Articles of the week ending June 28th
With Unpaid Property Taxes And Bills Nearing $2B, NYC Looks For New Way To Collect
By Ciara Long, Bisnow
The NYC City Council is introducing new legislation to collect unpaid property and water bills totaling over $1.8B, replacing the previous tax lien sales program in an effort to help taxpayers resolve debt and reduce enforcement actions.
UBS Looks To Sell 1 MSF Midtown Office Building in Online Auction
By Elizabeth Cryan & Rich Bockmann
UBS is selling a 920,000-square-foot Midtown office building in an online auction on Ten-X with a starting bid of $7.5 million, a move that is considered unusual for such a large property.
Tishman Speyer’s Spiral Lands Five Office Leases
By Elizabeth Cryan, The Real Deal
Tishman Speyer’s Spiral in Hudson Yards has secured five office leases, reaching 81% leased, with investment management companies and tech companies among the new tenants.
Shorenstein Properties’ 1407 Broadway Loses $400M in Value
By Elisa Muyl, The Real Deal
The appraised value of Shorenstein Properties’ 1407 Broadway has dropped significantly, causing their defaulted or at-risk debt to approach $1 billion due to declining values in the office market following the pandemic.
Prime Office Space Leads – and Will Continue to Do So
By Amy Wolf Sorter, ConnectCRE
Prime office space continues to outperform non-prime space, with occupiers willing to pay a premium for quality workplace experiences and amenities.
News _ US Food Hall Operator to Open Location in Amazon’s New Manhattan Home
By Andria Cheng, CoStar News
Shaver Hall, a new food hall in Manhattan, will open in Amazon’s former Lord & Taylor building, offering a unique culinary experience and adding vibrancy to the Midtown area.
News _ Hines’ Flexible Office Concept To Open First New York Location at Former WeWork Outpost
By Andria Cheng, CoStar News
Hines’ flexible workplace concept, The Square, will open in a former WeWork location in Manhattan’s Hudson Square neighborhood, catering to the increasing demand for flexible office space options.
Nancy Whiskey Pub at 1 Lispenard St. sold to LLC
By JULIANNE CUBA, Crain’s New York Business
The building housing a dive bar in Tribeca has been sold to a private entity, whose owner is unknown, and the future of the bar is uncertain.
News _ Brookfield Extends $750 Million Loan for Lower Manhattan Office Property
By Andria Cheng, CoStar News
Brookfield secured a $750 million loan extension for One Liberty Plaza in Lower Manhattan and plans to undergo a significant renovation of the property.
U.S. office vacancy rates likely to rise by 2026_ Moody’s
By Matthew Boyle, Bloomberg
The shift toward remote work is expected to lead to a 24% vacancy rate in U.S. office space by 2026, potentially reducing commercial property values by $250 billion.
Outer-borough businesses surged past Manhattan during Covid
By Nick Garber, Crains New York Business
Newly formed businesses in the outer boroughs experienced significant growth during the pandemic, while Manhattan saw stagnation and slow business growth rates.
JPMorgan nears deal to buy 250 Park Ave.
By Natalie Wong and Hannah Levitt, Bloomberg
JPMorgan is nearing a deal to purchase a property near its new Park Avenue headquarters, but plans for the building are still in the early stages and the deal is not yet completed.
Coworking Is Growing Fast Despite WeWork’s Dramatic Pullback
By Taylor Driscoll, Bisnow
The coworking industry is experiencing rapid growth driven by the rise in hybrid work, flexible agreements with landlords, and a shift towards more decentralized locations closer to where people live.
American Strategic Investment to sell 9 Times Square at a loss
By Aaron Elstein, Crain’s New York Business
Owner of 9 Times Square office building is set to take a $100 million loss in its sale, as the building is being sold for 60% less than what was paid for it 10 years ago.