Articles of the week ending February 14th
Why NYC Nonprofits Might Have To Start Scrambling For Space
By Ciara Long, Bisnow
NYC nonprofits are facing increasing challenges in securing office space as high-quality buildings fill up, lower-tier offices convert to housing, and competition for affordable locations intensifies.
Manhattan office tower that seemed unlikely conversion candidate launches leasing as luxury apartments
By Andy Peters, CoStar News
Funding and regulations enabled 25 Water St.’s conversion into luxury housing.
Ivanhoé Cambridge Lands $1.1B Refi At Midtown Office Tower
By Elizabeth Cryan, The Real Deal
Ivanhoé Cambridge secured a $1.13B refinancing for 3 Bryant Park, signaling confidence as it faces nearly $5B in upcoming loan maturities.
Banks Return To The CRE Table With More Lending Appetite
By Sasha Jones, Bisnow
Banks have returned to commercial real estate lending, regaining market share and fueling sector recovery with increased loan activity.
Amazon Adds 112K SF at Brookfield’s 5 Manhattan West
By TRD Staff, The Real Deal
Amazon is expanding its footprint at 5 Manhattan West by 112,000 square feet through a WeWork sublease, reflecting a growing flexible leasing model between the two companies.
Vornado Realty Trust Mulls Penn 15’s Future
By Kathryn Brenzel, The Real Deal
Vornado is considering all options for developing the Hotel Penn site but needs office rents to exceed $200 per square foot for the project to be viable.
North America’s Most Expensive Office Market is in Manhattan
By TRD Staff, The Real Deal
Midtown Manhattan is now the most expensive office market in North America and the third most expensive in the world, with occupier costs averaging $206.67 per square foot.
Inside Amazon’s Messy Push to Bring Everyone Back to the Office
By Katherine Bindley and Preetika Rana
Amazon’s strict return-to-office mandate has led to logistical challenges, including desk shortages, parking issues, and employee dissatisfaction, prompting some to leave the company.
Good Vibrations_ Technology That Controls The Floor, Saves Costs And Elevates Building Performance
By Bisnow
CALMFLOOR’s active vibration control technology reduces building vibrations by up to 90%, offering a cost-effective alternative to structural modifications and enabling lighter, more efficient, and sustainable building designs.
Companies Enforcing 4-Plus Days Of RTO Are Using More Office Space Than Before The Pandemic
By Kayla Carmichael, Bisnow
Companies enforcing four or more in-office days have increased their office space demand, mitigating declines in office values, while hybrid and remote work continue to disrupt the commercial real estate sector.
Adellco Eyes Finish Line for Flatiron Condo Conversion
By TRD Staff, The Real Deal
Adellco is set to launch sales for The Armorie, a 20-unit luxury condo conversion in the Financial District, this spring, continuing its track record of high-end redevelopments in New York City.
Steve Roth Says High Costs will Block New Office Buildings
By Kathryn Brenzel, The Real Deal
Luxury office space in Manhattan is in high demand, but new development remains slow due to high interest rates, tariffs, and financial uncertainties.