Articles of the week ending August 2nd
Unification Church Pitches Midtown Offices as Resi Conversion
By Keith Larsen, The Real Deal
The Unification Church is marketing its 72,567-square-foot office building at 4 West 43rd Street for potential residential conversion, highlighting its development air rights that allow for significant new construction, despite challenges such as limited natural light in older buildings.
South Street Seaport spinoff is a bet on climate change
By Aaron Elstein, Crain’s New York Business
The South Street Seaport is being spun off into a publicly traded company, Seaport Entertainment Group, which may offer investment opportunities, though its profitability is heavily influenced by climate change and associated weather patterns impacting businesses in the area.
Small Banks Say They Avoided A CRE Crisis. That Doesn’t Mean They’re Lending Again
By Jarred Schenke, Bisnow
Small banks have largely avoided a commercial real estate (CRE) crisis due to their focus on suburban properties and local businesses, but they are not increasing their lending activities, leaving a gap that private credit lenders are eagerly filling with higher-cost loans amidst a more cautious banking environment.
Return To ‘Glory’_ Finance Giants Are Doubling Down On Park Avenue
By Sasha Jones, Bisnow
Park Avenue is experiencing a resurgence in office space demand from finance giants, driven by its historic prestige, recent upgrades, and a low availability rate compared to the rest of New York City, signaling a return to its status as a premier business hub.
Ghirardelli to open first NYC chocolate shop in Empire State Building
By Julianne Cuba, Crain’s New York Business
Ghirardelli Chocolate Co. will open its first city storefront at the Empire State Building on August 6, featuring chocolate squares and a design inspired by its San Francisco roots, joining a lineup of existing food retailers in the landmark building.
David Werner and Lloyd Goldman Buy 100 Wall Street
By Rich Bockmann, The Real Deal
David Werner partnered with Lloyd Goldman to acquire the 29-story office tower at 100 Wall Street for $116 million from MassMutual’s Barings, marking a significant reduction from Barings’ 2015 purchase price of $270 million.
CC Vending to install cashless vending machines at subway stations
By Caroline Spivack, Crain’s New York Business
The MTA is set to replace vacant newsstands with cashless vending machines offering snacks and beverages at 24 subway stations, aiming to revitalize retail and generate revenue, with a five-year agreement with CC Vending.
KKR Sees 2024 As ‘Sweet Spot’ for Real Estate Investing
By Mark Heschmeyer, CoStar News
KKR views 2024 as a prime year for real estate investing, having deployed billions in capital, including its largest multifamily purchase to date, while anticipating attractive long-term returns despite short-term pressures.
RXR Eyes Resi Conversion of Brooklyn Migrant Shelter
By TRD Staff, The Real Deal
RXR Realty plans to convert a Brooklyn migrant shelter at 47 Hall Street in Clinton Hill into a residential and retail complex, submitting proposals to the city for a mixed-use development expected to include 611 apartments, 183 of which will be affordable, following the lease’s expiration in March.
Rockrose to Buy 91 Pacific Street
By Kathryn Brenzel, The Real Deal
Rockrose is acquiring the Cobble Hill development site at 91-95 Pacific Street from Madison Realty Capital, following a series of controversies and financial issues surrounding the former Long Island College Hospital site, previously owned by Fortis Property Group.
Midtown tower sells online for $8.5 million
By Elizabeth Cryan, The Real Deal
A 920,000-square-foot Midtown office building at 135 West 50th Street sold for $8.5 million on Ten-X, reflecting a 97% discount from its previous sale price of $285 million in 2019, highlighting challenges in the commercial real estate market and the impact of a long-term leasehold on property value.
Midtown Manhattan office leasing is on the rise
By Elizabeth Cryan, The Real Deal
Manhattan’s office leasing rose 60% in July, surpassing pre-pandemic levels, driven by major deals like Blackstone’s expansion at 345 Park Avenue, while availability rates fell sharply and sublet supply reached its lowest since April 2022.
Here Were New York City’s Biggest Real Estate Loans in June
By Elizabeth Cryan & Orion Jones, The Real Deal
In June, significant declines in office valuations were noted in Midtown and the Financial District, with major refinancing deals reflecting reduced values, while multifamily properties, particularly in Brooklyn, saw more favorable loan activity.
Bayonne, New Jersey, New Site of Massive Film Studio Campus
By TRD Staff, The Real Deal
Arpad Busson is developing 1888 Studios, a large entertainment campus with 23 soundstages in Bayonne, New Jersey, aimed at competing with Hollywood by leveraging the state’s tax incentives and proximity to New York City, amidst increasing film industry investments in both New Jersey and New York.