GlobeSt.com - New York

How One Borrower Is Faring With Extend and Pretend

Erik Sherman, subscriber — Wed, 22 May 2024 06:15:42 -0400

May 2025 will be the end of the second one-year extension the building owners get.

Court Rules Howard Hughes Project Can Move Forward

GlobeSt.com Staff, brand_voice — Wed, 22 May 2024 05:46:13 -0400

The 27-story mixed-use project will feature 400 market-rate and affordable rental apartments.

Seeking Top Net Lease Professionals

Ingrid Tunberg, staff — Tue, 21 May 2024 07:00:00 -0400

Do you know a professional and/or company that has helped shape the net lease sector? Submit a candidate for GlobeSt.'s Influencers in Net Lease recognition before May 29!

Columbia Property Trust Gets Modification of $1.7B Loan

Jack Rogers, staff — Tue, 21 May 2024 06:19:56 -0400

A year after default, valuation of office portfolio slashed by nearly a third.

Thor, Partners Plan $3B Coney Island Casino Development

Jack Rogers, staff — Mon, 20 May 2024 05:55:26 -0400

Proposal includes 500-room hotel, 92K SF convention center, concert venue.

Loan Backed by 731 Lexington Avenue to Special Servicing

Jack Rogers, staff — Mon, 20 May 2024 05:51:51 -0400

Alexander's offer to pay down $25M of debt for Bloomberg HQ tower rejected.

NYC Housing Plan for New Train Stations Moves Forward

Jack Rogers, staff — Fri, 17 May 2024 05:46:24 -0400

Rezoning to allow 7,500 homes near Metro-North stations being built in Bronx.

JP Morgan REIT Buys Queens Shopping Center for $48M

GlobeSt.com Staff, brand_voice — Fri, 17 May 2024 05:44:15 -0400

This was the first last-mile retail investment for the REIT.

NYC Sales Drop in Q1 Except Multifamily

GlobeSt.com Staff, brand_voice — Thu, 16 May 2024 05:42:54 -0400

The Q1 dollar volume for multifamily sales increased by 23% compared to Q1 2023.

Why Tight Capital Isn’t an End to Retail Development

Nicki Howell, contributor — Thu, 16 May 2024 03:45:26 -0400

The right strategy can move projects forward in the current interest rate environment.

Bain Inks 235K SF Lease at 22 Vanderbilt

Jack Rogers, staff — Wed, 15 May 2024 06:04:23 -0400

Tower next to Grand Central snares five leases encompassing 460K SF.

NYC to Revitalize Brooklyn Waterfront, Marine Terminal

GlobeSt.com Staff, brand_voice — Wed, 15 May 2024 05:59:44 -0400

This is the city government’s largest real estate transaction in recent memory.

Sports, Entertainment District Planned for Albany

Jack Rogers, staff — Tue, 14 May 2024 05:32:53 -0400

MLS stadium pitched as anchor of development with hotel, dining apartments.

Vornado Seeks Good Real Estate in Distress

Jack Rogers, staff — Mon, 13 May 2024 05:52:17 -0400

REIT says opportunities will accelerate, operating platform "can help lenders."

Manhattan Apartment Rents Hit Record High

Jack Rogers, staff — Fri, 10 May 2024 06:01:06 -0400

The median rent in April in Manhattan was $4,250, a 3.7% increase from the previous month.

Sam Ash, Century-Old Music Instruments Retailer, Shutting Down

Jack Rogers, staff — Thu, 9 May 2024 05:57:14 -0400

New York City icon will close 42 stores in 16 states by end of July.

NYC Apartment Rents Grew Seven Times Faster Than Wages Last Year

GlobeSt.com Staff, brand_voice — Wed, 8 May 2024 05:00:21 -0400

Construction in the city just can’t keep up with demand.

Bloomberg Inks 11-Year Lease Extension at 731 Lexington

Jack Rogers, staff — Mon, 6 May 2024 17:26:57 -0400

Deal extends lease for 947K SF global headquarters until 2040.

