Articles of the week ending April 18th
Trio of Casino Bidders Fret Over Environmental Reviews
By TRD Staff, The Real Deal
Three Manhattan casino proposals by SL Green, Silverstein, and Soloviev Group risk disqualification due to delayed environmental reviews by the state Gaming Commission, threatening their ability to meet the September 30 land-use resolution deadline.
Prologis Files Plans for Queensboro Crossing Warehouse
By Kathryn Brenzel, The Real Deal
Prologis filed plans for a 500K-square-foot warehouse in Long Island City just before new zoning rules requiring special permits for large last-mile facilities are expected, potentially allowing it to avoid a lengthy and costly approval process.
Nvidia To Bring Supercomputer Manufacturing To The U.S. As Tariffs Create Pressure
By Sasha Jones, Bisnow
Nvidia is launching over 1 million square feet of U.S.-based supercomputer manufacturing facilities with Foxconn and Wistron to strengthen its supply chain amid rising tariffs on Chinese electronics and growing AI demand.
News _ Manhattan office tower owned by billionaire Eyal Ofer’s Global Holdings reaches leasing milestone
By Andria Cheng, CoStar News
Billionaire Eyal Ofer’s Global Holdings has leased 98% of its 99 Park Avenue office tower in Manhattan, including a record 94,045-square-foot deal with Amalgamated Bank, as part of a $30 million renovation attracting top-tier tenants amid the flight-to-quality trend.
JPMorgan seeks to turn a lobby into sidewalks at Midtown’s 383 Madison Ave.
C.J Hughes, Crain’s New York Business
JPMorgan plans to transform the lobby of 383 Madison Ave. into an open-air pedestrian passageway and add a new entrance to improve sidewalk flow and access ahead of the opening of its new headquarters at 270 Park Ave.
Comeback for big tech_ LinkedIn shells out $75 million for Silicon Valley office
By Katie Burke, CoStar News
LinkedIn’s $74 million purchase of a Sunnyvale office signals growing optimism that big tech may be returning to office expansions after years of real estate downsizing.
City’s new rules sharply reduce outdoor dining options
By Julianne Cuba, Crain’s New York Business
New York City’s new permanent outdoor dining program has significantly reduced the number of participating restaurants due to high fees and complex regulations, sparking concerns that it’s become too costly and restrictive for many small businesses.
U.S. Office Lending, Sales Volume Rise Year-Over-Year
By Paul Bubny, Connect CRE
Office lending is rebounding, with Q1 2025 sales up 9.7% year-over-year and a surge in large-scale loans signaling renewed market strength, especially in major cities like New York.
Trump Undoes Decades-Old Guidelines For Locating Federal Offices In Downtowns
By Emily Wishingrad, Bisnow
Trump’s new executive order revokes decades-old policies prioritizing downtown and historic locations for federal offices, aiming to cut costs and potentially shift agencies to red states, continuing his push to decentralize the federal government.
SL Green Execs Say New York ‘Mostly Immune’ To Market Volatility
By Sasha Jones, Bisnow
Despite slight dips in occupancy and cash flow, SL Green remains confident in New York City’s resilience to market volatility, highlighting strong leasing activity, strategic acquisitions, and growing investment in debt and special servicing as key drivers of its ongoing recovery.
RXR, SL Green Plan 1,250 Units at 5 Times Square
By Kathryn Brenzel, The Real Deal
Apollo, RXR, and SL Green plan to convert 5 Times Square into up to 1,250 mostly studio apartments—25% affordable—leveraging tax incentives and zoning overrides, with construction potentially beginning before Roku’s lease ends in 2033.
Manhattan Block Targeted by Andrew Cuomo is Still Standing
By Erik Engquist, The Real Deal
Despite past plans by Cuomo to raze Block 780 for a Penn Station extension, the project remains stalled due to political shifts, rising costs, and growing support for a more efficient “through-running” alternative that could preserve the historic block.
Larry Silverstein Dropped Application for 2 WTC Federal Funding
By Rich Bockmann, The Real Deal
Larry Silverstein has withdrawn his $3.7B federal funding bid for 2 World Trade Center, likely due to complications or red tape, shifting instead to alternative financing sources, while RXR and TF Cornerstone remain optimistic about securing similar funds for their 175 Park Avenue project.
Biopharma Company Takes Nearly 100K SF At One World Trade Center
By Ciara Long, Bisnow
Axsome Therapeutics has expanded its presence at One World Trade Center by subleasing an additional 48K SF from Advance Publications, bringing its total space to 96K SF in a move that contributed to Manhattan’s strongest office leasing quarter since 2019.
Amazon Signs Lease at 10 Bryant Park
By Keith Larsen, The Real Deal
Amazon signed a 15-year lease for 330,000 square feet at 10 Bryant Park, replacing HSBC and marking one of Midtown’s largest office deals since the pandemic, signaling renewed momentum in the office market.