Articles of the week ending March 28th
Vornado lands $450 million CMBS loan for high-profile Times Square retail space
By Andria Cheng, CoStar News
Vornado secured a $450 million CMBS loan to refinance its high-profile Times Square retail property at 1535 Broadway, highlighting both investor confidence and ongoing credit challenges in the recovering New York retail market.
Trophy office buildings’ share of Manhattan leasing reaches highest level in decades
By Andria Cheng, CoStar News
Trophy office buildings captured a record 62% share of Manhattan’s first-quarter leasing, driven by a strong flight-to-quality trend and rising rents, signaling continued recovery in the high-end office market.
Paramount Signs Kirkland & Ellis at 900 Third Avenue
By TRD Staff, The Real Deal
Kirkland & Ellis leased 131,000 square feet at 900 Third Avenue, expanding its NYC footprint as Manhattan’s office leasing hits a post-2019 high, driven by strong demand for high-end space.
Metro Loft Hit With Pre-Foreclosure Complaint at 180 Water
By TRD Staff, The Real Deal
Metro Loft Management is facing pre-foreclosure at 180 Water Street after allegedly defaulting on a $265 million senior loan tied to its office-to-residential conversion, highlighting ongoing financial challenges for the firm.
Manhattan Clocks Most Active Quarter For Office Leases Since 2019
Sasha Jones, Bisnow
Manhattan recorded its most active office leasing quarter since 2019 with 12.2M SF leased in Q1 2025, driven by large tenant expansions and a surge in demand for trophy and Class-A space, pushing availability rates down citywide.
Feil Spinning Wheels Once More on Billionaires’ Row
By TRD Staff, The Real Deal
Feil Organization has refiled plans to convert its long-vacant 140 West 57th Street office building into a 47-unit residential property on Billionaires’ Row, following years of zoning setbacks and stalled redevelopment efforts.
A Change In Fortunes May Be Afoot For Third Avenue Office Owners
By Ciara Long, Bisnow
Third Avenue’s office market is showing signs of revival, driven by residential conversions, spillover demand from tighter Midtown corridors, and rising interest in upgraded Class-A spaces—though major leasing deals remain limited.