Articles of the week ending May 30th
The Future of Lease Management_ Why AI-Powered Solutions Are Reshaping Real Estate Operations – Commercial Observer
By Keyway, Commercial Observer
AI-powered lease management tools like KeyDocs revolutionize real estate operations by automating lease abstraction, ensuring compliance, and delivering portfolio-wide insights, enabling faster, smarter, and more efficient decision-making.
SL Green Files Plans to Convert 750 Third Avenue Into 680 Apartments – Commercial Observer
By Isabelle Durso, Commercial Observer
SL Green plans to convert the largely vacant 750 Third Avenue office building into 680 apartments with retail, coworking, and wellness amenities, marking a major step in Manhattan’s office-to-residential transformation and addressing the city’s urgent
NYC’s Already-Sluggish Life Sciences Market Hit By Federal Funding Cuts
By Ciara Long, Bisnow
Federal funding cuts are destabilizing New York City’s already struggling life sciences real estate market, leading to high vacancies, stalled leasing activity, and uncertainty for institutions and developers relying on government-backed research to fuel demand.
Owner of ailing Fifth Avenue office building pitches residential conversion _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Metropole Realty CEO Robert Siegel is appealing a court decision rejecting his $100M plan to convert and expand the struggling 681 Fifth Ave. office tower into a luxury residential or hospitality property, arguing it’s the best path to repay the building’s $215M debt and avoid foreclosure.
News _ Times Square’s residential makeover expands with office-to-apartments approval
By Andria Cheng, CoStar News
The state has approved a major office-to-residential conversion of 5 Times Square into 1,250 apartments—one of NYC’s largest such projects—highlighting growing momentum to transform underused commercial buildings into housing amid a tight residential market and high office vacancy.
News _ Three tenants renew leases at Manhattan’s Seagram Building
By Andria Cheng, CoStar News
Three major tenants—Invemed Associates, Berkley Insurance Group, and MIC Capital Partners—have renewed or expanded long-term leases at Manhattan’s Seagram Building, reflecting strong demand and early renewals for top-tier office space amid a flight-to-quality trend in the recovering market.
Midtown New York office tower gets just a two-year mortgage _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Despite strong occupancy and ownership, the prominent Midtown tower at 1345 Sixth Ave. secured only a short two-year, $850 million mortgage—reflecting lenders’ caution toward office properties amid high improvement costs and market uncertainty.
Judge Sets Auction Date for Tribeca Associates’ 30 Broad
By TRD Staff, The Real Deal
A judge has scheduled a foreclosure auction for Tribeca Associates’ ground lease at 30 Broad Street after a $163 million judgment lien, marking the end of its control over the property amid default and mounting financial pressures.
Court of Appeals Nixes Local Law 97 Suit
By Kathryn Brenzel, The Real Deal
The New York Court of Appeals upheld Local Law 97, rejecting a challenge from building owners and affirming that the city’s greenhouse gas emission limits can coexist with state climate laws, clearing the way for enforcement to begin this year.