Articles of the week ending February 7th
Refinancing at 299 Park Ave. in Midtown shows growing investor demand
By Aaron Elstein, Crain’s New York Business
299 Park Ave.’s $500M refinancing shows strong investor demand for prime office spaces.
News _ Manhattan office building sells at steep discount
By Andrew Williams, CoStar Research
1370 Broadway sold for $75.25M, a steep discount from its 2014 price of $186M, due to high vacancy.
Mayer Brown expands lease with Rockefeller Group _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
Mayer Brown’s major Midtown expansion led a strong January for Manhattan office leasing, with activity surpassing the 10-year average.
Head of Nissan Americas says in-office requirements will rev up car sales
By Katie Burke, CoStar News
Nissan Americas is mandating at least four days in-office to boost teamwork and revive sales amid a broader corporate push for office returns.
Graybar Building mortgage more than doubles _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
The Graybar Building secured a 16-year mortgage extension at 8.1% interest, more than doubling costs, as SL Green aims to boost occupancy and rents.
Equinox Expands to Become Manhattan’s Biggest Retail Tenant
By Rich Bockmann, The Real Deal
Equinox, now Manhattan’s largest retail tenant with 1.3 million square feet, continues aggressive expansion after a $1.8 billion investment, aiming to double its club count.
Elon Musk’s DOGE Says It Has Terminated 22 Federal Leases
By Emily Wishingrad, Bisnow
The Trump administration, led by Elon Musk’s Department of Government Efficiency, is rapidly terminating federal leases to cut costs, with 22 leases canceled so far and more reductions expected.
This Week’s N.Y. Deal Sheet_ Law Firm Grows To 331K SF On Sixth Avenue
By Ciara long, Bisnow
Mayer Brown expanded its lease at 1221 Sixth Ave. to 331K SF, highlighting continued demand for prime office space in Midtown Manhattan.
The office sector’s outlook is brightening
By Phil Mobley, CoStar Analytics
The office sector shows signs of recovery with rising demand and limited new supply, but risks remain due to uneven geographic growth and potential downsizing by major employers.
Ski Resort Owners Pursue Huge Mixed-Use Projects As Demand Grows
By Taylor Driscoll, Bisnow
Ski resort owners are investing billions in mixed-use developments to meet growing demand, but face challenges such as land constraints, environmental opposition, and workforce housing shortages.
New York REIT Wins Worldwide Plaza Lawsuit
By Rich Bockmann, The Real Deal
A New York judge ruled that New York REIT can reclaim and distribute a $90 million reserve fund, rejecting RXR and SL Green’s claim that it was their money.
New York City moves to redevelop Long Island City sites once eyed for Amazon
By Nick Garber, Crain’s New York Business
NYC plans to redevelop former Amazon HQ2 sites in Long Island City amid a broader rezoning.
Mayor Eric Adams wants to incentivize companies outside the city to lease its vacant office space
By Julianne Cuba, Crain’s New York Business
Mayor Adams launches a tax incentive program to attract out-of-state and international companies to NYC’s vacant office spaces, aiming to boost jobs and economic activity.
Dallas-Fort Worth Coworking Market Ranks Second in Nation
By TRD Staff, The Real Deal
Return-to-office trends could boost the coworking industry, especially in Dallas-Fort Worth, as companies and employees seek flexible workspace solutions.
Personal Guarantees Play Role In Financial Distress
By Rich Bockmann, The Real Deal
Lenders are increasingly enforcing personal guarantees on distressed commercial real estate loans, using them as leverage to recover losses from wealthy borrowers.
Park Avenue tower from Ken Griffin, Vornado and Rudin to begin public review in March
By Julianne Cuba, Crain’s New York Business
The 62-story skyscraper at 350 Park Ave., backed by Ken Griffin and set to house Citadel, will begin public review next month, with construction expected to start in 2026 and finish by 2032.
Office Optimism Builds As RTO Mandates Push Downsizing To Lowest Level Since 2019
By Matt Wasielewski, Bisnow
Office downsizing slows as RTO mandates boost long-term leasing and expansions.
Google, NYU Add To Manhattan’s Sublease Market Despite Availability Decline
By Sasha Jones, Bisnow
Manhattan’s sublease market is shrinking, but major firms like Google and NYU are still adding space, while tech interest in leasing is beginning to rebound.
David Werner Buying 300 East 42nd Street
By Rich Bockmann, The Real Deal
David Werner continues his spree of snapping up discounted Manhattan office buildings, buying 300 East 42nd Street for $52 million—less than half its 2019 price.