Articles of the week ending October 11th
OpenAI Opening Offices at Kushner’s Puck Building
By TRD Staff, The Real Deal
OpenAI is leasing 90,000 square feet at Kushner’s Puck Building in Soho, marking a significant expansion in Manhattan’s commercial real estate for the growing artificial intelligence sector.
NY cannabis report_ Latest license numbers, sales stats
By John Schroyer, Green Market Report
New York’s legal cannabis market has reached nearly $654 million in sales, but over 200 justice-involved retail license holders still face uncertainties as regulators address ongoing challenges and a backlog of applications.
Manhattan Retail Market Achieves Historic Low Availability
By Mariam Lobjanidze, The Real Deal
Manhattan’s retail availability has hit a record low of 14.7%, a significant recovery from the pandemic peak of 28%, with notable improvements in areas like lower Fifth Avenue and SoHo, while the Meatpacking District continues to struggle.
JPMorgan’s new tower rising at 270 Park Ave. poses trouble for 237 Park Ave.
By Aaron Elstein, Crain’s New York Business
JPMorgan’s new headquarters at 270 Park Ave. could significantly impact neighboring 237 Park Ave. by increasing vacancy rates and financial losses for its owners as major tenants are expected to move out.
Available Manhattan Office Space Hits 3-Year Low, Driven By Big Finance Leases
By Ciara Long, Bisnow
Manhattan’s office space market is experiencing a recovery, driven primarily by financial firms leasing large spaces, although overall availability has dropped, leading to a mixed trend in asking rents across different submarkets.
Adam Neumann Launches Workflow
By Kathryn Brenzel, The Real Deal
Adam Neumann’s new coworking venture, Workflow, aims to capitalize on demand for flexible office space while sidestepping the pitfalls of WeWork, focusing instead on a more curated and ergonomic approach within existing properties.
By Victor Rodriguez, CoStar Analytics
Manhattan is experiencing a significant office space reduction driven by high vacancy rates and a push for residential conversions, with 64 office buildings expressing interest in transforming to housing to address the urgent need for more units.
7M sf of Manhattan office space have disappeared. Here’s how
By Elizabeth Cryan, The Real Deal
Manhattan’s office market is experiencing a significant transformation, with over 6.5 million square feet converted to residential use in the past four years, addressing both an oversupply of office space and a housing shortage.
Hedge Fund Hunting for Distressed Property Debt
By TRD Staff, The Real Deal
Deer Park Road Management has launched a $500 million fund targeting distressed office-backed debt, capitalizing on significant price dislocation in the commercial real estate market amid widespread distress.
Office Owners Coming Around Slowly On Accommodating New Mothers, But Not Kids
By Ciara Long, Bisnow
Despite the legal requirement for nursing spaces in workplaces, many office landlords are slow to adopt child-friendly amenities, highlighting a disconnect between corporate actions and the needs of working mothers.
NYC Top Office Leases September 2024
By Lucas McGill, The Real Deal
In September, LVMH and Chobani topped NYC’s office leases with LVMH securing a 150K square foot lease at 590 Madison Avenue, while Chobani leased the entire 121K square foot Noho building at 360 Bowery Street.
Google Renews Lease at Vornado, Related’s 85 Tenth Avenue
By Lois Weiss, The Real Deal
Google has renewed its lease for 300,000 square feet at 85 Tenth Avenue, solidifying its significant presence on Manhattan’s West Side.