Articles of the week ending February 28th
Empire State Building owner to launch dynamic ticket pricing
By Eddie Small, Crain’s New York Business
The Empire State Building observatory adopts dynamic pricing amid tourism uncertainties.
Aby Rosen Pulls Another NYC Office Building Back From Brink
By TRD Staff, The Real Deal
Aby Rosen’s RFR secured a $160M loan to recapitalize 475 Fifth Avenue, continuing its financing streak amid past foreclosure threats.
News _ Manhattan’s Roosevelt Hotel to close as migrant intake center
By Andria Cheng, CoStar News
The Roosevelt Hotel in Manhattan is set to close as a migrant intake center and is being marketed for sale, potentially for redevelopment.
News _ How Trump administration policies could shape the real estate recovery
By Randyl Drummer, CoStar News
Uncertainty over the Trump administration’s economic policies, including tariffs, inflation, and interest rates, is causing caution among real estate investors and brokers, though some see potential benefits in reshoring and government downsizing.
Top CRE loans of January 2025
By Elizabeth Cryan, The Real Deal
January saw major financing deals across asset classes in New York, with Tishman Speyer’s $2.9 billion refinance of The Spiral leading the top loans.
News _ Office availability on Manhattan’s Park Avenue drops to lowest level since 2018
By Andria Cheng, CoStar News
Park Avenue’s office availability dropped to 8.2%, its lowest since 2018, signaling strong demand and positive momentum for the broader Manhattan market.
Neuberger Berman Raises $1B Real Estate Fund
By TRD Staff, The Real Deal
Neuberger Berman raised over $1 billion for its second real estate secondary fund, exceeding its target by 30% and focusing on mature real estate funds in the U.S. and Europe.
EB-5 Industry Reacts to Trump’s Golden Visa
By Keith Larsen, The Real Deal
Trump’s unexpected proposal to replace the EB-5 program with a $5 million “golden visa” has shocked the industry, raising concerns about feasibility and potential impacts on real estate financing.
Developers seek buyer of leasehold interest in Manhattan mixed-use building
By Andria Cheng, CoStar News
The fully leased Zero Irving building in Union Square is seeking a buyer for its leasehold interest or equity partners, reflecting growing confidence in New York’s office market recovery.
CRE Missed the Real Danger During the Pandemic. 5 Years Later, The Painful Fallout Is All Too Clear
By Mike Phillips, Bisnow
Commercial real estate underestimated the lasting impact of remote work, leading to prolonged office vacancies and financial strain.