Articles of the week ending December 6th
This Week’s N.Y. Deal Sheet_ Vornado Lands New Deals With Apple, Amazon (December 12, 2024)
By Ciara Long, Bisnow
Vornado Realty Trust secured significant leases with tech giants Apple and Amazon, while other notable transactions included Winston & Strawn renewing its lease at 200 Park Ave. and various deals at 99 Park Ave., reflecting a strong demand for office space in New York City despite ongoing market shifts.
SL Green lands extension for 1 Madison mortgage
By Aaron Elstein, Crain’s New York Business
SL Green has secured a one-year extension on the $1.25 billion mortgage for 1 Madison Ave., which is currently 66.6% leased, below its target, as it works to stabilize the property following a recent expansion.
Helmsley Building lenders file to foreclose
By Aaron Elstein, Crain’s New York Business
The Helmsley Building is facing foreclosure due to defaulting on its $670 million mortgage and struggling to maintain occupancy, highlighting the challenges of older Manhattan office towers.
Minskoff Secures Loan Modification For 1166 Sixth Avenue
By By Suzannah Cavanaugh, The Real Deal
Wells Fargo has shown confidence in EJME’s plans for 1166 Sixth Avenue by extending loan maturities and adjusting interest rates on $235 million in loans, providing crucial support as the firm seeks to fill significant vacancies in the building.
CBRE’s Mary Ann Tighe Predict Shortage, Shares Deal Secrets
By By Rich Bockmann, The Real Deal
Mary Ann Tighe from CBRE highlights a critical shortage of new office space in Manhattan, predicting increased demand that will leave tenants scrambling for options by 2027, while also revealing insights into significant real estate deals involving Durst and SL Green.
Cayre Equities Buys 254 West 35th Street
By Kathryn Brenzel, The Real Deal
Cayre Equities has purchased a 16-story office building in the Garment District for $16.2 million, with plans to convert it into self-storage amid ongoing family disputes over the property’s previous ownership.
William Grant & Sons Holdings signs 16-year lease at 902 Broadway
By, JULIANNE CUBA, Crain’s New York Business
William Grant & Sons Holdings, known for brands like Glenfiddich and Balvenie, has signed a 16-year lease for a new flagship location at 902 Broadway in Manhattan’s Flatiron District, occupying 27,160 square feet of space.
Vornado, WeWork, Amazon deal leads strong November for Manhattan office market
By Eddie Small, Crain’s New York Business
WeWork’s significant lease for Amazon at Vornado’s 330 W. 34th St. contributed to a solid November for Manhattan’s office market, despite a decline in overall leasing activity compared to October.
Helmsley Building lenders file to foreclose
By Aaron Elstein, Crain’s New York Business
The Helmsley Building is facing foreclosure due to financial struggles, including a default on its $670 million mortgage and challenges in attracting tenants.
City Of Yes Zoning Overhaul Approved By Council, Clearing Path To 80,000 New Units
By Ciara Long, Bisnow
New York City has approved a significant zoning overhaul, known as the City of Yes, aimed at creating 80,000 new housing units across all boroughs, while making concessions to address public concerns and securing a $5 billion funding package to support the initiative.