Articles of the week ending August 8th
What Will NYC’s Casino License Bidders Do If They Lose_
By Kathryn Brenzel, The Real Deal
Some major NYC developers are hedging their casino bets with backup plans like housing or mixed-use projects, while others risk leaving sites vacant if they don’t win one of the few available licenses.
Restaurants Clamor for Retail Space in New York City’s Sizzling Market – WSJ
By Redmond Bernhold, The Wall Street Journal
Surging demand for NYC restaurant space—driven by experience-seeking consumers, app-based dining, and social media trends—is tightening retail availability and pushing up rents, especially in trendy neighborhoods.
Paramount Group’s Uneven Q2 Has a Bright Spot_ Leasing – Commercial Observer
By Mark Hallum, Commercial Observer
Paramount Group had its strongest leasing quarter since the pandemic with 400K SF signed—boosting NYC occupancy to 88.1%—despite a \$20M net loss and lower revenue.
News _ WeWork signs second New York lease in a month
By Andria Cheng, CoStar News
WeWork, post-bankruptcy and under new leadership, signed a 55,000-SF lease at 245 Fifth Ave—its second Manhattan deal in a month—highlighting strong NYC coworking demand and part of its strategic growth push.
News _ Top office leases recognized for New York City
By CoStar Research
CoStar recognized New York City’s top Q2 2025 office leases, including major deals by NYU, UNA-USA, and Amazon, with leading brokers from Vornado, CBRE, and Newmark among the honorees.
News _ Office tower on Manhattan’s Billionaires’ Row to become apartments
By Andria Cheng, CoStar News
TF Cornerstone plans to convert the 32-story Tower 57 at 135 E. 57th St. into 350 apartments, leveraging New York’s 467-m tax incentive amid high office vacancies and low housing supply.
News _ Durst lands $1.3 billion refinancing for high-profile Times Square property
By Andria Cheng, CoStar News
The Durst Organization secured a \$1.3 billion refinancing for its 1.8 million-square-foot Times Square tower, One Five One, with TikTok as its largest tenant.
New York private schools buy real estate in competition for students _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
The Durst Organization obtained a \$1.3 billion CMBS refinancing for its 1.8M SF Times Square tower, One Five One, returning \$146.1M in equity, with TikTok as the largest tenant.
New York City REITs Continue to Size Up Mamdani – Commercial Observer
By Aaron Short, Commercial Observer
NYC REITs and investors are cautiously monitoring mayoral candidate Zohran Mamdani’s potential rent freezes, tax hikes, and pro-housing policies, fearing they could dampen returns and slow new investments despite broader economic and market risks.
Manhattan Office Leasing on Pace for Highest Volume Since 2019 – Commercial Observer
By Amanda Schiavo, Commercial Observer
Manhattan office leasing is on track for its highest annual volume since 2019, with July’s strong activity pushing year-to-date totals past 23 million square feet and potentially exceeding 40 million by year-end.