Articles of the week ending September 27th
Nathan Berman And InterVest to Convert 111 Wall Street
By By Rich Bockmann, The Real Deal
Nathan Berman and InterVest Capital Partners plan to convert the office tower at 111 Wall Street into 1,300 rental units, with construction starting in mid-2025, as part of a broader trend of office-to-residential conversions in Manhattan.
Downtown NYC office market gets boost from Catholic Charities lease _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
Catholic Charities of New York is leasing 77,000 square feet at 80 Maiden Lane in Lower Manhattan for 30 years, bolstering the local office market, which has struggled post-pandemic due to factors like older buildings and better deals elsewhere.
Related’s Midtown Office Haircut Comes Into Focus
By TRD Staff, The Real Deal
Namdar Realty Group and Empire Capital acquired a Hell’s Kitchen office property for $40.5 million, marking a 73% discount from its 2018 purchase price of $153 million, amid broader struggles in the commercial real estate sector.
TIAA’s Nuveen Selling 701 Brickell to Paul Singer’s Elliott
By Lidia Dinkova, The Real Deal
Elliott Investment Management is set to purchase the 701 Brickell office tower in Miami for $450 million, highlighting its increasing investments in South Florida’s real estate market.
Vanderbilt leases General Theological Seminary for NYC expansion
By Magdalena Del Valle and Janet Lorin, Bloomberg
Vanderbilt University plans to expand into New York City by leasing the financially struggling General Theological Seminary in Chelsea, while allowing the seminary to continue operating separately.
Vanbarton Finds Next Office-to-Resi Conversion Candidate
By TRD Staff, The Real Deal
Vanbarton Group is set to purchase the office building at 77 Water Street for $95 million, planning to convert it into approximately 600 rental units, following a trend of office-to-residential conversions in New York City.
REBNY, Durst Debut Greener HQ For Climate Week, Not Backing Down From Emissions Law Critiques
By Ciara Long, Bisnow
REBNY’s renovated LEED Platinum headquarters exemplifies the push towards greener buildings amidst New York City’s stringent Local Law 97 emissions regulations, highlighting the challenges and uncertainties facing real estate owners as they work to reduce carbon footprints.
Employee Benefit Funds buys 636 Sixth Ave. for $69.5 million
By Julianne Cuba, Crain’s New York Business
The health services arm of the Hotel and Gaming Trades Council has purchased a Flatiron District building for nearly $70 million to create new medical offices exclusively for union members.
CRE Pricing Edges into Annual Growth
By Paul Bubny, ConnectCRE
U.S. commercial property prices showed signs of recovery in August, with the MSCI Real Assets report indicating a 0.6% monthly increase and a shift toward annual growth, driven primarily by industrial and suburban office sectors, despite ongoing declines in CBD office prices.
Charles Cohen’s Tower 57 Back On The Market
By Lois Weiss, The Real Deal
Tower 57, a Midtown office property owned by Charles Cohen, is now on the market following a court ruling that led to his eviction after a legal battle with the Wallace family, who own the land underneath.
‘Mercury Is No Longer In Retrograde’_ Brokers Ready For A Post-Rate-Cut World
By Sasha Jones, Bisnow
The recent Federal Reserve interest rate cut has sparked renewed optimism and increased activity among commercial real estate brokers, despite lingering uncertainties about the market’s future dynamics.