noteworthy developments shaping the commercial real estate landscape.
From shifts in office space demand to major retail and industrial transactions, we provide you with valuable insights to stay ahead in this dynamic industry.
Step in to explore the key drivers influencing the market and the most impactful deals making headlines
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The Real Deal
Highgate Buys David Werner’s Stake in Row Hotel (therealdeal.com)]
Industrious Takes Over Former WeWork HQ At Kato’s Tower 49 (therealdeal.com)
RFR’s Michael Fuchs Lists Greenwich Village Home At A Loss (therealdeal.com)
TF Cornerstone Files More Chelsea Demolition Plans (therealdeal.com)
Blackstone Extends, Expands at Rudin’s 345 Park (therealdeal.com)
Mitsui Fudosan Eyes $275 Million for 525 West 52nd Stake (therealdeal.com)
Brooklyn Tower Foreclosure On Hold for Settlement Talks (therealdeal.com)
Aby Rosen’s RFR Faces $224M Foreclosure on 522 Fifth Avenue (therealdeal.com)
May’s Largest Office Leases in New York City (therealdeal.com)
The Commercial Observer
Nigol Koulajian’s Quest Partners to Move to 13K SF at 110 East 59th Street – Commercial Observer
TemPositions Signs 19K-SF Lease at 622 Third Avenue – Commercial Observer
Utopia Bagels Chooses Long Island City for Third Location – Commercial Observer
For Savills’ David Lipson, the Focus Is Beyond Office Leasing – Commercial Observer
Digital Media Firm Ziff Davis Takes 23K SF at 360 Park Avenue South – Commercial Observer
Nuveen Subsidiary Signs 9K-SF Deal at 19 Union Square West – Commercial Observer
Bisnow
Stellar Management’s Larry Gluck Dies At 71 (bisnow.com)
Shvo’s Multibillion-Dollar Plans For Opulence Start To Show Cracks (bisnow.com)
Shorenstein Under Duress With Troubled Debt Approaching $1B (bisnow.com)
Silverstein’s Lending Arm Gets New Leader (bisnow.com)
Blackstone To Expand Manhattan Headquarters To Over 1M SF (bisnow.com)
WeWork Taps Cushman & Wakefield Exec As New CEO As It Exits Bankruptcy (bisnow.com)
This Week’s N.Y. Deal Sheet (June 6, 2024) (bisnow.com)
Crain’s New York
Wells Fargo scores lower rent for a Midtown Manhattan branch | Crain’s New York Business (crainsnewyork.com)
Blackstone nears deal to expand Park Avenue office space | Crain’s New York Business (crainsnewyork.com)
Royalton Park Avenue Hotel mortgage sent to special servicing again | Crain’s New York Business (crainsnewyork.com)
Vornado completes 640 Fifth Ave. refinancing | Crain’s New York Business (crainsnewyork.com)
NYC Deals of the Day: June 13, 2024 | Crain’s New York Business (crainsnewyork.com)
NYC starts implementing 485-x housing tax break, 421-a extension | Crain’s New York Business (crainsnewyork.com)
Editorial: REBNY should propose a middle ground on broker fees | Crain’s New York Business (crainsnewyork.com)
Wall Street Journal
One City’s Downtown Plan: Empty Office Space That Is Too Cheap to Pass Up – WSJ
The Unlikely New Real-Estate Darling: Restaurants – WSJ
Bankruptcies Have Left More Stores Vacant, but the Space Doesn’t Sit Empty for Long – WSJ
New Yok YIMBY
Façade Installation Progresses On 262 Fifth Avenue in NoMad, Manhattan – New York YIMBY
Foundations Underway For 273 Fifth Avenue in NoMad, Manhattan – New York YIMBY
537 West 59th Street Tops Out in Hell’s Kitchen, Manhattan – New York YIMBY
122 Fifth Avenue Achieves LEED Gold In Union Square, Manhattan (newyorkyimby.com)
New Amenities Unveiled At Anagram Columbus Circle In Manhattan (newyorkyimby.com)
