Articles of the week ending April 11th
World Trade Center is a bright spot in a languishing downtown Manhattan
By Jared Koeck, CoStar Analytics
The World Trade Center area is outperforming much of downtown Manhattan due to its high concentration of top-tier office buildings, but despite a major lease renewal by Jane Street, demand remains well below pre-pandemic levels.
Vornado CEO Steven Roth teases strategy shift toward apartments
By Aaron Elstein, Crain’s New York Business
Vornado Realty Trust is signaling a strategic shift from office towers to residential development, citing lower costs and strong housing demand in NYC, particularly around Penn Station.
US office leasing bounces back to start 2025
By Phil Mobley, CoStar Analytics
U.S. office leasing surged to its highest level since 2019 in early 2025, signaling a broad-based recovery despite smaller deal sizes and lingering uncertainty, as tenants show renewed demand across major markets.
Union Investment Scores 100K SF FiDi Lease from Arup
By TRD Staff, The Real Deal
Arup’s nearly 100,000-square-foot lease at 140 Broadway highlights growing momentum in Manhattan’s office market, boosted by office-to-residential conversions and tightening availability in Class A buildings.
Tishman Speyer Eyeing 148 Lafayette Street
By Rich Bockmann, The Real Deal
Tishman Speyer is poised to reenter the Manhattan office market with a $120 million deal for 148 Lafayette Street in Soho, marking its first local office acquisition since 2019 amid renewed investor interest in the sector.
Soloviev Lands Three New Office Leases At 9 West 57th
By Elizabeth Cryan, The Real Deal
Soloviev Group secured three high-priced office leases at 9 West 57th Street, bringing occupancy to 96% and reinforcing the tower’s status as one of Manhattan’s most prestigious and sought-after office addresses.
Saks Fifth Avenue Folds Its Casino Proposal
By TRD Staff, The Real Deal
Saks Fifth Avenue has withdrawn its Midtown casino proposal to focus on other strategic priorities, narrowing the race for New York’s downstate gaming licenses to 10 remaining bidders.
L&L’s Rob Lapidus On Why Building Offices Is Harder In Miami Than NYC
By Chloe Gallivan, Bisnow
Building offices in Miami is more challenging than in New York due to limited preleasing, smaller tenant commitments, and financing difficulties, requiring developers to build on spec and design with flexibility for future needs.
David Werner, Nathan Berman Land $90M For Another Conversion Project
By Sasha Jone, Bisnow
David Werner and Nathan Berman secured $90M from Northwind Group to acquire and convert 675 Third Ave. into 430 rental units, continuing their office-to-residential redevelopment push amid NYC’s housing shortage and favorable legislative changes.
David Werner Buying 5 Hanover Square from CIM Group
By Rich Bockmann, The Real Deal
David Werner is in contract to buy 5 Hanover Square for $50M–$60M, continuing his strategy of acquiring discounted office buildings for residential conversion in New York’s struggling office market.
City Kicks Can on Brooklyn Marine Terminal Vote
By TRD Staff, The Real Deal
The New York City Economic Development Corporation has postponed a critical vote on the $3.1 billion Brooklyn Marine Terminal redevelopment, citing the need for further review of key issues like transportation, housing, and resiliency.
Amazon Eyeing Potential $15B Warehouse Expansion
By Ciara Long, Bisnow
Amazon is considering a $15 billion expansion plan for 80 new logistics facilities across the U.S., potentially shifting its real estate strategy to focus more on leasing and partnering for delivery hubs and fulfillment centers.