Lexington Hotel Secures $155M Refi

GlobeSt.com Staff, brand_voice — Mon, 6 May 2024 05:42:52 -0400

Walker & Dunlop secured the financing from Hudson Bay Capital.

Calling All Multifamily Experts

Ingrid Tunberg, staff — Fri, 3 May 2024 09:35:17 -0400

Nominations are open for GlobeSt.'s 2024 Influencers in Multifamily Real Estate recognition! Submit a nominee before the June 24 deadline!

Landlords Call NYC Board's Proposed Rent Hike "Slow Demise"

Jack Rogers, staff — Fri, 3 May 2024 05:53:02 -0400

RGB weighs 2 to 4.5% increase on one-year leases for rent-controlled apartments.

WeWork to Vacate 300K SF in Midtown Manhattan

Jack Rogers, staff — Wed, 1 May 2024 05:26:32 -0400

Rejects lease for 20 floors of Tower 49 as it prepares to exit bankruptcy.

NYC Self-Storage Facility, Sold for $11M in 2018, Fetches $50M

Jack Rogers, staff — Wed, 1 May 2024 05:22:31 -0400

Carlyle scoops up four self-storage properties in Brooklyn, Queens for $110M.

Developer Revives Plan for Harlem Apartment Towers

Jack Rogers, staff — Tue, 30 Apr 2024 05:42:16 -0400

Plans withdrawn in 2022 relaunched as support for housing grows.

American Eagle Takes 338K SF on Madison Ave

GlobeSt.com Staff, brand_voice — Mon, 29 Apr 2024 16:17:29 -0400

It is the largest lease to date this year in New York City.

Nominations Open for Industrial Influencers

Ingrid Tunberg, staff — Mon, 29 Apr 2024 04:00:14 -0400

GlobeSt. will honor the professionals, teams and firms that continually drive the sector’s performance as the 2024 Influencers in Industrial. Nominate a candidate before the June 5th deadline!

Will 485-x Tax Break Spur More Affordable Housing in NYC?

Jack Rogers, staff — Fri, 26 Apr 2024 05:56:59 -0400

Incentive requires higher construction wages for the largest projects.

Brooklyn Multi-Housing, Retail Portfolio Gets Recap

Natalie Dolce, staff — Wed, 24 Apr 2024 04:00:03 -0400

JLL Capital Markets arranges $27.7M financing package with Citigroup.

National Rents Remain Relatively Stable

Erik Sherman, subscriber — Tue, 23 Apr 2024 12:48:23 -0400

New York City bucks the trend with 20% YOY increases. North Carolina sees sizeable drops due to increasing inventory.

‘Upzoning’ & Affordable Housing: Correlation Does Not Equal Causation

Erik Sherman, subscriber — Tue, 23 Apr 2024 04:00:29 -0400

The solution to affordable housing is more nuanced than simply reforming zoning regulations.

NYC-Based ASG Equities Completes Miami Retail Sale

Natalie Dolce, staff — Mon, 22 Apr 2024 11:40:39 -0400

The sale of 70-74 NE 40th St. is the last of a three-building retail portfolio sale within Miami’s famed Design District, however New York City-based ASG remains bullish on the region and plans to both maintain and grow its presence there.

Interstate Equities Finalizes Multifamily Recap in CA

Natalie Dolce, staff — Mon, 22 Apr 2024 10:12:08 -0400

The $45-million deal with New York City-based Clarion Partners comes three years after purchasing The Gates at Marina.

Capital Constraints a 'Forced Pause' on Multifamily Development

Jack Rogers, staff — Mon, 22 Apr 2024 04:00:24 -0400

The withdrawal of traditional lenders from the market has coincided with a steep escalation of construction costs.

