Articles of the week ending October 4th
RFR’s Control Of Chrysler Building Has Been Terminated, Its Landlord Says
By Ciara Long, Bisnow
RFR Holding’s control of the Chrysler Building has been terminated by Cooper Union due to approximately $21 million in unpaid rent, resulting in a legal dispute as RFR seeks to void the termination while facing significant financial challenges and loan maturities.
Real Estate Hasn’t Backed Away From Eric Adams Amid Bribery Scandal
By Ciara Long, Bisnow
Despite NYC Mayor Eric Adams facing multiple federal criminal charges, the commercial real estate industry remains cautiously optimistic about its future, emphasizing the resilience of city governance and ongoing housing initiatives.
Office Amenities Draw Workers Back to Offices
By TRD Staff, The Real Deal
Landlords are investing in amenities like golf simulators and movie theaters to attract tenants and combat record-high office vacancies.
Louis Vuitton Moet Hennessy Leases at 590 Madison Ave
By Lois Weiss, The Real Deal
LVMH has signed a lease for 150,000 square feet across four floors at 590 Madison Avenue, accommodating its expansion and providing temporary space during redevelopment projects in the area.
Textile Building Brings Bridgewater Associates to NYC
By TRD Staff, The Real Deal
Bridgewater Associates, the world’s largest hedge fund, has signed a lease for its first office in Manhattan, occupying 60,000 square feet at 295 Fifth Avenue.
Industrial Developers Stalk Toxic Land As Available Sites Dwindle
By Sasha Jones, Bisnow
Developers are increasingly targeting contaminated industrial sites due to dwindling available land and rising demand for warehouse and logistics space, recognizing the potential for long-term value and community revitalization through cleanup and redevelopment.
Biotech company nabs top floors at Vornado’s Penn
By By Elizabeth Cryan, The Real Deal
Vivek Ganapathy Ramaswamy’s biotech company Roivant Sciences has leased the top two floors of Vornado’s Penn 1, occupying 55,000 square feet in a 15-year deal at an asking rent of $140 per square foot.
Vornado Swings Five Iron Into Midtown Manhattan
By Holden Walter-Warner
Five Iron Golf has signed a lease for a 15,000-square-foot indoor golf simulator at Vornado Realty Trust’s 1290 Sixth Avenue in Midtown Manhattan, set to open late next year.
Only Lenders With The Deepest Pockets Can Sit At The Data Center Table
By Sasha Jones, Bisnow
The data center development sector is rapidly expanding and requires massive capital investments, leading to a growing demand for financing from a limited pool of lenders amid challenges such as rising costs and a shortage of prime sites with sufficient power.
By Kathryn Brenzel, The Real Deal
New York City’s hotel sector is facing significant challenges, having lost 6,000 rooms since 2019 primarily due to conversions to migrant housing and stricter regulations, while hotel operators contend with new legislation that could further complicate their operations.
Midtown Office Building Goes Back To Lender For Bargain $23M
By Suzannah Cavanaugh, The Real Deal
The Midtown office building at 29 West 35th Street was repossessed by its lender for $23 million, reflecting a significant decline in its desirability and value, as it remained unsold even at a price of $270 per square foot.
International Workplace Group signs a lease at 142 W. 57th St. in the Plaza District
By Julianne Cuba, Crain’s New York Business
The International Workplace Group has signed a 93,400-square-foot lease for six floors at Manhattan’s Metropolitan Tower, emphasizing continued demand for flexible office space despite challenges in the coworking sector.
Available Manhattan Office Space Hits 3-Year Low, Driven By Big Finance Leases
By Ciara Long, Bisnow
Manhattan’s office market is experiencing a recovery with increased leasing activity, particularly among financial firms, while the availability of top-tier office spaces is dwindling.
Americas Data Center Vacancies Drop to 3% as Demand Exceeds Supply
By Paul Bubny, ConnectCRE
The vacancy rate for data centers in the Americas has dropped to 3% due to surging demand for AI and cloud services, with over 80% of new deliveries pre-leased and operators expanding into previously underdeveloped markets.