Articles of the week ending December 19th
Universities Seek NYC Real Estate In Effort To Keep Their Relevance
By Ciara Long, Bisnow
Universities are expanding into New York City real estate to stay relevant as AI and a weaker job market erode the value of traditional degrees, using proximity to employers and experiential learning to better connect students to real-world jobs.
News _ Can Manhattan office leasing finally clear its pre-pandemic bar_ It will be close_
By Victor Rodriguez, CoStar Analytics
Manhattan office leasing in 2025 has reached its strongest level since the pandemic and is within about 1 million square feet of matching pre COVID averages, signaling a shift from stabilization to a sustained but still fragile recovery driven by large high quality deals.
MTA to Sell 350K in Fulton Center Air Rights
By Kathryn Brenzel, The Real Deal
The MTA is seeking bids to sell up to 350,000 square feet of landmarked air rights at the Fulton Center in Lower Manhattan under streamlined City of Yes rules that expand eligible buyers while requiring offers at fair market value.
Savanna Seals $510M Refinance for 5 Bryant Park – Commercial Observer
By Cathy Cunningham, Commercial Observer
Savanna secured a $510 million refinance for 5 Bryant Park to retire existing debt, fund new amenities and leasing, and position the well located office tower to capitalize on strengthening tenant demand in Manhattan’s office market heading into 2026.
Manhattan landlord SL Green planning property sales _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
SL Green plans to sell about $2.5 billion of Manhattan properties in 2026 to reduce debt and offset high interest rates while still pursuing acquisitions amid strong office market fundamentals.
Charles Cohen’s 750 Lexington Heads to Auction Block
By Lilah Burke, The Real Deal
Charles Cohen’s 750 Lexington Avenue is set for a January auction after foreclosure to satisfy a $155.9 million loan, reflecting severe value erosion and ongoing financial distress for the longtime office owner.
Business coalition’s pitch to Mamdani_ freeze fines, slow wage hikes _ Crain’s New York Business
By Nick Garber, Crain’s New York Business
A coalition of major New York business groups is urging mayor elect Zohran Mamdani to freeze business fines, slow wage hikes, and create new small business roles while finding limited common ground with his agenda on affordability, safety, and economic growth.