L&L Holding Bolsters Commercial Leasing Team in NYC

Natalie Dolce, staff — Fri, 19 Apr 2024 12:30:12 -0400

Tanya Grimaldo has joined L&L as Vice President of Leasing, and Giannina Brancato has been promoted to Assistant Vice President of Leasing.

New Multifamily Supply Wasn't Built for Hybrid Workforce

Jack Rogers, staff — Fri, 19 Apr 2024 11:02:01 -0400

The pandemic altered living space needs in a way that significantly reduces the relevance of the supply currently hitting the market.

There's No Reason to Panic About Multifamily

Jack Rogers, staff — Fri, 19 Apr 2024 04:00:23 -0400

Vacancy is up, values are going down, but long-term demographics are great.

The Fed’s Beige Book Says Some Economic Growth But CRE Leasing Down

Erik Sherman, subscriber — Thu, 18 Apr 2024 20:38:34 -0400

Some in finance say there’s ‘overwhelmingly positive sentiment’ even as the Fed gets more reserved about future rate cuts.

"We're Not in Kansas Anymore"

Jack Rogers, staff — Thu, 18 Apr 2024 10:50:30 -0400

Wishful thinking yields to sober reality as the new normal in CRE, said panelists at the recent GlobeSt. Spring Net Lease conference.

STNL Cap Rates Won't Be Coming Down Soon

Jack Rogers, staff — Thu, 18 Apr 2024 10:29:12 -0400

Net lease cap rates increased for the eighth consecutive quarter in Q1 said panelists at the GlobeSt. Spring Net Lease Conference.

NYC Central Park Tower Penthouse Lists for $150M

Natalie Dolce, staff — Thu, 18 Apr 2024 10:23:56 -0400

Named “Sky House,” the property—represented jointly by Reuveni Development Marketing and Christie’s International Real Estate Group—hits the market with unobstructed views.

Tertiary Apartment Markets Set to Outperform Coastal Markets

Richard Berger, subscriber — Thu, 18 Apr 2024 04:00:59 -0400

Allentown, PA, and Wichita, KS, should do best and Salt Lake City the worst among top 100 markets.

Commercial Foreclosures Up 117% Year Over Year

Richard Berger, subscriber — Thu, 18 Apr 2024 04:00:42 -0400

ATTOM's March report also shows a 6% increase from last month.

Moody's: There Will Be Rate Cut of Up to 75 BPS This Year

Jack Rogers, staff — Thu, 18 Apr 2024 04:00:16 -0400

Fed knows shelter inflation rate is skewed by owner's equivalent rent, GlobeSt. Spring Net Lease conference keynoter says.

New York City and San Francisco Among Top 10 Greenest Cities in America

Natalie Dolce, staff — Thu, 18 Apr 2024 04:00:04 -0400

NEW YORK CITY—In honor of Earth Month, RealtyHop recently compiled a list of the Top 100 Greenest Cities in America and evaluated each city based on…

Alvarez & Marsal Property Solutions Pursues New Growth Opportunities

Natalie Dolce, staff — Wed, 17 Apr 2024 10:24:38 -0400

The New York City-based advisory firm adds Rebecca Fitts to the team to help drive overall business strategy and pursue new growth opportunities and strategic partnerships.

NY Gov. Announces Sweeping Housing Initiative

Jack Rogers, staff — Tue, 16 Apr 2024 17:14:45 -0400

It extends the deadline to finish 421a projects and includes a good-cause eviction clause.

Park Ave. Tower Snares $911M Refi

Jack Rogers, staff — Tue, 16 Apr 2024 05:33:51 -0400

47-story tower at 425 Park Avenue, anchored by Citadel, 90% leased.

CRE's Women of Influence, Class of 2024

Ingrid Tunberg, staff — Tue, 16 Apr 2024 05:30:10 -0400

The honorees will be recognized at the annual Women of Influence Conference in Lake Tahoe, CA on July 23.

NYC Industrial Leasing Surges Except for Class A

Jack Rogers, staff — Mon, 15 Apr 2024 05:29:14 -0400

There is a likelihood that there will be a glut of Class A supply later this year.

