Articles of the week ending November 8th
What EV Charger Mandate Means for NYC Parking Garages
By Erik Engquist, The Real Deal
Landlords are facing a growing mandate to install EV chargers in garages, which presents significant infrastructure challenges and costs, but also represents an essential amenity for attracting tenants as the demand for electric vehicles rises.
Vornado Realty Trust’s Steve Roth Reports Quarterly Earnings
By Kathryn Brenzel, The Real Deal
Vornado Realty Trust is experiencing a strong leasing market with record activity and high starting rents, but faces challenges with overleveraged assets and potential site redevelopment amid broader industry concerns.
Vanbarton Group unloads 292 Madison Avenue at steep loss
By TRD Staff, The Real Deal
Vanbarton Group sold the 26-story Art-Deco office building at 292 Madison Avenue for approximately $90 million, incurring significant losses after defaulting on a $90 million loan from Deutsche Bank.
Tishman Speyer’s Spiral building snags private equity giant TPG
By Caroline Handel, The Real Deal
TPG has signed a lease for 301,276 square feet at Tishman Speyer’s Spiral building in Hudson Yards, marking the largest office relocation in New York City for October and reflecting the firm’s continued growth.
NYU Taking Over Vornado’s 770 Broadway
By Kathryn Brenzel, The Real Deal
NYU has reached a deal with Vornado Realty Trust to masterlease 1.1 million square feet of office space at 770 Broadway, with an upfront rent payment to cover a $700 million loan on the property, potentially allowing the university to purchase the building in the future.
Gov. Kathy Hochul is relocating her Midtown offices _ Crain’s New York Business
By Aaron Elstein, Crain’s New Yrok Business
Governor Kathy Hochul’s office is relocating to 919 Third Ave., a building co-owned by the New York State Teachers Retirement Fund and SL Green, securing a substantial rent reduction while increasing office space.