Prepared by Richard Plehn
Welcome to the May 27th edition of our Weekly Commercial Real Estate News! As we delve into the latest happenings in the commercial real estate sector, we’re excited to present this week’s most compelling market trends, breaking news on major deals, and highlights of significant industry developments. From the evolving landscape of office spaces to innovative retail solutions and industrial property expansions, we’ll provide insights into the forces driving the market and what these shifts mean for investors and stakeholders.
So, join us as we explore the latest trends, groundbreaking deals, and noteworthy news shaping the future of commercial real estate.
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The Real Deal
Scott Rechler’s RXR Faces Foreclosure on Madison Ave Office (therealdeal.com)
Deka sues Hawkins over Midtown Marriott (therealdeal.com)
Unbuilt Jersey Shore Penthouse Fetches Record $6M (therealdeal.com)
Kushner and RFR land $480M Dumbo refi (therealdeal.com)
Joe Sitt’s Thor Sells 680 Madison Retail to TZ Capital (therealdeal.com)
Signature Bank’s Collapse Spiked Silverstein Office Vacancy (therealdeal.com)
Bisnow
Banks Push 5-Day Office Mandates In Response To Regulatory Changes (bisnow.com)
Owners Of 64 NYC Office Buildings Exploring Residential Conversions (bisnow.com)
Aby Rosen’s RFR Facing $2.5B Debt Bill As Defaults Pile Up (bisnow.com)
Charles Cohen Presses On With New Projects Despite $1B In Defaults (bisnow.com)
This Week’s N.Y. Deal Sheet (May 5, 2024) (bisnow.com)
Crain’s New York
NYC Deals of the Day: May 24, 2024 | Crain’s New York Business (crainsnewyork.com)
RFR’s 281 Park Ave. South loses Fotografiska, will go up for sale | Crain’s New York Business (crainsnewyork.com)
Vornado investors rebuke CEO Steven Roth over $20M pay package | Crain’s New York Business (crainsnewyork.com)
Blackstone buys Goldman Sachs stake in the Suffolk on the Lower East Side | Crain’s New York Business (crainsnewyork.com)
NYC Deals of the Day: May 24, 2024 | Crain’s New York Business (crainsnewyork.com)
The Commercial Observer
Fintech Firm Quantitative Brokers Renews 7K-SF HQ at 285 Madison Avenue – Commercial Observer
Greenbrook and Frontify Each Take 8K SF at 625 Broadway – Commercial Observer
Finance Firms GLC and Professional Capital Ink Deals at 600 Lexington Avenue – Commercial Observer
Lease Deals of the Week: JME Grabs 17K SF at 469 Seventh Avenue – Commercial Observer
Distress Looms Over U.S. Offices Heading Into Summer: Report – Commercial Observer
New York YIMBY
50 West 66th Street Tops Out on Manhattan’s Upper West Side – New York YIMBY
1162 Broadway Completes Construction in NoMad, Manhattan – New York YIMBY
Exterior Work Continues On Hotel Meta At 450 11th Avenue in Hudson Yards, Manhattan – New York YIMBY
Construction Progresses At 300 East 83rd Street on Manhattan’s Upper East Side – New York YIMBY
520 Fifth Avenue Surpasses Halfway Mark in Midtown, Manhattan – New York YIMBY
New York Post
US office prices headed for ‘severe crash,’ investors say (nypost.com)
NYC development stuck in legal limbo is finally greenlit in blow to Engoron (nypost.com)
