Articles of the week ending January 17th
Touro University buys NY College of Podiatric Medicine for $42M _ Crain’s New York Business
By C.J Hughes, Crain’s New York Business
Touro University has acquired the New York College of Podiatric Medicine’s Harlem property for $42 million, expanding its footprint and student body as part of its ongoing growth strategy.
Taconic Partners Puts 817 Broadway Up For Sale
By Keith Larsen, The Real Deal
Taconic Partners is listing its 92% leased office tower at 817 Broadway, which has attracted tech and VC firms, for sale or recapitalization as interest in New York City office properties gradually increases.
Sales Of NYC Office Buildings Double As More Occupiers Seize The Moment
By Ciara Long, Bisnow
The NYC commercial real estate market saw a significant rebound in 2024, particularly in office building sales driven by end users, despite lingering caution from investors amid rising cap rates and uncertainty in the capital markets.
RXR buys Fox News’ Midtown office at a discount
By Aaron Elstein, Crain’s New York Business
Caisse de dépôt et placement du Québec sold a 49% stake in the Fox News headquarters at a 33% discount, indicating a strategic move amid looming financial obligations and a challenging office market.
New York industrial real estate enjoys strong 2024 _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
City’s industrial properties experienced their strongest leasing year since 2020 in 2024, with over 2.8 million square feet leased, driven by increased demand from firms and a tight market despite rising vacancy rates.
Minskoff Signs FDIC to 148K SF at 1166 Sixth Avenue
By Holden Walter-Warner, The Real Deal
Edward Minsko has secured a significant 10-year lease with the FDIC for 148,000 square feet at 1166 Sixth Avenue in Midtown Manhattan, following a recent lease with U.S. Customs and Border Protection in Queens.
Midtown’s Solow Building hires Kent Hospitality Group for food offerings
By C.J Hughes, Crain’s New York Business
The Solow Building has opened a tenants-only restaurant, Vista, by the award-winning Kent Hospitality Group, as part of efforts to enhance its appeal and occupancy in a competitive office market.
George Comfort & Sons Selling Stake in 63 Madison Avenue Office
By Rich Bockmann, The Real Deal
The owners of 63 Madison Avenue are seeking a new investor for a stake in the office building, aiming for a valuation of approximately $400 million, despite it remaining about 25% vacant after securing a major lease with American Eagle Outfitters.
Demand for Brooklyn office still catching up to supply
By Elizabeth Cryan, The Real Deal
Brooklyn’s office market is struggling with an oversupply of new Class A buildings, leading to a significant drop in leasing activity and a reliance on small and mid-sized tenants.
David Werner Buying Durst’s 675 Third Avenue
By Rich Bockmann, The Real Deal
David Werner is in contract to purchase the 32-story office building at 675 Third Avenue from the Durst Organization for over $100 million, potentially for residential conversion, as part of a growing trend in New York City influenced by new legislation facilitating such projects.
Customs and Border Protection to relocate New York regional headquarters
By Andria Cheng, CoStar News
Customs and Border Protection is relocating its regional headquarters from JFK Airport to One Aviation Plaza in Queens, New York, occupying 139,377 square feet of office space.
CBRE To Acquire Industrious At $800M Valuation
By Matt Wasielewski, Bisnow
CBRE is acquiring coworking firm Industrious for approximately $400 million to enhance its operations and workplace experience division, with CEO Jamie Hodari leading the new segment while aligning with CBRE’s strategy to invest in resilient commercial real estate opportunities.
Breakdown of Eric Adams’ Manhattan Plan
By Kathryn Brenzel, The Real Deal
Mayor Eric Adams has set a goal to add 100,000 housing units in Manhattan over the next decade, but details on how this will be achieved remain unclear, with only a fraction of units currently accounted for and various factors influencing development.
Bill Ackman Offers $1B Buyout of Howard Hughes
By TRD Staff, The Real Deal
Bill Ackman’s Pershing Square Capital Management is offering $1 billion to buy Howard Hughes Holdings at $85 per share, representing an 18.4% premium, while proposing to merge it with a subsidiary of his hedge fund, maintaining current leadership.