Articles of the week ending May 9th
News _ Brooklyn office market starts 2025 with a boost
By Jared Koeck, CoStar Analytics
Brooklyn’s office market began 2025 with a strong rebound, driven by larger leases and education tenants, signaling a shift toward recovery.
PNC Bank Bags 83K SF at Sage’s 437 Madison
By TRD Staff, The Real Deal
PNC Bank is expanding its Manhattan presence by leasing 83,000 square feet at 437 Madison Avenue, signaling continued confidence in the Class A office market.
RXR, Ivanhoé Cambridge Extend $1B Mortgage at 1211 Sixth Ave
By TRD Staff, The Real Deal
RXR and Ivanhoé Cambridge secured a three-year extension on their $1B mortgage for 1211 Sixth Avenue and plan to invest $300M to modernize the building amid shifting tenant dynamics.
Vacant lot at 250 Water St. in Financial District draws interest from suitors
By Aaron Elstein, Crain’s New York Business
A vacant 1.1-acre lot at 250 Water St. in the Financial District, approved for a major mixed-use development, is attracting strong buyer interest as its owner Seaport Entertainment seeks to offload the site amid ongoing financial struggles.
Vanbarton Group seeks to create 420 apartments in former Archdiocese office tower on First Avenue
By C. J. Hughes, Crain’s New York Business
Vanbarton Group plans to convert the Archdiocese of New York’s Midtown East headquarters into 420 apartments, extending the building by six stories, as part of a growing trend of office-to-residential conversions in the area.
What Tenants Want_ 4 Companies On What Drove Their Office Leasing Decisions This Year
By Taylor Driscoll, Bisnow
Amid a tenant-favorable office market, companies like McDermott Will & Emery, Morgan Lewis, Rockland Trust, and Siemens Energy are prioritizing vibrant neighborhoods, flexibility, modern amenities, and employee commutes in their leasing decisions, leveraging high vacancies and generous concessions to secure tailored office spaces.
News _ Developer Soloviev, seeking to land New York casino, says it will share ownership with residents
By Andria Cheng, CoStar News
In a bid to win a New York casino license, developer Soloviev Group is offering city residents a chance to share up to 12% of public equity in its proposed Freedom Plaza resort, joining a wave of contenders enhancing proposals with community-focused incentives like affordable housing, open space, and local investment opportunities.
News _ Nation’s largest office landlords shrug off potential economic punches
By Katie Burke, CoStar News
Despite economic headwinds like tariffs, high interest rates, and recession fears, major U.S. office landlords report resilient leasing momentum, especially in high-end properties, signaling a bifurcated but steadily recovering office market.
Chetrit Extends $95M Loan on Midtown South Buildings
By Keith Larsen, The Real Deal
The Chetrit Organization secured a 30-month extension on a $95M CMBS loan for its vacant Fifth Avenue properties by injecting more capital and negotiating with Rialto and SL Green.
Fanatics Scores 54K SF Lease in Hudson Square
By TRD Staff, The Real Deal
Fanatics has expanded its Manhattan footprint by leasing 54,000 square feet at 345 Hudson Street in Hudson Square, while retaining its existing West Village office.