Articles of the week ending November 6th
New York office conversion permits more than double
By Andria Cheng, CoStar News
New York issued initial permits for 86 office-to-residential conversion projects covering more than 11,200 apartments in 2026, more than double the 4,814 units permitted during the same period last year, despite increased scrutiny following structural problems at the former Pfizer headquarters at 235 East 42nd Street.
Manhattan 2026 Office Leasing is Record Year
By Rich Bockmann, The Real Deal
Manhattan office leasing is projected to reach 43.81 million square feet in 2026, its strongest year since 2000, driven primarily by finance and law firms, limited new office construction, and tightening availability, although economic uncertainty and potential AI market volatility could threaten the recovery.
Law Firm Vedder Inks 49K SF Lease at 1221 Avenue of the Americas
By Amanda Schiavo, Commercial Observer
International law firm Vedder signed a long-term 49,000-square-foot lease for the entire 34th floor at Rockefeller Group’s 1221 Avenue of the Americas, relocating from 1633 Broadway in 2027 and further strengthening the building’s roster of major corporate and legal tenants.
Finance Firm Webull Takes 42K SF at 140 Broadway
By Amanda Schiavo, Commercial Observer
Webull signed a 10-year lease for 41,781 square feet at 140 Broadway in Lower Manhattan, taking the entire 41st floor and part of the 40th floor, expanding its office footprint by 81% as it relocates from 44 Wall Street.
Watermark Capital Group converting Dumbo office site into residence
By C. J. Hughes, Crain’s New York Business
Watermark Capital Group, led by Wolfe Landau, is converting 175 Pearl Street in Dumbo into a 184-unit residential building by adding 14 floors, following its $65.5 million acquisition in 2024, with $125 million in construction financing from Bravo Property Trust and plans to use the 467-m tax incentive.
MetLife Expands to 500K SF at 200 Park Avenue
By Mark Hallum, Commercial Observer
MetLife signed a 10-year expansion lease for 47,628 square feet at 200 Park Avenue, increasing its total occupancy in the MetLife Building from approximately 450,000 to 500,000 square feet, while Irvine Company remains the building’s sole owner.
Juda Chetrit Seals $55M Recap for 1384 Broadway
By Andrew Coen, Commercial Observer
Juda Chetrit’s Chetrit Organization secured a $55 million recapitalization loan from Maxim Capital Group for its 204,034-square-foot, 80%-occupied office building at 1384 Broadway, funding lobby renovations, amenity upgrades and leasing efforts after completing a discounted payoff of its previous $88 million CMBS loan.
AI Firm Modal Labs Takes 157K SF at Rudin’s 32 Avenue of the Americas
By Amanda Schiavo, Commercial Observer
AI cloud infrastructure company Modal Labs signed a 156,763-square-foot lease at Rudin’s 32 Avenue of the Americas in Tribeca and plans to relocate its headquarters from 233 Spring Street in mid-2027, marking a significant expansion of AI-related office leasing in Manhattan.