Articles of the week ending September 19th
SL Green, Prudential to refinance $1.4B mortgage for 11 Madison Ave tower _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
SL Green and Prudential are refinancing the $1.4B mortgage on 11 Madison Ave with a new five-year, 5.8% loan, replacing the expiring 3.6% debt.
Scotiabank Takes 205K SF at Brookfield’s 660 Fifth Avenue – Commercial Observer
By Larry Getlen, CBRE
Scotiabank is relocating from 250 Vesey Street to 205K SF at Brookfield’s fully leased 660 Fifth Avenue by 2027, marking its long-term U.S. commitment.
Rudin Files Plans to Convert 845 Third Avenue Into 411 Apartments – Commercial Observer
By Isabelle Durso, Commercial Observer
Rudin has filed plans to convert its 21-story office building at 845 Third Avenue into 411 apartments with retail and amenities, adding to Midtown East’s office-to-residential conversion wave.
Rithm Capital Likely Winner of Paramount Group Acquisition
By The Real Deal
Rithm Capital is poised to acquire Paramount Group and its 17-building NYC and San Francisco office portfolio after a competitive bidding process, despite Paramount’s leadership scandals and financial struggles.
Penn reopening of Tracks Raw Bar & Grill was held up over ‘pissing match’ between Vornado and Amtrak, say court papers _ Crain’s New York Business
By Caroline Spivack, Crain’s New York Business
The reopening of Tracks Raw Bar at Penn Station was delayed by a ventilation dispute between landlord Vornado and Amtrak, but construction has resumed with plans to reopen by year’s end.
News _ Salesforce inks major New York office expansion to mirror growth across AI business
By Katie Burke, CoStar News
Salesforce is expanding its footprint at its New York namesake tower by 71K SF, growing to over 310K SF to support AI-driven growth despite recent job cuts and global real estate reductions.
News _ David Werner Real Estate buys Harding Building in New York’s Garment District at steep discount
By Kayla Mutter, CoStar
David Werner Real Estate bought the 412K SF Harding Building in the Garment District for $105M — over 60% below its 2019 price — highlighting steep office market discounts.
News _ Creative agency R_GA to relocate global headquarters in New York
By Andria Cheng, CoStar News
Creative agency R/GA is relocating its global headquarters from Brooklyn to a custom 15K SF full-floor space at 1245 Broadway in Manhattan starting February 2026.
Manhattan’s class-obsessed office landlords turn to building-grade inflation _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Manhattan landlords are inflating building grades as widening rent gaps push Class B owners to rebrand as Class A, while true “trophy” status remains limited to only 15% of office properties.
Extell Nears Deal For 700K SF Law Firm At Fifth Avenue Tower
By Ciara Long, Bisnow
Simpson Thacher & Bartlett is nearing a 700K SF lease at Extell’s upcoming $1B, 1.1M SF tower at 570 Fifth Avenue, making it one of Manhattan’s biggest office deals of 2025 alongside the building’s planned Ikea flagship.
Convene Establishes Parent Company to Accommodate Acquisitions – Commercial Observer
By Mark Hallum, Commercial Observer
Convene has launched Convene Hospitality Group (CHG) to oversee its brands and pursue acquisitions, aiming to expand beyond workspaces into broader hospitality and event offerings.
Brookfield Nears $1.25B Refi For Hudson Yards Office Building
By Sasha Jones, Bisnow
Brookfield is finalizing a $1.25B refinancing of its fully leased Five Manhattan West office tower, with major banks providing the bulk of the loan as CMBS financing surges for top-tier Manhattan assets.
Beacon Capital Partners and MetLife List 575 Fifth Avenue
By Rich Bockman, The Real Deal
Beacon Capital Partners and MetLife have relisted 575 Fifth Avenue, now including its retail condo, seeking over $400M as Manhattan’s office leasing market rebounds.
Bank of New York Mellon Corporation Takes 192K-SF Sublease at 1 WTC – Commercial Observer
By Larry Getlen, Commercial Observer
BNY Mellon has subleased 192K SF from Condé Nast at One World Trade Center for four years while it renovates its 240 Greenwich Street headquarters.
By Kathryn Brenzel, The Real Deal
SL Green’s $5.4B Times Square casino bid was rejected by a Community Advisory Committee due to strong community and Broadway industry opposition, leaving Soloviev’s Freedom Plaza as the only remaining Manhattan proposal.
Brooklyn Marine Terminal vote scheduled for Monday _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
After multiple delays, the city will vote Monday on a $3.5B plan to redevelop the Brooklyn Marine Terminal into a mixed-use waterfront with affordable housing, industrial space, and a modernized port, following key concessions that won local officials’ support.
260 W. 36th St. owner and apparel executive Ouni Mamrout hit with foreclosure suit _ Crain’s New York Business
By C. J. Hughes, Crain’s New York Business
A Garment District office building at 260 W. 36th St., recently rezoned for residential use, faces a $23.5M foreclosure suit after its owners allegedly defaulted on loan payments, complicating its potential conversion prospects.