Articles of the week ending December 20th
Top Office Leases of NYC November 2024
By TRD Staff, The Real Deal
The New York office market saw significant activity in November, highlighted by major leases from firms like Ropes & Gray, TPG, Apple, and Verizon, indicating a strong demand for space as the year concludes.
Times Square billboard is worth $100 million _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
The Times Square billboard at 20 Times Square is valued at over $100 million, making it one of the most valuable advertising spaces due to its size, location, and high-resolution display capabilities.
Paramount Plaza office building at 1633 Broadway sees recovery
By Aaron Elstein, Crain’s New York Business
Paramount Plaza at 1633 Broadway is experiencing a recovery with improved cash flow and higher rental rates, despite a dip in occupancy and looming lease expirations for major tenants.
On Real Estate_ Cracks are showing in office-to-residential optimism
By Eddie Small, Crain’s New York Business
Despite recent government incentives for office-to-residential conversions in New York City, significant financial challenges remain for many developers, raising concerns about the scalability of this solution to the city’s office surplus and housing shortage.
News _ Amazon postpones some return-to-office plans, saying it doesn’t have enough space
By Katie Burke, CoStar News
Amazon is delaying its return-to-office plans for some corporate employees in several U.S. cities due to insufficient office space, pushing back the start dates by at least four months beyond the initial January 2 deadline.
Morgan Stanley Sells 2 Park Avenue for $360M
By TRD Staff, The Real Deal
Morgan Stanley is selling 2 Park Avenue for $360 million, significantly less than the $519 million it paid in 2007, reflecting challenges in the office market due to the Great Recession and the pandemic.
Hospitals Go Back To The Drawing Board To Expand Postpandemic
By Sasha Jones, Bisnow
Hospitals are shifting focus post-pandemic from immediate crisis management to long-term redevelopment and modernization of facilities, emphasizing the need for flexible spaces and improved infrastructure to better accommodate patient care.
Flagstar Bank Looks to Sell Troubled New York Loans
By Rich Bockmann, The Real Deal
Flagstar Bank is attempting to sell a $343 million portfolio of troubled NYC loans, including significant loans to various commercial properties, amid challenges stemming from a high-rate environment and internal control issues following its recent rebranding from New York Community Bank.
Deutsche Bank Pays $237M For Essex Crossing Office And Retail Condos
By Sasha Jones, Bisnow
Deutsche Bank has acquired the office and retail components of Essex Crossing for $237 million, which includes 350,000 square feet of office space, although it’s unclear if they will occupy or lease the space.
Two Trees proposes office-to-residential conversion in Flatiron District
By Julianne Cuba, Crain’s New York Business
Two Trees plans to convert a 13-story office tower in Brooklyn’s Flatiron District into residential apartments without requiring rezoning, following the recent City of Yes housing initiative, while aiming to preserve historic features and meet community needs.
New York turns to tech to monitor mystery drones
By Caroline Spivack, Crain’s New York Business
New York officials are implementing military-grade drone detection technology to address increasing concerns over mysterious drone sightings in the region, following incidents that disrupted local airports.
Empire State Realty occupancy to exceed pre-Covid levels in 2025_ analyst
By Aaron Elstein, Crain’s New York Business
Empire State Realty Trust is projected to achieve occupancy levels exceeding pre-pandemic numbers in 2024, driven by upgrades to its properties and competitive pricing, while other Manhattan office firms are expected to remain below 2019 occupancy levels.