Articles of the week ending March 21st
What Does It Take To Convert Office Space To Residential In NYC_ Industry Experts From SOCOTEC Weigh In
By Emily DeNardo, Bisnow
Office-to-residential conversions in NYC require structural modifications, zoning compliance, mechanical system upgrades, and can benefit from tax incentives and energy efficiency programs.
NYC Landlords Pick Fines Over Climate Law Compliance
By TRD Staff, The Real Deal
Some NYC landlords prefer paying fines over costly retrofits to comply with Local Law 97, citing long payback periods, while experts suggest stronger penalties or increased incentives to drive compliance.
New York tech sector shows latest sign of comeback
By Andria Cheng, CoStar News
NYC’s tech sector is making a leasing comeback, with office space demand up 86% from last year, though hybrid work models may limit a full return to pre-pandemic levels.
New York film studio backed by Robert De Niro wins Mipim prize
By Andy Peters, CoStar News
Robert De Niro-backed Wildflower Studios in Queens won a Mipim Award for best industrial project, highlighting NYC’s growing film industry and innovative studio design.
How NYC’s New Development Tax Credits Are Changing What Gets Built And Where
By Ciara Long, Bisnow
New York City’s new 485-x and 467-m tax credits are reshaping housing development by influencing unit sizes, locations, and affordability levels, with developers adapting to economic challenges and shifting renter demographics.
Goldman Sachs aims to curb costs by moving employees to cheaper hubs
By Katie Burke, CoStar News
Goldman Sachs’ “Project Voyage” aims to cut costs by relocating employees to lower-cost hubs like Dallas and Salt Lake City while maintaining its commitment to in-office work and strategic real estate investments.
Blackstone venture eyes sale of New York property debt
By Natalie Wong, Bloomberg
A Blackstone-led joint venture is selling approximately $395 million in New York-area commercial property loans, offloading part of the Signature Bank debt it acquired in 2023.
Barings takes control of 340 Madison Ave. from RXR _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
RXR lost control of 340 Madison Ave. in Midtown after defaulting on a $315 million loan, with lender Barings acquiring the property at auction for about $161 million.
‘Pure Chaos’_ Inside The CRE Fallout From DOGE’s Slash And Burn Campaign
By Bianca Barragan, Bisnow
The federal government’s aggressive push to slash its real estate footprint has created chaos for brokers and landlords, leading to stalled negotiations, unexpected lease terminations, financial strain, and widespread uncertainty due to poor communication and bureaucratic disarray.
Spanish bank Santander signs lease to stay in Manhattan home
By Andria Cheng, CoStar News
Santander Group renewed its 191,667-square-foot lease at 437 Madison Ave., marking one of New York’s largest office deals in early 2025.
Socony-Mobil Building’s $525M Loan Nabs 3-Year Extension
By Sasha Jones, Bisnow
The Socony-Mobil Building’s $525M CMBS loan has been extended by three years to September 2027 after defaulting, as the building faces significant lease rollover risks and tenant departures.
New York City’s Top CRE Loans Of February 2025
By Elizabeth Cryan, The Real Deal
Three major Midtown Manhattan office buildings secured billion-dollar CMBS loans in February, signaling a strong post-pandemic recovery in commercial real estate financing.