Articles of the week ending May 23rd
Warehouse developer Steven Guttman pockets $64 million from Queens refinancing _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
A $143 million mortgage refinancing of the UOVO QPN art warehouse in Queens, which quietly houses works for elite collectors and institutions like the Met, highlights the art world’s financial stability even as high-profile auctions falter.
Vanbarton Group Buying 6 East 43rd Street for Conversion
By Rich Bockmann, The Real Deal
Vanbarton Group is continuing its aggressive push into office-to-residential conversions, with plans to transform 6 East 43rd Street into up to 500 apartments—its third such acquisition in a year amid a growing market for obsolete office space.
RXR Buying 590 Madison for Close to $1.1B
By Rich Bockmann, The Real Deal
RXR is set to acquire 590 Madison Avenue for nearly $1.1 billion, marking New York City’s first billion-dollar office sale since 2022 and signaling renewed investor interest in high-end office assets.
Related Pulls Its Cards on Hudson Yards Casino Bid as Wynn Resorts Backs Out – Commercial Observer
By Isabelle Durso, Commercial Observer
Related Companies and Oxford Properties have dropped their $12 billion Hudson Yards casino plan after Wynn Resorts withdrew, shifting focus to a revised development featuring 4,000 housing units, expanded green space, office space, and a hotel.
Placer.ai April 2025 Office Index_ Recovery Apace – Placer.ai Blog
By Lila Margalit, The Anchor
Office foot traffic continued its post-pandemic rebound in April 2025, with New York nearly fully recovered and San Francisco leading in year-over-year growth, signaling a steady return to in-person work driven by RTO mandates—especially midweek.
Paramount Group hires investment bankers to explore ‘alternatives’ _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Paramount Group has hired investment bankers to explore strategic alternatives—likely including asset sales—as it seeks to close the gap between its stock price and perceived value amid ongoing office market challenges.
Orda’s 225 Park Avenue South Nearing $350M Recap With New Partners TPG, Sagehall – Commercial Observer
By Cathy Cunningham, Commercial Observer
Orda Management is finalizing a $350 million recapitalization of its vacant 225 Park Avenue South office building with new equity partners TPG and Sagehall, potentially paving the way for a mixed-use redevelopment including condos.
Manhattan’s Trophy Office Owners Won’t Let Tariffs Rain On Their Parade
By Ciara Long, Bisnow
Despite rising tariffs on construction materials, Manhattan’s trophy office landlords remain optimistic amid surging leasing demand, adapting through supply chain shifts and build-out strategies as high-end space becomes increasingly scarce.
Austin’s Reign as a Tech Hub Might Be Coming to an End
By Isabelle Bousquette, The Wall Street Journal
Austin’s tech boom is losing steam as Big Tech and startup employment decline, with talent and opportunity shifting back to coastal hubs like San Francisco and New York, driven by AI centralization, return-to-office trends, and infrastructure frustrations.
How Office Design Drives a Genuine Return to the Workplace – Commercial Observer
By ELIZABETH LOWREY, Commercial Observer
Strategic, human-centered office design that prioritizes flexibility, collaboration, and well-being is key to creating a workplace employees genuinely want to return to.
Empire Capital Buying 381 and 373 Park Avenue South
By Rich Bockmann, The Real Deal
Empire Capital, led by Josh Rahmani and Ebi Khalil, continues its aggressive acquisition of discounted office properties with a $130 million deal for two Midtown South buildings, reflecting a broader strategy of capitalizing on post-pandemic market declines.
5 Times Square Gets Green Light For 1,250-Unit Conversion
By Sasha Jones, Bisnow
5 Times Square has received approval for a major conversion from office space to 1,250 rental units—313 of them affordable—marking a significant public-private initiative to address New York City’s housing crisis by repurposing underutilized commercial properties.