Articles of the week ending October 3rd
Vanderbilt University signs ground lease with General Theological Seminary in Chelsea, Manhattan _ Crain’s New York Business
By Julianne Cuba, Crains New York Business
Vanderbilt University signed a $44.3M, 99-year ground lease with General Theological Seminary in Chelsea to create its largest campus outside Nashville, expanding its national footprint while providing crucial financial relief to the seminary.
Vanbarton Group Seals $280M Refi for 160 Water Street – Commercial Observer
By Cathy Cunningham, COMMERCIAL OBSERVER
Vanbarton Group secured a $280M refinancing from Alliance Bernstein and Brookfield for its nearly fully leased Pearl House office-to-residential conversion at 160 Water Street, highlighting strong demand and lender confidence in Manhattan’s resi–conversion market.
Rudin plans 355 Lexington Ave. office-to-residential conversion _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
Rudin filed plans to convert its 355 Lexington Ave. office tower into a 297-unit mixed-income residential building, marking its second major Midtown office-to-resi project in recent weeks as it pivots toward housing development.
Potential next steps for the SL Green, Silverstein and Soloviev casino sites _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
After their Manhattan casino bids were rejected, SL Green, Silverstein Properties, and the Soloviev Group are now expected to pivot their valuable sites toward residential or mixed-use development rather than abandon or sell them.
New York City Development Rights Transfers Having Big Year
By Erik Engquistf, The Real Deal
Air rights transfers in NYC are surging—up 39% and set to triple last year’s volume—driven by the City of Yes reforms that make assembling taller development sites far easier and more lucrative.
New York City Council unanimously approves 350 Park Ave. tower plan _ Crain’s New York Business
By Julianne Cuba, Crains New York Business
Vornado, Rudin, and Ken Griffin won City Council approval to build a 62-story, 1.7M SF tower at 350 Park Ave., anchored by Citadel, enabled by $150M in landmark air rights and slated for completion in 2032.
Manhattan Office On Track for Possible Record Leasing Year_ Savills – Commercial Observer
By Mark Hallum, COMMERCIAL OBSERVER
Manhattan’s office market is on pace for its strongest leasing year since 2014, with 31.7M SF leased through Q3 and momentum suggesting it could surpass 2019’s pre-pandemic total despite a softening job market.
By Lilah Burke, The Real Deal
Ikea purchased a Soho property from Jeff Sutton for $213M, marking a major retail real estate investment in Manhattan.
Guggenheim Expands to 360K SF at 330 Madison Avenue – Commercial Observer
By Larry Getlen, COMMERCIAL OBSERVER
Guggenheim Partners renewed and expanded its lease at 330 Madison Avenue to 360K SF for 17 years, bringing the 850K SF tower to full occupancy.
Eric Adams’s Exit From NYC Mayor’s Race Leaves CRE With Stark Choice – Commercial Observer
By The Editor, COMMERCIAL OBSERVER
With Eric Adams exiting the NYC mayor’s race, the real estate industry now faces a stark choice between Andrew Cuomo, long distrusted for past tenant-friendly laws, and Zohran Mamdani, whose progressive housing agenda alarms many developers.
City files to make pedestrian plazas in NoMad and Flatiron permanent _ Crain’s New York Business
By C. J. Hughes, Crain’s New York Business
NYC is moving to make Broadway’s pedestrian plazas in NoMad and Flatiron permanent, expanding public and restaurant seating space to 162,000 SF as part of the city’s $375M Broadway Vision streetscape plan.
Cartier Parent Richemont Expanded to 138K SF at 645 Fifth Avenue – Commercial Observer
By Amanda Schiavo, COMMERCIAL OBSERVER
Richemont, parent of Cartier and other luxury brands, expanded its North American HQ at 645 Fifth Avenue to 138K SF, strengthening its long-term Midtown Manhattan presence.
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BlackRock Soars Above 1M SF at 50 Hudson Yards
By TRD Staff, The Real Deal
BlackRock subleased 194K SF from Meta at 50 Hudson Yards, boosting its HQ footprint to 1.24M SF and underscoring strong NYC office leasing momentum in 2025.
Bilt Signs 837 Washington Lease in Meatpacking District
By Rich Bockmann, The Real Deal
Bilt signed a 58K SF lease at 837 Washington Street in the Meatpacking District for its new HQ, securing $6.25M in state tax credits and planning 625 new jobs as it grows its $10.75B platform.
Adams Exit Unlikely to Derail Mamdani, and CRE Is Making Its Peace With That – Commercial Observer
By Mark Hallum, COMMERCIAL OBSERVER
With Eric Adams out, Zohran Mamdani is the clear frontrunner for NYC mayor, and while CRE leaders remain wary of his progressive agenda, many are preparing to work with him as his victory looks inevitable.