Articles of the week ending January 24th
Trump’s Return-To-Office Mandate Faces Pushback
By Emily Wishingrad, Bisnow
Trump’s order for federal employees to return in-person faces union opposition over workforce impact, office space, and real estate effects.
President Trump Signs Executive Orders Impacting Real Estate
By Rich Bockmann, The Real Deal
President Trump’s recent executive orders aim to reduce government workforce and regulatory burdens, potentially impacting real estate demand, housing affordability, and energy supply.
New Jersey wants Manhattan firms to let its residents dodge congestion pricing by working at home
By Linda Moss, CoStar News
New Jersey offers grants up to $500,000 to New York companies encouraging employees to work remotely or at local offices, avoiding Manhattan tolls.
GFP, TPG Land $288M Loan for FiDi Office-to-Resi Conversion
By TRD Staff, The Real Deal
GFP Real Estate and TPG Real Estate secured a $288 million construction loan for the conversion of 222 Broadway into a 798-unit residential property, highlighting the trend of office-to-residential conversions in Manhattan’s Financial District.
City Begins Midtown South Rezoning
By Kathryn Brenzel, The Real Deal
The Midtown South rezoning in NYC plans 9,700 new homes, including 2,890 affordable units, introducing Mandatory Inclusionary Housing for larger developments.
9 Things For Commercial Real Estate To Watch In Trump’s First 100 Days
By Matt Wasielewski, Bisnow
Trump’s potential presidency could reshape commercial real estate through policy and regulatory changes tied to his business interests.
Trump Picks Officials To Oversee Federal Real Estate Portfolio
By Emily Wishingrad, Bisnow
The Trump administration has appointed Stephen Ehikian as acting GSA administrator and Michael Peters as Public Buildings Service commissioner to improve federal real estate management.
RXR, TF Cornerstone Seek Federal Loan To Build $6.5B Supertall
By Ciara Long, Bisnow
RXR and TF Cornerstone are seeking over $4.8 billion in federal loans to develop a $6.5 billion supertall tower at 175 Park Ave in Manhattan, which would become the most expensive tower in U.S. history, with the project contingent on approval from President-elect Donald Trump.
JPMorgan plans revamp of 383 Madison Ave.
By Natalie Wong and Hannah Levitt, Bloomberg
JPMorgan Chase is renovating its 383 Madison Avenue headquarters to accommodate Manhattan-based employees alongside its new tower at 270 Park Avenue, while reinforcing a return-to-office policy for its workforce.
Cheap preschool is the latest return-to-office perk
By Aaron Elstein, Crain’s New York Business
Jeffrey Gural, a New York City landlord, is offering discounted child care to encourage office workers to return, addressing the need for affordable child care amid rising attendance expectations.
Top-Tier NYC Office Space Is In High Demand. Why Isn’t It Leasing In Chelsea
By Ciara Long, Bisnow
West Chelsea’s office market struggles with transit and tenant fit but may benefit as demand for high-end space grows nearby.
The Companies Spending Hundreds Of Millions On NYC Office Space
By Sasha Jones, Bisnow
Major tenants spent billions on NYC office leases in 2024, with finance and legal sectors dominating, Midtown leading, and demand shifting toward high-quality spaces despite limited new construction.
SL Green pays off Manhattan mortgage at steep discount
By Aaron Elstein, Crain’s New York Business
SL Green gained $200M in 2024 by settling debts at discounts and securing strong leases.
RFR’s lower Manhattan office building avoids foreclosure after loan extension
By Andria Cheng, CoStar News
RFR avoided foreclosure on 17 State St. with a loan extension, restructured finances on two other properties, but continues to face challenges with other assets, including the Chrysler Building.
Paramount Sells Minority Interest in 900 Third Avenue
By Holden Walter-Warner, The Real Deal
Paramount sold a 45% minority stake in 900 Third Avenue, valuing the property at $210M, reflecting a significant drop from its pre-pandemic valuation ambitions.
KKR Consolidates Real Estate, Infrastructure Businesses
By TRD Staff, The Real Deal
KKR consolidated its real estate and infrastructure businesses into a $157B real assets platform, aiming to focus on high-growth sectors like data centers and logistics properties.