Articles of the week ending May 31st
Vanbarton Group Defaults on 292 Madison Avenue
By Rich Bockmann, The Real Deal
Vanbarton Group has defaulted on a $90 million loan for their Midtown office building at 292 Madison Avenue, prompting Deutsche Bank to look to sell the non-performing loan.
Steve Cohen’s $8B casino jeopardized by Sen. Jessica Ramos’ opposition
By Nick Garber, Crain’s New York Business
State Senator Jessica Ramos refuses to back crucial bill needed for Steve Cohen’s $8B casino project near Citi Field, potentially jeopardizing the development.
Office Vacancies Dip in Downtown San Jose and San Francisco
By TRD Staff, The Real Deal
Office vacancies in Downtown San Jose and San Francisco have only slightly decreased, while Oakland has experienced an increase, leading to downward pressure on rents and property values in all three cities.
Kaufman Organization Puts 767 Third Avenue Up For Sale
By Rich Bockman. The Real Deal
Sage Realty, owned by the Kaufman family, is looking to sell their half-empty office building at 767 Third Avenue for around $100 million, with potential for either leasing up the vacant space or converting to apartments.
Banks Push 5-Day Office Mandates In Response To Regulatory Changes
By Ciara Long, Bisnow
Financial institutions like Citigroup, HSBC, and Barclays are mandating a return to five-day office work due to regulatory changes and the costs of monitoring employees working from home.
Aby Rosen Again Trying to Sell 281 Park Ave South
By TRD Staff, The Real Deal
Aby Rosen is trying to sell 281 Park Ave South again, after struggling to find tenants and after the building was nearly home to scammer socialite Anna Delvey’s club.
WeWork Moving Headquarters To Union Square During Final Days Of Bankruptcy
By Sasha Jones, Bisnow
WeWork is moving its headquarters to Union Square as it nears the end of its bankruptcy process, with plans to downsize significantly.
Seagram Building is 98% occupied as mortgage maturity looms _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
RFR Holding’s Seagram Building in Manhattan has seen an increase in occupancy and rental income, improving its financial outlook as it faces a looming mortgage maturity next year.
Hybrid Jobs Mean More Remote Work on Friday, Boosting Local Businesses
By Hector Roquet Rivero, Insider Today
Work-from-home Fridays are becoming increasingly popular among white-collar workers, providing a day of flexibility and relaxation that workers are valuing more and more.