Articles of the week ending May 17th
Look Out, Industrial Landlords_ Amazon Is Once Again Taking Down Big Blocks At A Rapid Clip
Amazon is rapidly leasing warehouse space, with six deals of more than 1M SF signed in 2024, pointing to a turnaround in industrial absorption after pausing in response to pandemic demand.
Lenders Pessimistic at TRD forum
Lenders at The Real Deal forum warned of bank failures and a bleak outlook for commercial real estate, with many banks not understanding the problems on their balance sheets and office lending being particularly risky.
Hochul orders shakeup for New York cannabis regulators after scathing report
New York Governor Kathy Hochul announced a sweeping overhaul of the state’s cannabis regulatory agency, including the resignation of the executive director, due to critical failure in leadership, lack of transparency, and poor communication in the legal cannabis market rollout.
Fitch Flags Transparency Concern Over Workout Of $350M NYC Office Loan
Fitch Ratings raised concerns about transparency during the workout process of a $350M loan for a New York City office building, leading to a potential downgrade of Mount Street’s servicer rating.
Real Estate Billionaire Assembling Bid To Buy TikTok
Real estate billionaire Frank McCourt is assembling a bid to buy TikTok and plans to use his proprietary technology to give users more control over their data.
NYC to redevelop 122 acres of Brooklyn coast with housing, retail, green space
New York City plans to transform 122 acres of Brooklyn waterfront into a modern port facility with housing, retail, and green space, investing $80 million initially and engaging in a community planning process over the next six to nine months.
Manhattan office landlords face steep increases in borrowing costs
Manhattan office landlords are facing significant increases in borrowing costs as interest rates stay high, leading to a decline in earnings and asset managers reducing their exposure to the real estate sector.
Cohen Bros. eyes Saks Fifth Avenue office building housing conversion
Cohen Bros. Realty is looking to convert the ailing office building at 623 Fifth Ave. into residential units as part of a city initiative to address the housing crisis.
Bain & Co. Signs One of New York’s Largest Office Deals This Year in Relocation Plan
One Vanderbilt in Manhattan is 100% leased, while neighboring 22 Vanderbilt is 91% occupied after recently signing major tenants.
Global Wellness Real Estate Spending Estimated To Reach Nearly $1 Trillion by 2028
Global spending on wellness-related real estate is expected to nearly double to $1 trillion by 2028, driven by a shift towards incorporating holistic health elements in various types of buildings.
Converting Office Spaces Into In-Demand Healthcare Facilities
Converting office spaces into healthcare facilities is a cost-effective and strategic way to address the increasing demand for medical services in the U.S., making healthcare more accessible to communities in need.
Amenities Aren’t Enough To Draw Renters To Westchester, But Shiny New Downtowns Are
The transformation of downtown areas in Westchester County through the development of urban-style rental apartments is crucial for maintaining the long-term stability and growth of these cities.