Articles of the week ending July 11th
WeWork Signs First Post-Bankruptcy Lease With 60K SF at 250 Broadway – Commercial Observer
By Mark Hallum, Commercial Observer
WeWork signed its first post-bankruptcy lease—60,000 SF across five floors at 250 Broadway in Lower Manhattan—marking a strategic push under new CEO John Santora to grow in NYC with elevated, experience-driven workspaces.
Waymo is testing its robotaxis in New York City _ Crain’s New York Business
By Jack Grieve, Crain’s New York Business
Waymo is testing fewer than ten human-driven cars in Manhattan and Downtown Brooklyn to gather data and prepare for launching its autonomous robotaxi service in NYC—pending regulatory approval that would mark the city’s first fully driverless vehicle deployment.
Vanbarton Group Looks to Sell Nomad Development Site
By Rich Bockmann, The Real Deal
Vanbarton is testing Midtown South’s new rezoning by marketing its vacant site at 3 West 29th St. in Nomad—which could fetch over $250M and support 700,000 SF of residential space—highlighting growing momentum for housing development under Mayor Adams’ plan.
Saudi Arabia Fund Takes Stake in Related’s 625 Madison
By TRD Staff, The Real Deal
Saudi Arabia’s Public Investment Fund has taken a two-thirds stake in Related’s planned $1 billion+ skyscraper at 625 Madison, highlighting a major return of foreign capital to Manhattan’s commercial market as demand for premium office space rebounds.
One Big Beautiful Bill’s Passage Launches New Tax Era For CRE
By Taylor Driscoll, Ciara Long, Dan Rabb, Jonathan Rose, Ethan
Rothstein, Matt Wasielewski and Mark F. Bonner, Bisnow
Trump’s sweeping “One Big Beautiful Bill” permanently slashes corporate taxes, expands LIHTC and Opportunity Zones, supercharges manufacturing and housing incentives, but cuts green building and clean energy tax breaks—reshaping U.S. commercial real estate by fueling investment while risking sustainability goals.
News _ Once a freight stop, later a nightclub, New York office building now takes on prominent rivals
By Andy Peters, CoStar News
The massive adaptive reuse of Manhattan’s historic Terminal Warehouse is transforming 1.3 million square feet into offices and retail to attract creative and tech tenants seeking unique, amenity-rich spaces, positioning it to compete with modern towers like Hudson Yards.
News _ BlackRock to buy industrial real estate firm ElmTree
By Andria Cheng, CoStar News
BlackRock is acquiring industrial real estate firm ElmTree Funds to expand its private markets platform, aiming to offer clients more diversified, stable income investments beyond stocks and bonds.
News _ After years of buildup, Class B office space in New York is finally shrinking
By Victor Rodriguez, CoStar Analytics
Manhattan’s Class B office space is finally shrinking, with availability down by nearly 4 million square feet from its 2022 peak, though it still remains well above pre-pandemic levels and may take years to fully recover.
Key supporters urge Cuomo to exit mayor’s race after loss to Mamdani _ Crain’s New York Business
By Nick Garber, Crain’s New York Business
Key donors and allies, including Bill Ackman and Al Sharpton, are urging Andrew Cuomo to drop out of the mayoral race after his primary loss, leaving him with dwindling support as most business and labor leaders pivot to back Eric Adams or Zohran Mamdani.
Judge grants Charles Cohen time to sell Midtown buildings _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
A judge gave developer Charles Cohen more time to sell three struggling Midtown buildings to repay nearly \$200 million in debt, rejecting a receiver despite creditor concerns over delays, as Cohen faces falling wealth and legal scrutiny over asset transfers.
Invesco Renews 200K SF at Brookfield Place – Commercial Observer
By Larry Getlen, Commercial Observer
Invesco renewed roughly 200,000 square feet of office space at Brookfield Properties’ 225 Liberty Street in Brookfield Place, underscoring its continued presence in the nearly 2.5 million-square-foot building despite unclear lease details.
Helmsley Building in Midtown lost tenants after foreclosure _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
The Helmsley Building’s vacancy rate has soared to 44% post-foreclosure, worsening its financial distress and prompting RXR to consider partially converting the historic Midtown tower into apartments to revive its fortunes.
GFP Plans Another FiDi Office-To-Resi Conversion
By Elizabeth Cryan, The Real Deal
GFP is planning to convert its 20-story FiDi office building at 40 Exchange Place into 382 residential units with retail, tapping into the office-to-residential boom fueled by shifting tenant demand and lucrative tax incentives.
Development Firm Mott MacDonald Signs 25K-SF Lease at Empire State Building – Commercial Observer
By Mark Hallum, Commercial Observer
Engineering firm Mott MacDonald has leased 25,372 square feet at the Empire State Building, marking its second Manhattan office as part of ongoing tenant activity in the iconic property.
Charles Cohen’s Midtown Tower 750 Lex Heads to Foreclosure – The Real Deal
By Lilah Burke, The Real Deal
Charles Cohen’s financial troubles deepened as his 750 Lexington Avenue building heads to foreclosure after a summary judgment on a $130 million loan default, adding to mounting losses across his struggling office portfolio.
Aging Art Deco tower in Midtown Manhattan gets a cash infusion _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Mexican banking heir Moises Cosío Espinosa secured a mortgage extension for Midtown’s aging Art Deco tower 500 Fifth Ave. with a \$10 million cash infusion, but now faces the costly decision of whether to invest \$100 million in much-needed renovations to revive the landmark property.
99c, Deutsche Bank Lend $61M for David Werner’s 5 Hanover
By Andrew Coen, Commercial Observer
David Werner and Sam Fisch secured \$61M in financing from 99c and Deutsche Bank to buy and potentially convert the mostly vacant 5 Hanover Square office building in Lower Manhattan, using a creative two-loan structure arranged by Arrow Real Estate Advisors.