Articles of the week ending March 15th.
Commercial Real Estate, New York City, and General Articles that got my attention this week.
Aaron Elstein discusses what the financials look like for Chelsea Piers new Landlord.
Soloviev’s 9 W. 57th Office Building in New York Approaches Full Occupancy
Soloviev Group’s 9 W. 57th office building performing well in challenging market.
New York Senate Includes 421-a Replacement, Good Cause In Budget Proposal
The New York Senate’s budget proposal presents a comprehensive strategy to alleviate the housing crisis by incorporating initiatives like replacing the 421-a tax abatement.
New debt deals show markets are open to some commercial landlords
Recent debt refinancing by Vici Properties and Essex Property Trust highlights a thawing market for certain commercial landlords.
Midtown Rezoning Would Create 4,000 Homes, Adams Adminstration Says
The proposed Midtown South Mixed-Use Plan aims to rezone industrial zones in Midtown to create around 4,000 homes, including income-restricted units, and allow for the densest housing zoning in New York City.
Metro Loft plots largest office-to-resi conversion with former Phizer HQ
Nathan Berman is planning to convert the former Pfizer headquarters in Midtown into roughly 1,500 rental apartments.
Has Manhattan’s Flight To Quality Ended
The latest report shows a decline in prime Class A office rents in New York City.
Gural snags FiDi tower at deep discount, as office-to-resi heats up
NYC Landlord plans another office-to-resi conversion in Lower Manhattan.
Financial pressure mounts on Midtown HQ of Fox News
Midtown Building is facing financial pressure due to a $1 billion mortgage coming due next year, declining cash flow, and uncertainty about its refinancing ability.
Fed Seen Likely to Hold Off on Rate Cut Following Feb. Inflation Report
Despite inflation levels above the Fed’s 2% target, the likelihood of rate reductions remains uncertain as the housing market continues to drive up costs.
Empire State Building owner secures new loans thanks to tourism recovery
The Empire State Building’s owner secured a new loan, reflecting confidence from lenders due to increasing tourism and strong income from the observatory.
4 Years Into Pandemic, Office Use Showing No Signs Of Big Bounce Back
Office occupancy levels remain at about half of pre-pandemic levels, showing a slight increase from last year but still fluctuating.