Prepared by Richard Plehn
Welcome to the Weekly Real Estate Newsletter! In this May 19th edition, we’re bringing you the latest updates from New York’s commercial real estate market. From major lease signings to notable development news, this issue highlights the deals and trends shaping the industry across NYC and neighboring areas. Don’t miss the insights that could inform your next big move.
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The Real Deal
Mary Ann Tighe Predicts Good Times for Office Market – TRD
PNC Bank Bags 83K SF at Sage’s 437 Madison – TRD
Old Navy Inks Year’s Largest Retail Lease at Herald Towers – TRD
NYC Taps Artimus, Phoenix Realty for Mass Timber Housing – TRD
Bromley Signs Chime to 84K SF Office Lease in Flatiron – TRD
Durst Organization Marketing Top Floors of 1 World Trade – TRD
RXR, Ivanhoé Cambridge Extend $1B Mortgage at 1211 Sixth Ave – TRD
Chetrit Extends $95M Loan on Midtown South Buildings – TRD
Fanatics Scores 54K SF Lease in Hudson Square – TRD
Blackstone Offloads More Signature Bank Debt – TRD
Crown Acquisitions, Morgan Stanley Face Foreclosure in FiDi – TRD
How New York is Fixing Its Real Estate Problems, Or Not – TRD
Vornado Selling West Chelsea Office Building for $200M – TRD
Bisnow
Sasha Jones – Commercial Real Estate News – Bisnow
Ciara Long – Commercial Real Estate News – Bisnow
Vornado, Albanese To Sell Chelsea Office For $205M – Bisnow
New York Business Journal
Los Angeles Apparel to open first shop outside of L.A. in NYC – New York Business Journal
Pearson VUE to open first New York City office – New York Business Journal
Hampton Chutney Co. to return to Manhattan – New York Business Journal
Dolly’s Swing and Dive to relocate to bigger Williamsburg space – New York Business Journal
Vornado to sell Chelsea office building for $205 million – New York Business Journal
Dick’s Sporting Goods to acquire Foot Locker for $2.4 billion – New York Business Journal
K-pop label Hello82 to open first New York City location – New York Business Journal
Palermo Argentinian Bistro to open steakhouse in Gramercy Park – New York Business Journal
Silverstein Properties joins Rush Street Gaming for NYC casino bid – New York Business Journal
The Commercial Observer
IT Firm Pearson VUE Takes 12K-SF Office at 255 Greenwich Street – Commercial Observer
RXR Secures Three-Year Extension for $1B CMBS Loan on 1211 Avenue of the Americas – Commercial Observer
Baby Food Brand Little Spoon Inks Deal for 4K SF at GFP’s 100 Crosby Street – Commercial Observer
Return to Office Really Took in 2024 — Here’s Proof – Commercial Observer
Digital Sports Platform Fanatics Takes 54K SF at 345 Hudson Street – Commercial Observer
Marketing Platform Instant Opens First NYC Office at 53-55 West 21st Street – Commercial Observer
Swedish Candy Company BonBon Takes 11K SF for Industrial Space in LIC – Commercial Observer
Law Firm Tuchman, Weiss, Liebman & Lindemann Takes 7K SF at 551 Fifth Avenue – Commercial Observer
Design Firm Architectural Partnership Atelier Expands to 5K SF at 200 Varick Street – Commercial Observer
MKF Realty Affiliate Buying Vornado’s 512 West 22nd Street for $205M – Commercial Observer
Stellar Management, City Urban Realty Face Foreclosure at 243 Canal Street – Commercial Observer
New York’s Office Market Will Never Be the Same, and That’s Fine – Commercial Observer
Pinterest in Talks to Lease 80K-SF Office at 11 Madison Avenue – Commercial Observer
Chrysler Building On the Market as Its Landowner Seeks to Boost Income – Commercial Observer
Madison Realty Capital Closes $720M Construction Loan for Pfizer HQ Conversion – Commercial Observer
K-Pop Record Label Hello82 to Open First NYC Location at 427 Broadway – Commercial Observer
Orda’s 225 Park Avenue South Nearing $350M Recap With New Partners TPG, Sagehall – Commercial Observer
Crain´s New York
Rising construction costs weigh on plan for developing 343 Madison Ave. | Crain’s New York Business
Old Navy signs biggest New York City retail lease of 2025 | Crain’s New York Business
Vacant lot at 250 Water St. in Financial District draws interest from suitors | Crain’s New York Business
Retail space at 170 Broadway owned by the Cheras and Morgan Stanley goes to foreclosure | Crain’s New York Business
Chelsea office property sells for major gain as premium market rebounds | Crain’s New York Business
NYC Deals of the Day: May 16, 2025 | Crain’s New York Business
New York YIMBY
Sales Launch for ‘VITA’ Passive House Development at 499-501 Ninth Avenue in Hudson Yards, Manhattan – New York YIMBY
222 Broadway Begins 798-Unit Office-to-Residential Conversion In Manhattan’s Financial District – New York YIMBY
The Ellery Reaches Fully Leased Milestone in Hell’s Kitchen, Manhattan – New York YIMBY
Haussmann Development Closes On 16-20 Convent Avenue
THE 74’s Terracotta Façade Reaches its Crown at 201 East 74th Street on Manhattan’s Upper East Side – New York YIMBY
Permits Filed for 215 West 76th Street on Manhattan’s Upper West Side
Weill Cornell Medicine Opens New Residence Hall on Manhattan’s Upper East Side
270 Park Avenue’s Diagrid, Column Lights Continue Testing in Midtown East, Manhattan – New York YIMBY
Facade Installation Quickly Moving Along At 16 Fifth Avenue in Greenwich Village, Manhattan – New York YIMBY
The Brook Nears Completion at 589 Fulton Street in Downtown Brooklyn – New York YIMBY
New York Post
Los Angeles Apparel to open first NYC store at 480 Broadway – NY Post
Fintech giant Chime moving to bigger space on Fifth Ave NYC – NY Post
One World Trade Center now leasing its top 2 floors – NY Post
Exclusive | NYC’s earliest concrete building asks $2.99M for sale – NY Post
NYC leading in back to office after pandemic – NY Post
Wall Street Journal
Rest of Year Isn’t Looking Good for Retail Real Estate Market – WSJ
Exclusive | Live Nation Buys Into $5 Billion Master Plan to Revive Atlanta’s Downtown – WSJ
Arkansas’s Bank OZK Is Tested by Commercial Real-Estate Pain – WSJ
