Articles of the week ending July 5th
Stahl Organization puts in equity for new loan at 277 Park Ave.
By Aaron Elstein, Crain’s New York Business
The estate of late developer Stanley Stahl contributes a hefty $250 million to secure a new loan for their flagship office tower at 277 Park Ave in Midtown Manhattan.
New York’s Office Market Is Starting To Get Its Mojo Back
By Ciara Long, Bisnow
New York City’s office market is showing signs of recovery with increased leasing activity, conversions of office space to residential units, and declining availability, though challenges remain with high vacancy rates and uncertainty surrounding the economy.
Landlords Turn On NYC Pot Shops As City Places Padlocks
By Emily Davis, The Rel Deal
City and state officials have cracked down on unlicensed cannabis sellers, leading to a wave of closures and legal headaches for landlords in New York City.
June’s Largest Office Leases in New York City
By Lucas McGill, The Real Deal
Blackstone led NYC’s largest office leases last month, expanding to 1 million square feet, with notable deals also signed by Industrious, Covington & Burling, Stripe, and Herrick Feinstein.
As Data Centers Go Nuclear To Meet AI Power Demand, Worries Grow About The Impact On Everyone Else
By Maddy McCarty, Bisnow
Tech companies are in talks with nuclear power plant owners to meet increasing energy demands for data centers, potentially diverting resources from existing grids and raising concerns about the impact on emissions reduction goals and utility customers.
Q&A with WeWork’s Global Head of Real Estate After Bankruptcy
By Suzannah Cavanaugh, The Real Deal
WeWork emerged from bankruptcy by renegotiating leases with landlords, cutting costs, and focusing on member needs for future growth in the co-working space.
Park Avenue South tower faces writedown after Meta exit
By Aaron Elstein, Crain’s New York Business
The 19-story tower at 225-233 Park Avenue South is facing a $50 million mortgage writedown due to a significant decrease in occupancy.
Moody’s, MSCI to Collaborate on ESG Data – Connect CRE
By Paul Bubny, ConnectCRE
Moody’s and MSCI have entered into a strategic partnership agreement to collaborate on ESG data and sustainability, aiming to provide greater transparency to markets and enhance solutions for clients in various sectors.
Goldman Sachs_ Office Submarket Recovery Signals The Worst Is Over
By Kayla Carmichael, Bisnow
Goldman Sachs predicts that the worst may be over for the office submarket, with leading indicators showing signs of improvement in leasing activity, especially in high-quality and amenity-rich buildings.
Framework coworking to open in Two Trees’ Domino Refinery _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
Framework, a Brooklyn coworking firm, is expanding to a second location in Two Trees’ Domino Refinery with a focus on individualized, upscale workspace and an additional retail space for their upscale cannabis shop Gotham.