Articles of the week ending May 15th
Gary Barnett Buys Park Avenue Dev Site For $500M
By Elizabeth Cryan & Rich Bockmann, The Real Deal
Gary Barnett’s Extell closed a $500 million Park Avenue assemblage plus $20 million in air rights, securing a major Midtown development site for what could become one of New York’s next premier office towers.
Manhattan’s ‘Hellhole’ Is Now in One of Its Hottest Office Districts
By Peter Grant, WSJ
Manhattan’s once troubled Penn Station district is rapidly transforming into a top office hub, driven by major redevelopment, strong leasing demand, and its strategic value as a key transportation center.
Offices help real estate recovery accelerate, new Brookfield CEO says
By Andria Cheng, CoStar News
Brookfield’s new CEO says commercial real estate recovery is accelerating as stronger financing, limited new supply, rising office demand, and AI driven infrastructure growth fuel increased deal activity and investor confidence.
Rain Brings Sunshine to Empire State Realty’s Scholastic Bet at 555-557 Broadway
By Lois Weiss, Commercial Observer
Empire State Realty Trust’s $386 million Scholastic Building acquisition is gaining momentum as crypto startup Rain signs a major SoHo office lease, highlighting continued strength in Manhattan’s expanding tech leasing market.