Manhattan Apartment Rents Retreat in March

Jack Rogers, staff — Fri, 12 Apr 2024 05:21:46 -0400

Median rent dips to $4,100, first drop since November.

Building Owners Bailing on Rent-Stabilized Apartments in NYC

Jack Rogers, staff — Thu, 11 Apr 2024 06:10:18 -0400

Brooklyn nonprofit is auctioning off rent-stabilized portfolio.

NYC Casinos Won't Be Selected Before Late 2025

Jack Rogers, staff — Wed, 10 Apr 2024 05:45:11 -0400

It could be up to three years before winning bids put shovel into ground.

Madison Avenue Retail Availability Hits Record Low

Jack Rogers, staff — Fri, 5 Apr 2024 05:25:17 -0400

Rate that was 16% in Q1 2023 falls to 5.9% in Q1 2024.

Manhattan Office Leasing Drops 23%

Jack Rogers, staff — Thu, 4 Apr 2024 05:57:22 -0400

Leasing activity retreats as number of large deals is half of Q4's total.

Pilots' College Next to LaGuardia Must Grow or Sell

Jack Rogers, staff — Wed, 3 Apr 2024 05:44:47 -0400

Lenders tell Vaughn College to increase enrollment or sell building.

MTA Approves Manhattan Congestion Pricing Plan

Jack Rogers, staff — Mon, 1 Apr 2024 06:32:03 -0400

Aims to collect $15 tolls below 60th Street in June, court fights loom.

NY Appeals Court Reinstates Kingston's 15% Rent Rollback

Jack Rogers, staff — Fri, 29 Mar 2024 05:57:30 -0400

Hudson Valley landlords ask federal court to stop vacancy surveys in Poughkeepsie, Nyack.

Silverstein Foreclosing on Brooklyn's Tallest Building

Jack Rogers, staff — Fri, 29 Mar 2024 05:55:07 -0400

JDS Development defaults on $240M loan, 9 DeKalb faces public auction.

How to Address the Affordable Housing Crisis

Brian A. Lee, contributor — Tue, 26 Mar 2024 03:45:22 -0400

Real estate professionals seek public action to combat persistent housing shortages.

Developers Plan $1B Redo of Great Northern Mall

Jack Rogers, staff — Thu, 21 Mar 2024 06:00:20 -0400

Syracuse-area project includes 1,700 luxury units, medical hub and six hotels.

Court Ruling Will Speed Reform of NYC Property Tax System

Jack Rogers, staff — Wed, 20 Mar 2024 15:48:19 -0400

Appeals court revives lawsuit alleging system is unfair to rental properties, communities of color.

Special Servicer Files to Foreclose on 1407 Broadway

Jack Rogers, staff — Wed, 20 Mar 2024 06:22:24 -0400

Shorenstein defaulted on $350M loan backed by Garment District office tower.

NYC Comptroller Pushes Back on Rent Control Vacancies

Jack Rogers, staff — Tue, 19 Mar 2024 05:39:35 -0400

Disputes landlords' trade groups, says the number of units needing repairs has fallen.

EMP Secures $109M Construction Loan for Brooklyn Apartment

GlobeSt.com Staff, brand_voice — Mon, 18 Mar 2024 05:45:35 -0400

QuadReal Property Group was the lender and Walker & Dunlop arranged the loan.

Manhattan Apartment Rents Are Rising Again

Jack Rogers, staff — Fri, 15 Mar 2024 06:02:43 -0400

Median rent, nearly 21% above pre-pandemic level, heading back to record territory.

A Look at the Tightest Apartment Market in the US

Richard Berger, subscriber — Wed, 13 Mar 2024 06:02:46 -0400

It has recovered jobs lost since the pandemic and 22.4% of the population is between 20 and 34 years old.

