Articles of the week ending July 18th
Zohran Mamdani courts NYC business leaders as some switch to Adams _ Crain’s New York Business
By Crain’s New York Business
Zohran Mamdani’s post-primary outreach to New York City’s business leaders has eased some concerns about his socialist platform, but skepticism remains due to his youth, inexperience, and past rhetoric, even as major donors coalesce around Eric Adams and abandon Andrew Cuomo.
Vornado Lands $450M CMBS Loan to Refi Penn 11 – Commercial Observer
By Andrew Coen, Commercial Observer
Vornado secured a \$450 million CMBS loan co-originated by Citigroup, BMO Capital Markets, and Société Générale to refinance its 96.6%-leased Penn 11 office tower, with Apple and AMC Networks as major tenants and a high 85.9% loan-to-value ratio.
Union Square Foot Traffic Jumps, Office Availability Plunges – Commercial Observer
By Larry Getlen, Commercial Observer
Union Square has emerged as Manhattan’s tightest office market with surging transit ridership, rising worker foot traffic, and a boom in new businesses, driven by its growth as a tech and hospitality hub.
Trump’s Higher Ed Blitz Puts New York Universities’ Real Estate In Crosshairs
By Sasha Jones, Bisnow
Amid aggressive federal funding cuts, tax hikes, and political pressure from President Trump, New York universities—especially real estate-rich but financially uneven institutions like Columbia—are relying on property holdings as both shield and strategic asset to weather the storm, with potential ripple effects across the city’s education and real estate landscape.
The Conference Board signs 20-year lease with Global Holdings at 875 Third Ave _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
The Conference Board has signed a 20-year lease to relocate its headquarters to 875 Third Avenue, occupying the entire ninth floor of the Midtown office tower owned by Global Holdings, with the move set for March.
Spectrum Renews 200K SF at Greenpoint Warehouse – Commercial Observer
By Isabelle Durso, Commercial Observer
Spectrum has renewed its 200,000-square-foot lease at Steel Equities’ 59 Paidge Avenue in Greenpoint, Brooklyn, for another 10 years, maintaining its full-building occupancy amid a broader surge in industrial vacancies citywide.
Prologis Reports Another Strong Quarter as Tariff Uncertainty Lingers – Commercial Observer
By Isabelle Durso, Commercial Observer
Prologis posted strong second-quarter earnings with a 9% rise in core FFO and record leasing activity, despite ongoing tariff uncertainty that has caused cautious tenant behavior and delayed deal-making.
News _ New York City Council rejects Bally’s $4 billion Bronx casino bid
By Andria Cheng, CoStar News
Bally’s bid for a Bronx casino was likely derailed after the City Council rejected its rezoning request, narrowing the field of contenders for New York’s three downstate casino licenses to seven amid intense competition and community scrutiny.
Manhattan’s office vacancy is the lowest of any major city _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Manhattan’s office vacancy rate remains the lowest among major U.S. cities at 16% due to tighter inventory, strong return-to-office policies led by financial firms, and high demand driven by dense living conditions and limited new office development.
Manhattan Office Leases Are Getting Smaller and Shorter – Commercial Observer
By Larry Getlen, Commercial Observer
Despite a strong first half of 2025 for Manhattan office leasing, the market is shifting toward smaller, shorter, and more flexible leases—especially among tech and Class B/C tenants—driven by AI, outsourcing, and economic uncertainty.
In America’s Return to the Office, Women Are Falling Behind – WSJ
By Te-Ping Chen, The Wall Street Journal
More women than men continue to work remotely in the U.S., a trend driven by caregiving responsibilities and personal preference—but it risks widening gender gaps in visibility, mentorship, and career advancement.
$460M Loan Tied To 5 Bryant Park Misses Maturity Deadline
By Ethan Rothstein, Bisnow
Savanna missed the \$463M CMBS loan maturity deadline on 5 Bryant Park, as rising costs and declining net cash flow have pushed the debt underwater, prompting refinancing talks amid broader struggles with office property loans.
_NYC office conversion boom on track to create 17K homes, at a $5B cost _ Crain’s New York Business
By Nick Garber, Crain’s New York Business
New York City’s push for office-to-residential conversions could yield up to 17,400 new homes, but may cost the city \$5.6 billion in lost tax revenue due to generous 467-m tax breaks—many benefiting landlords who may have converted without incentives.