Articles of the week ending May 3rd
The Financial District Is Once Again On A Quest For A New Identity
The Financial District in Manhattan is undergoing a transformation, seeking to establish a new identity through residential development and the growth of diverse businesses, including nightlife and dining options.
Park Avenue Office Availability Now Under 9 % Vacancy
Park Avenue in Midtown is bucking the trend with a low availability rate, driven by big leasing deals, while other areas like Broadway and Third Avenue are struggling.
Major Office Tower in Manhattan’s Financial District Gets $575 Million Loan Extended
Paramount Group has extended and modified a $575 million loan for the redevelopment of 60 Wall St. in Manhattan’s Financial District, which has become vacant since Deutsche Bank moved out.
Bloomberg Extends 731 Lexington Lease as Debt Maturity Looms
Bloomberg’s lease extension until 2040 at 731 Lexington provides stability for building owner Alexander’s as they face a mortgage maturity deadline, with the property also housing retail tenants and condominium units.
Brookfield Asset Management Ready To Deploy $106B With An Eye On Real Estate
Brookfield Asset Management is poised to deploy $106B in capital, with a focus on U.S. commercial real estate investments, as it sees opportunities in overleveraged assets and expects transaction volumes to increase.
You don’t know what you’re are getting – The new leasing paradigm
Real estate leaders share their thoughts on the leasing market, highlighting bright spots and outlining challenges that exist.
Where Are Workers Returning to Office in 2024
Despite the prevalence of remote work, some office buildings are thriving by attracting a larger share of employees back 3 days a week.
RentCafe Says Adaptive Reuse on the Rise, YoY Growth is 17%
Adaptive reuse projects are on the rise, with a 17% year-over-year growth in converted apartments from outdated buildings, driven by factors such as the shift to a hybrid workplace model, increasing office vacancies, and a growing demand for housing units.
Mortgage on SL Green’s 245 Park Ave. deemed a ‘loan of concern’
The mortgage on SL Green’s 245 Park Ave. is considered a ‘loan of concern’ due to the potential departure of high-paying tenants and the need to retain top-paying tenants.
Adam Neuman Says He’s Not Done Bidding for WeWork
WeWork founder isn’t stopping with trying to buy back the company he co-founded.
New York’s ‘Dormat’ Tech Sector Shows Signs of Life
The CEOs of two of NYC largest REIT share that the tech sector is showing a “return to life” and “reemergence” in the NYC Office Market.
One World Trade Center Reaches 95% Leased
With an 11,000 SF lease One WTC reaches 95% leased for the Durst Organization and Port Authority.
Blackstone Sells Industrial Properties in NYC, NJ
Blackstone sold a huge industrial portfolio including more than 20 properties in Queens to Terreno Realty for $246 million, as demand for industrial space continues to rise.