Articles of the week ending October 10th
With Demand Gone Dry, 19M SF Of Labs Could Be Converted By 2030
By Patrick Sisson, Bisnow
Nearly 19M SF of underused U.S. lab space could be converted to other uses by 2030 as life sciences demand weakens, driven by oversupply, AI efficiencies, and financial distress in key markets.
Versant Lease at Former NY Times Building Occupies 164K SF – Commercial Observer
By Larry Getlen, COMMERCIAL OBSERVER
Versant, Comcast’s cable spinoff, leased 164K SF at the former New York Times building as a temporary headquarters after leaving 30 Rockefeller Plaza, while continuing to search for a permanent location.
Vanbarton Closes on 6 East 43rd Street Deal With Conversion on Tap – Commercial Observer
By Mark Hallum, COMMERCIAL OBSERVER
Vanbarton Group bought 6 East 43rd Street for $135M and plans to convert the 300K SF office building into residential use, marking its third major office-to-residential project in Manhattan within a year.
The MTA’s Real Estate Play To Fix The Subway
By Sasha Jones, Bisnow
Facing a $3B budget shortfall, the MTA is partnering with developers through its expanded Zoning for Accessibility program, offering building bonuses in exchange for subway station upgrades to improve accessibility and modernize the transit system.
Steven Fulop to succeed Kathy Wylde at Partnership for New York City _ Crain’s New York Business
By Nick Garber, Crain’s New York Business
Jersey City Mayor Steven Fulop has been named the next President and CEO of the Partnership for New York City, succeeding longtime leader Kathryn Wylde when she retires in 2026.
REI Announces Closing of SoHo Flagship in Puck Building – Commercial Observer
By Mark Hallum, COMMERCIAL OBSERVER
REI will close its 35,000-SF SoHo flagship in the Puck Building by late 2026 as part of nationwide downsizing, leaving a prime vacancy in Kushner Companies’ strong-performing property.
News _ Starbucks set to close 34 locations in New York City
By Victor Rodriguez, CoStar Analytics
Starbucks will close 34 New York City locations mostly in Manhattan as part of a nationwide downsizing due to underperforming stores even in high-traffic areas despite the city’s strong retail market.
Mamdani Pitches More Private Sector Partnership, Cuomo Cites Experience In Business Forum
By Ciara Long, Bisnow
Mayoral frontrunner Zohran Mamdani sought to ease business concerns at a Crain’s forum by promoting public-private collaboration while defending his rent freeze proposal, as Andrew Cuomo emphasized experience and housing expansion plans.
Film Studio Developers Score New York’s Biggest-Ever C-PACE Loan
By Ciara Long, Bisnow
Bain Capital and Bungalow Projects secured a record $156M C-PACE loan from CounterpointeSRE to fund two sustainable Brooklyn film studios, marking New York State’s largest-ever clean energy financing deal.
Conversion Under Midtown South Mixed-Use Plan Moves Forward at 29 West 35th Street – Commercial Observer
By Isabelle Durso, COMMERCIAL OBSERVER
Infinite Global Real Estate Partners and Buttonwood Development bought 29 West 35th Street for $25M to launch the first office-to-residential conversion under NYC’s Midtown South mixed-use plan, creating 107 apartments with both market-rate and affordable units.
Convene Hospitality Signs 50K-SF Lease at Terminal Warehouse – Commercial Observer
By Amanda Schiavo, COMMERCIAL OBSERVER
Convene Hospitality Group leased 50,000 square feet at Terminal Warehouse in Manhattan to open “The Mallory,” a three-story event venue set to debut in 2026 as part of the landmark building’s revitalization.