Articles of the week ending September 12th
Vornado Apartments Coming to Madison Square Garden Area – Commercial Observer
By Larry Getlen, Commercial Observer
Vornado Realty Trust plans to build a $350M, 475-unit apartment building near Madison Square Garden, using 485x tax incentives for affordability.
Paramount Wants Workers Back In Office 5 Days A Week
By Bianca Barragan, Bisnow
Paramount Skydance is requiring employees to return to the office five days a week starting January 2026, with workers given until Sept. 15 to accept or take severance, amid looming layoffs following the $8B merger.
News _ NBCUniversal joins fellow media conglomerates in return-to-office push
By Katie Burke,CoStar News
NBCUniversal will require hybrid employees to work in-office at least four days a week starting January 2026, offering exit packages for those unwilling, as media giants tighten return-to-office mandates amid shifting workplace trends.
How WeWork Became Amazon’s Real Estate Fixer
By Elizabeth Cryan, The Real Deal
WeWork has become Amazon’s real estate fixer by securing short-term turnkey office leases in New York and other cities, helping the tech giant meet its back-to-office mandate while it finalizes long-term space plans.
Gowanus sees apartment surge four years after rezoning _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
Four years after the Gowanus rezoning, the neighborhood has seen a surge in housing and retail development, but challenges like dwindling sites, less favorable tax incentives, and ongoing canal pollution cast uncertainty on its long-term transformation.
Extell Lands $1.2B In Equity From Hedge Fund For 9 Projects — Including 1.8M SF Disney Redevelopment
By Sasha Jones, Bisnow
Extell has secured $1.2B in equity from a hedge fund to advance nine major projects, including a 1.8M SF Disney campus redevelopment, multiple Manhattan and Brooklyn towers, and a luxury Utah resort expansion.
Construction Firm Tutor Perini Signs 28K-SF Lease at 520 Eighth Avenue – Commercial Observer
By Mark Hallum, Commercial Observer
Tutor Perini has leased nearly 28K SF at GFP Real Estate’s 520 Eighth Avenue in the Garment District, further filling the Midtown office tower.
BXP Slashes Dividend to Help Finance 343 Madison Project
By TRD Staff, The Real Deal
BXP cut its dividend by 30% to save $50M per quarter toward financing its $2B 343 Madison Avenue office tower, as it seeks a partner and construction loan while advancing vertical construction.
BXP Cuts Dividend, Announces Asset Sale To Help Fund New Office Tower
By Matt Wasielewski, Bisnow
BXP cut its dividend and plans to sell $2B in noncore assets to fund its $2B 343 Madison Ave. tower, reduce debt, and pivot toward trophy offices and selective multifamily development in gateway markets.