Prepared by Richard Plehn
Welcome to this week´s news in Commercial Real Estate
In this May 5th edition, the first of the month, we’re covering the latest developments in New York’s commercial real estate market. From notable lease signings to new projects on the horizon, this issue highlights the key stories and trends shaping the built environment across NYC and nearby markets..
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The Real Deal
BP Mark Levine, Council Members Support Midtown South Rezoning – The Real Deal
Rialto Takes the King of Retail to Court – The Real Deal
Bisnow
This Week’s N.Y. Deal Sheet: Ralph Lauren Spends $132M On SoHo Storefronts (April 29, 2025) – Bisnow
REPORT: Deloitte Moving North American HQ To New Hudson Yards Tower – Bisnow
Newmark In ‘See What Happens’ Mode Despite Jump In Leasing, Sales – Bisnow
New York Business Journal
Red Door Community to New York City office to Chelsea – New York Business Journal
Jamaican financial services firm VM Group to open in New York City – New York Business Journal
Upper East Side commercial townhouse sells to developer – New York Business Journal
VTS VODI index shows mixed signals for office demand – New York Business Journal
Chubby Cattle BBQ to debut in New York City – New York Business Journal
Drai’s Supper Club to open in NYC’s Meatpacking District – New York Business Journal
Office leasing could slow amid tariff, economic uncertainty – New York Business Journal
The Commercial Observer
Retail Brand Kittae of NY Takes 2K SF at 209 West 38th Street – Commercial Observer
Korean Skin Care Company Skin1004 Opening First U.S. Store in SoHo – Commercial Observer
Manhattan Office Leasing Grew 23% Year-Over-Year in April: Colliers
Fitness Chain The Athletic Clubs Heading to 3K SF at 199 Chrystie Street
Powerbuilding Gym Iron Oasis Takes 8K SF at 321 East 22nd Street
Swap Commerce Signs 6K-SF Lease at 107 Greenwich Street
Popular Florida Restaurant Motek Opening First NYC Spot
Stout NYC Relocates Flagship Pub to 16K SF at 213 West 35th Street
Mudrick Capital Signs 27K-SF Lease at Paramount’s 31 West 52nd Street
Private Equity Firm Tahari Capital Takes 8K SF at 393 Lafayette Street
Deloitte Inks Major Deal for 800K SF at Related and Oxford’s 70 Hudson Yards
Mudrick Capital Signs 27K-SF Lease at Paramount’s 31 West 52nd Street – Commercial Observer
Private Equity Firm Tahari Capital Takes 8K SF at 393 Lafayette Street – Commercial Observer
Deloitte Inks Major Deal for 800K SF at Related and Oxford’s 70 Hudson Yards – Commercial Observer
Sushi Restaurant Teppanyaki One to Open Eatery in Downtown Brooklyn – Commercial Observer
Financial Services Firm VM Group Takes 2K SF to Open Brooklyn Office – Commercial Observer
LaundryBee Takes 5K SF for New Brooklyn Laundromat – Commercial Observer
Fintech Firm Vitesse PSP Signs 5K-SF Lease at 155 Fifth Avenue – Commercial Observer
Nonprofit Red Door Community Inks 9K-SF Lease at 114 West 26th Street – Commercial Observer
Wall Street Journal
Exclusive | Deloitte Commits to Massive Hudson Yards Office Space – WSJ
In Chicago, These ‘Zombie Buildings’ Are at the Heart of the Office Real Estate Meltdown – WSJ
Crain´s New York
New York City hits new jobs record, Economic Development Corp. says | Crain’s New York Business
Charles Scribner’s Sons Building headed to auction block | Crain’s New York Business
Empire State Building owner reports 12% drop in observatory traffic | Crain’s New York Business
SL Green asks judge to let it retain Herald Square building after default | Crain’s New York Business
Empire State Building owner reports 12% drop in observatory traffic | Crain’s New York Business
How far are New Yorkers willing to walk to the office? The answer is driving leasing. | Crain’s New York Business
Manhattan office leasing activity down in April from March, Colliers says | Crain’s New York Business
New York YIMBY
Permits Filed for 88 Reade Street in Tribeca, Manhattan – New York YIMBY
New Design Revealed for 2 World Trade Center in Financial District, Manhattan – New York YIMBY
New York Post
East 42nd Street office building to be converted to apartments – NY Post
This is the largest office conversion in the United States – NY Post
Lee & Associates Weekly news and mentions:
Mentions of Lee on the news:
Iconic NYC steakhouse Pietro’s finds new home blocks away from original 43rd Street spot
This Decades-Old Steakhouse Is Coming Back to Midtown. Will it Be the Same?
Famed Italian steakhouse Pietro’s to reopen in Midtown this June
Italian Eatery Pietro’s Returning to NYC at 890 Second Avenue
Office market news:
The number of New Yorkers in the office is on the rise again
Schools fill up empty offices in Brooklyn
Why the weak office market is a boon for New York’s nonprofits
Luxury Fashion Brand Carolina Herrera Expands to 34K SF at 501 Seventh Avenue
LMI, Joe Coffee and David Smotrich Staying Put at 443 Park Avenue South
Geolocation Platform Radar Labs Signs 20K-SF Lease at 111 Fifth Avenue
Benesch Law Signs 90K-SF Lease at 1301 Avenue of the Americas
