Articles of the week ending July 4th
Pinterest Officially Signs 83K-SF Lease at 11 Madison Avenue – Commercial Observer
By Amanda Schiavo, Commercial Observer
Pinterest signed an 83,000-square-foot, 11-year lease at SL Green’s 11 Madison Avenue in Manhattan, relocating from Park Avenue South, with asking rents reportedly around $90 per square foot.
MTA Looks to Take Over East Harlem Properties for Second Avenue Subway Project – Commercial Observer
By Isabelle Durso, Commercial Observer
The MTA has begun eminent domain proceedings to seize 10 East Harlem properties for the $7.7 billion Second Avenue Subway extension, aiming to build a new East 116th Street station, despite past disputes with landlords over compensation.
Eight Bidders Submit New York Casino Bids
By Kathryn Brenzel, The Real Deal
Eight teams are competing for three downstate New York casino licenses with multi-billion-dollar proposals that include hotels, housing, and community benefits, but face varied levels of local political support and regulatory hurdles.
Zohran Mamdani’s Ideas on Commercial Real Estate Come Into Focus – Commercial Observer
By Aaron Short, Commercial Observer
Zohran Mamdani, now the presumptive New York mayor, is alarming real estate and business leaders with his tax and rent control plans but has moderated some positions, acknowledging the private sector’s role in housing while still pledging aggressive rent stabilization measures.
Terreno Realty Acquires LIC Industrial Facility From UPS – Commercial Observer
By Larry Getlen, Commercial Observer
Terreno Realty bought a vacant UPS facility in Long Island City for $31.1M, planning a major renovation by 2026, continuing its aggressive expansion of industrial assets across New York City.
Sumitomo Mitsui Banking Expanded By 50K SF at 277 Park Avenue – Commercial Observer
By Amanda Schiavo, Commercial Observer
Sumitomo Mitsui Banking Corporation expanded by 50K SF at 277 Park Avenue, growing its footprint to 316K SF in the Stahl Organization’s Midtown tower.
Posh Tribeca coworking space at 50 Varick St. defaulted on rent _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Tribeca’s upscale coworking hub Spring Place defaulted on $5.1M in rent at 50 Varick St. during the pandemic but has since resolved it, while the building still faces financial pressure with an expiring tax abatement.
Paul, Weiss Expands to 850K SF at 1345 Avenue of the Americas – Commercial Observer
By Mark Hallum, Commercial Observer
Law firm Paul, Weiss expanded its lease at 1345 Avenue of the Americas by subleasing another 84,672 SF, bringing its total footprint in the Fisher Brothers building to nearly 850K SF.
News _ Tishman Speyer lands $385 million CMBS loan for Park Avenue property
By Andria Cheng, CoStar News
Tishman Speyer secured a \$385M refinancing for 300 Park Avenue, anchored by Colgate-Palmolive, to replace maturing debt, supported by high occupancy and recent \$47M building upgrades.
Manhattan Office Market Notches Busiest Half-Year Since 2014 – Commercial Observer
By Amanda Schiavo, Commercial Observer
Manhattan’s office market had its busiest first half since 2014, totaling 20.63M SF leased despite a Q2 dip, positioning 2025 to surpass last year’s demand by nearly 24%, per Colliers.
Historic New York Financial District office tower hits hard times _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
S&P downgraded 75 Broad St.’s mortgage as its vacancy hit 40%, highlighting downtown Manhattan’s ongoing office struggles despite Midtown’s strong leasing rebound.