Articles of the week ending March 28th
The Investor Who Won Big on Zombie Malls Is Going All In on Empty Offices
By Kate King, BLOOMBERG NEWS
Namdar Realty Group is betting on the recovery of the office market by acquiring distressed buildings at low prices, despite early setbacks and labor disputes.
The Era Of 99-Unit Buildings Has Arrived
By Elizabeth Cryan, The Real Deal
The 485x tax program’s wage requirements are prompting developers to limit projects to 99 units, potentially hindering the expansion of affordable housing in NYC.
In Today’s Upended Office Market, the Park Avenue Mystique Endures
By Peter Grant
Despite the broader office market struggles, Park Avenue remains a prime business destination due to its prestige, strong tenant demand, and major real estate investments.
1515 Broadway faces bleak future if SL Green doesn’t win casino sweepstakes, S&P says
By Aaron Elstein, Crain’s New York Business
The future of 1515 Broadway is uncertain, as its financial struggles and declining value hinge on SL Green securing a coveted Times Square casino license.
‘The Finer Touches’_ Plaza District Boutique Workplace Gets Glow-Up
By Marynia Kruk, Bisnow
510 Madison Avenue is undergoing a multimillion-dollar upgrade to enhance its hospitality-driven amenities, reinforcing its appeal to elite financial firms in Manhattan’s Plaza District.
Witkoff, Cammeby’s Refinance Woolworth Building
By TRD Staff, The Real Deal
Witkoff and Cammeby’s refinanced the office portion of the Woolworth Building with a $278.9M loan from Blackstone, replacing previous debt, as Downtown Manhattan’s leasing activity surged.
Two Trees Takes in Downsizing Buzzfeed in Flatiron District
By The Real Deal
BuzzFeed significantly downsized its office space, leasing 42,000 square feet at 50 West 23rd Street after multiple relocations and layoffs.
Nomura in talks for offices at Manhattan’s Penn 2 tower
By, Natalie Wong and Nacha Cattan, Bloomberg
Nomura is in talks to lease office space at Vornado’s redeveloped Penn 2 tower as part of its plan to downsize and upgrade its Manhattan offices.
Major law firm’s relocation proves staying power of midtown Manhattan office market
By Andria Cheng, CoStar News
Ropes & Gray’s 20-year lease for over 535,000 square feet at 1285 Avenue of the Americas reinforces Midtown Manhattan’s strength as a prime office market for major law firms.
George Makkos in contract to part ways with 349 W. 37th St
By JULIANNE CUBA, Crain’s New York Business
George Makkos is selling a Garment District industrial building and adjacent lot to Vandrax Technologies’ CEO, who plans to develop a 115-unit condo project with a projected $213.9 million sellout.
Avdoo & Partners is in contract to buy 185 Varick St. in Hudson Square
By JULIANNE CUBA, Crain’s New York Business
Avdoo & Partners is in contract to acquire the 6-story office building at 185 Varick St. in Hudson Square, with potential plans for redevelopment or conversion.