Cirrus, Builders' Unions Join NYC to Launch $500M Housing Fund

Jack Rogers, staff — Mon, 11 Mar 2024 16:00:23 -0400

Public-private partnership with unions to build workforce housing is first in nation.

High Vacancy in Rent-Controlled Units NYC Owners Can't Repair

Jack Rogers, staff — Mon, 11 Mar 2024 05:48:05 -0400

Owners of small apartment portfolios say 25% of units are vacant.

St. Bart’s Sells Air Rights for $78M

GlobeSt.com Staff, brand_voice — Mon, 11 Mar 2024 05:42:29 -0400

A partnership acquired the rights aiming to develop a Park Ave. office tower.

NYC Fines Hotel Operator $1.2M for Illegal Short-Term Rentals

Jack Rogers, staff — Thu, 7 Mar 2024 06:14:21 -0500

City crackdown on short-term stays snares Miami-based firm.

Apollo Provides $97M Refi for Queens Apartment

GlobeSt.com Staff, brand_voice — Tue, 5 Mar 2024 05:47:16 -0500

Slate Property Group and Grobman Gross Properties secured the fixed-rate loan.

Bidding for Ritz-Carlton Central Park Hotel Starts at $400M

Jack Rogers, staff — Mon, 4 Mar 2024 06:22:07 -0500

Owners of 253-room luxury trophy aim for top per-room price in five years.

New York Community Bank Reports More Losses, Weak Controls

Erika Morphy, brand_voice — Fri, 1 Mar 2024 05:48:43 -0500

It also replaced its CEO, who may well uncover further issues at the bank.

New York Family Markets $300M Retail Portfolio

GlobeSt.com Staff, brand_voice — Thu, 29 Feb 2024 06:22:34 -0500

One building is close to the stretch of Fifth Avenue where Kering SA and Prada SpA recently purchased properties.

Casa Cipriani Hotel Secures $103M CMBS Refi

GlobeSt.com Staff, brand_voice — Thu, 29 Feb 2024 06:06:14 -0500

Citigroup, J.P. Morgan, and Argentic provided the refinancing while Walker & Dunlop arranged the deal.

Blackstone Drops Appeal of Rent Stabilization at StuyTown

Jack Rogers, staff — Wed, 28 Feb 2024 05:55:21 -0500

Decision follows Supreme Court declining to hear appeal of NYC's 2019 rent control law.

JV Secures Financing for Hell’s Kitchen Affordable Housing Project

GlobeSt.com Staff, brand_voice — Mon, 26 Feb 2024 16:38:39 -0500

The developers secured $106 million senior recycled tax-exempt bond funded loans and subsidy loans.

Blackstone Venture Finds Buyer for Signature Debt

GlobeSt.com Staff, brand_voice — Mon, 26 Feb 2024 06:26:18 -0500

Maverick Real Estate Partners has acquired $247 million in debt backed by eight New York properties.

Related Unveils $12B Project for Hudson Yards' Western Half

Jack Rogers, staff — Thu, 22 Feb 2024 15:51:10 -0500

Developer says it will build three towers, including hotel with casino.

SCOTUS Declines to Hear Appeal of NYC Rent Control Law

Jack Rogers, staff — Wed, 21 Feb 2024 16:29:24 -0500

Rent stabilization law of 2019 remains intact, other challenges are expected.

Vornado Touts Event Platform to Fill Office Tower Site Facing Penn Station

Jack Rogers, staff — Fri, 16 Feb 2024 16:06:06 -0500

Roth says tower can't be built in "office apocalypse" with "total blacklisting" from lenders.

Westfield Wants Out of the Fulton Center

Erika Morphy, brand_voice — Fri, 16 Feb 2024 07:18:50 -0500

The New York City Transit Authority has filed suit to stop it.

IKEA Buys Out Lease for Queens Mall Store for $10M

Jack Rogers, staff — Thu, 15 Feb 2024 06:50:53 -0500

Furniture giant cuts deal for April opt-out of lease that expired in 2030.

