Articles of the week ending October 17th
What’s next for Kushner Cos.’ Puck Building in SoHo, Manhattan _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
REI will vacate its 40000 square foot flagship store in SoHo’s historic Puck Building next year, and landlord Kushner Cos. is seeking a new tenant for the $6.3 million a year space.
Thorofare Capital acquires ground lease for Greenvich Village, Manhattan, office building _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
Thorofare Capital acquired the ground lease for the newly renovated but vacant 132 W. 14th St. office building in Greenwich Village for $27.8 million from KPG Funds.
SL Green Reports Increased Leasing and Profits in Q3 2025 – Commercial Observer
By Mark Hallum, COMMERCIAL OBSERVER
SL Green reported higher Q3 2025 earnings and leasing activity, announced major property acquisitions including Park Avenue Tower, and gained $86.6 million from selling its One Vanderbilt stake despite losing its Times Square casino bid.
SL Green Buying Park Avenue Tower
By Rich Bockmann, The Real Deal
SL Green is acquiring the 36-story Park Avenue Tower at 65 East 55th Street from Blackstone for $730 million, marking a discounted purchase after Blackstone’s $925 million investment since 2014.
Rudin and Vornado Realty Trust file demolition permits for new project in Midtown, Manhattan _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
Rudin and Vornado have filed demolition permits to clear the site at 350 Park Avenue for a $4.5 billion, 62-story skyscraper that will house Ken Griffin’s Citadel and Citadel Securities as anchor tenants.
Related Poised to Develop Prada Building on Fifth Ave
By TRD Staff, The Real Deal
Related Companies is nearing a deal to develop a 225,000-square-foot skyscraper at Prada’s 720-724 Fifth Avenue site, featuring retail, offices, and luxury residences, after beating out Vornado and SL Green.
NYC office stocks fall even though demand for Manhattan space is strong _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Despite strong office leasing demand in Manhattan, shares of major city landlords like SL Green, Vornado, and Empire State Realty have fallen in 2025 due to investor concerns over development costs and interest rates.
NYC casino finalists face a blind bidding war over tax rates _ Crain’s New York Business
By Nick Garber, Crain’s New York Business
New York’s four remaining casino bidders must submit blind tax rate proposals by Tuesday, creating a high-stakes competition that could drive rates well above projections as they vie for up to three lucrative downstate licenses.
News _ Despite reservations, New York office market stays active ahead of contentious election
By Victor Rodriguez, CoStar Analytics
Manhattan’s office market remains strong with 8.5 million square feet leased in Q3 2025, showing resilience and continued demand despite political uncertainty ahead of the city’s mayoral election.
Missed Payment Sends $800M Madison Avenue Loan To Special Servicing
By Ciara Long, Bisnow
Vornado Realty Trust and Oxford Properties’ 27-story tower at 650 Madison Avenue was transferred to special servicing after its value fell 21% to $950 million and a payment default followed Ralph Lauren’s downsizing and rent reduction.
Manhattan’s Meatpacking District cements chic status with spate of recent high-end lease deals _ Crain’s New York Business
By Julianne Cuba, Crain’s New York Business
The Meatpacking District has solidified its status as a luxury retail hub, with major brands like Baccarat, Bottega Veneta, and Moorer signing new leases and retail vacancies dropping sharply amid rising leasing activity.
JPMorgan disputes tax bills at four Manhattan properties _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
JPMorgan Chase is challenging the city in court over what it says are inflated property tax assessments on four Manhattan buildings, joining other major owners in criticizing New York’s unequal and outdated tax system.
Developer BXP nears a big lease for 343 Madison Ave. _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
BXP is close to finalizing a major lease with C.V. Starr for one third of its 2 billion dollar 46 story office tower at 343 Madison Avenue marking a key milestone for the high profile Midtown development.