Articles of the week ending May 29th
$300 a Square Foot for a Manhattan Office Is Losing Its Shock Value
By Larry Getlen, Commercial Observer
Manhattan’s top tier office market is rapidly redefining record rents, with $300+ per square foot leases becoming more common for ultra-premium, small footprint spaces in elite buildings like 9 West 57th Street and 425 Park Avenue due to scarce AAA office supply, luxury amenities, and rising demand from finance, AI, and law firms.
Capstone Equities Acquires 140 Crosby Street for $51M
By Emily Davis, Commercial Observer
Capstone Equities acquired 140 Crosby Street for $51.4 million through foreclosure after the SoHo office and retail property struggled with vacancies and mortgage default following its 2019 development by Madison Capital and Vornado Realty Trust.
Gary Barnett buys AJC Building at 165 East 56th Street
By Rich Bockmann, The Real Deal
Gary Barnett and Extell Development acquired 165 East 56th Street for $39 million, fueling speculation that the purchase supports Barnett’s expanding Midtown assemblage near his major Park Avenue development project.
Hudson Square Is Winning the 2026 Office Market
By Emily Davis, Commercial Observer
Hudson Square has become one of Manhattan’s hottest office markets in 2026 as limited high quality office supply across the city drives major leasing activity from tech, AI, and creative companies seeking large upgraded spaces in the neighborhood.
MSG Sports shares rally to record as Knicks reach NBA finals
By Peyton Forte, Crain’s New York Business
Madison Square Garden Sports shares hit a record high after the New York Knicks reached their first NBA Finals since 1999, boosted by playoff momentum and investor optimism over a potential separation of the Knicks and Rangers into separate public companies.
Blackstone, Brookfield Are Betting On Custom AI — And Proptech Could Pay The Price
By Patrick Sisson, Bisnow
Major AI firms like Anthropic and OpenAI are partnering with major real estate investors to build customized enterprise AI systems, potentially disrupting traditional proptech platforms by making in house AI tools cheaper and more powerful for commercial real estate operations.