Goldman Sachs Provides $395M Refi for Financial District Property

GlobeSt.com Staff, brand_voice — Thu, 15 Feb 2024 06:47:33 -0500

The office-to-residential conversion also features a hotel and several retail offerings.

NYC Plans Six Shipping Hubs to Ease E-Commerce Congestion

Jack Rogers, staff — Tue, 13 Feb 2024 07:15:03 -0500

City aims for barges to take 6,200 short-haul trucks off streets

NYC Apartment Vacancies Fall to Lowest Level Since 1968

Jack Rogers, staff — Mon, 12 Feb 2024 07:01:12 -0500

Vacancy rate falls to 1.4%, lowest since before rent stabilization was enacted.

Port Authority Plans Office Towers Over NYC Bus Terminal

Jack Rogers, staff — Fri, 9 Feb 2024 06:45:46 -0500

$10B project to deliver new terminal by 2032, followed by two towers.

Burlington Stores Expands Empire State Lease By Nearly 68K SF

GlobeSt..com Staff, brand_voice — Fri, 9 Feb 2024 06:44:01 -0500

The retailer will now occupy a total of 170,763 square feet at the 37-story tower.

Local Investors Buy Long Island Mall at Steep Discount

Jack Rogers, staff — Tue, 6 Feb 2024 07:06:48 -0500

Swiss bank sells Broadway Commons to three partners who plan upgrade.

Darcy Stacom Leaves CBRE to Establish Her Own Firm

Erika Morphy, brand_voice — Tue, 6 Feb 2024 06:54:24 -0500

The transitioning market in New York is ripe for a nimble boutique advisory like Stacom CRE, she says.

Manhattan Office Leasing Drops Nearly 40% Last Month

GlobeSt.com staff, brand_voice — Fri, 2 Feb 2024 07:20:44 -0500

The largest lease was for 175,000 square feet at a Vornado Realty building.

MTA Struggles to Fill Retail Space in Transit System

Jack Rogers, staff — Wed, 31 Jan 2024 06:32:43 -0500

Only 60 of 190 retail spaces in subway are operating, agency ramps up marketing.

NYC Sees Rise in Energy-Related Leasing

Kathy Rembisz, brand_voice — Wed, 31 Jan 2024 06:28:00 -0500

Developing an in-state energy industry will generate some demand for CRE.

Pratt Institute Signs 63K-SF Lease at Dock 72

GlobeSt.com staff, brand_voice — Tue, 30 Jan 2024 06:53:35 -0500

The school will relocate its graduate fine arts and photography facilities to the building’s third floor.

LVMH Reportedly in Talks to Buy Fifth Ave. Retail Building

Erika Morphy, brand_voice — Mon, 29 Jan 2024 05:56:33 -0500

A source says there are several bidders for the property at 745 Fifth Ave.

Landmark Fifth Avenue Hotel Selling Stake to Complete $360M Redo

Jack Rogers, staff — Mon, 29 Jan 2024 05:48:03 -0500

Developer added 23-story tower, wants to pay down $161M construction debt.

Empire State Building Secures 52K SF Lease

Erika Morphy, brand_voice — Fri, 26 Jan 2024 07:15:33 -0500

It is another sign that Manhattan’s office market is stabilizing.

SL Green Plans $1B NYC Opportunity Debt Fund

Erika Morphy, brand_voice — Thu, 25 Jan 2024 05:50:23 -0500

It joins a growing crowd of investors eager for discounted opportunities.

NYC Settles Housing Lottery Lawsuit, Lowers Community Threshold

Jack Rogers, staff — Wed, 24 Jan 2024 06:54:10 -0500

City will no longer set aside 50% of affordable units for neighborhood residents.

Gucci Owner Buys Fifth Ave. Retail for $963M

Erika Morphy, brand_voice — Tue, 23 Jan 2024 05:26:12 -0500

Kering appears bent on acquiring prime retail properties around the world.