Prepared by Richard Plehn
Welcome to the Weekly Real Estate Newsletter! In this May 26th edition, we’re bringing you the latest updates from New York’s commercial real estate scene, including major lease deals, new development activity, and emerging market trends. Whether you’re tracking key transactions or looking for insights to stay competitive, this roundup delivers the highlights shaping the industry across the five boroughs and surrounding areas.
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The Real Deal
Court of Appeals Nixes Local Law 97 Suit – TRD
Office Sublets Are Hot Amid Tariff Confusion – TRD
Real Estate Fights Expansion of Rent Control, Prevailing Wage – TRD
NYC Agents and The Commission Split Question – TRD
Vornado Selling West Chelsea Office Building for $200M – TRD
Pinterest Eyes 80K SF at SL Green, PGIM’s 11 Madison – TRD
RXR Buying 590 Madison for Close to $1.1B – TRD
Vanbarton Group Buying 6 East 43rd Street for Conversion – TRD
Cooper Union Marketing Chrysler Building Ground Lease – TRD
Metro Loft, David Werner Close on Record Loan for Conversion – TRD
Judge Sets Auction Date for Tribeca Associates’ 30 Broad – TRD
Conde Nast in Talks for 200K SF Sublease at 1 WTC – TRD
Empire Capital Buying 381 and 373 Park Avenue South – TRD
Bisnow
Paramount Group Replaces CFO As Office REIT Considers Path Forward – Bisnow
This Week’s N.Y. Deal Sheet: Madison Realty Capital Lends $720M On Pfizer HQ Conversion (May 20, 2025) – Bisnow
Manhattan’s Trophy Office Owners Won’t Let Tariffs Rain On Their Parade – Bisnow
5 Times Square Gets Green Light For 1,250-Unit Conversion – Bisnow
New York Business Journal
Paramount Group explores strategic alternatives, replaces CFO – New York Business Journal
Starr grabs 2 floors at 1177 Avenue of the Americas – New York Business Journal
Companies rethink office investments amid economic, trade policy concerns – New York Business Journal
Upscale brasserie and bar to open in Garment District – New York Business Journal
Metro Loft, David Werner secure $720M loan for Pfizer HQ conversion – New York Business Journal
The Malin to open coworking, event space in Chelsea – New York Business Journal
Industrious, Digital Asset, Swap Commerce lease space in FiDi – New York Business Journal
Placer.ai: New York among cities where office visits have mostly recovered post-pandemic – New York Business Journal
The Nutcracker to serve Eastern European food in Greenwich Village – New York Business Journal
Here are Universal Music Group’s plans for its new NYC office – New York Business Journal
Office construction continues to slow, but tenants want trophy space – New York Business Journal
Midtown South office building sells for $10M – New York Business Journal
MIC Capital Partners to double its footprint at Seagram Building – New York Business Journal
New office construction unlikely; office upfit costs likely to rise; tariffs cause GCs to pivot – New York Business Journal
Manhattan office availability hits 4-year low in Q1 – New York Business Journal
The Commercial Observer
Insurance Company Starr Signs 49K-SF Lease at 1177 Avenue of the Americas – Commercial Observer
Industrious Inks 24K-SF Lease at 107 Greenwich Street – Commercial Observer
RXR Set to Buy 590 Madison Avenue for Nearly $1.1B – Commercial Observer
Design Studio Cain Cain Takes 5K SF at 56-06 Cooper Avenue – Commercial Observer
Coworking Company The Malin to Open 20K-SF Chelsea Outpost – Commercial Observer
Trading Firm Optiver Opening First NYC Office With 23K SF at 360 Park Avenue South – Commercial Observer
MIC Capital Partners Expands to 36K SF at RFR’s Seagram Building – Commercial Observer
AI Firm Attix Moving HQ to 19K SF at 73 Spring Street – Commercial Observer
BNY in Talks to Sublease 200K SF From Condé Nast at 1 World Trade Center – Commercial Observer
Venture Capital Firm Interplay Inks 5K SF at 363 Lafayette Street – Commercial Observer
Law Firm Fox Rothschild Expands to 75K SF at 101 Park Avenue – Commercial Observer
Empire Capital to Buy Park Avenue South Office Buildings for $130M – Commercial Observer
Crain´s New York
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
Newmark Group buys out Howard Lutnick’s stake, ending power-sharing arrangement CEO Barry Gosin | Crain’s New York Business
Paramount Group hires investment bankers to explore ‘alternatives’ | Crain’s New York Business
Private school Leman Manhattan ends rent strike | Crain’s New York Business
New York City reaches new record for total jobs, EDC says | Crain’s New York Business
New York YIMBY
Renderings Reveal Lincoln Center Campus Upgrades on Manhattan’s Upper West Side – New York YIMBY
New Lease Secured for 1177 Avenue of The Americas In Midtown, Manhattan – New York YIMBY
Redevelopment Announced For 5 Times Square In Midtown, Manhattan – New York YIMBY
New Renderings Revealed for 842 Sixth Avenue in NoMad, Manhattan – New York YIMBY
New York Post
NYC leading in back to office after pandemic – NY Post
568 Broadway thriving despite Group Nine Media exit – NY Post
Investment firm Starr signs lease at 1177 Sixth Ave. – NY Post
