*** Manhattan office developers plead their case to skeptical Wall Street crowd Manhattan’s top office developers, including BXP’s Hilary Spann, express frustration over market indifference despite strong performance. BXP owns the fully-occupied GM Building and is constructing a 1 million-square-foot tower, with 94% of its New York space leased. However, its stock has decreased by 13% in the past year. Vornado Realty Trust also faces a similar situation despite plans for a

*** Soloviev extracts half-billion dollar dividend from Billionaires Row tower 9 W. 57th St., recognized by credit-rating agency S&P Global as one of New York City's most recognizable office buildings, is a major player in the Manhattan real estate landscape. Owned by Soloviev Group, the 50-story tower is positioned to generate $526 million through mortgage refinancing, marking one of the largest payouts for a Manhattan office landlord. Only Tishman Speyer’s near $1 billion r

*** Two massive office leases drive strong April for Manhattan market In April, the Manhattan office market experienced a strong performance highlighted by two substantial leases over 100,000 square feet. Law firm Cleary Gottlieb Steen & Hamilton secured the largest lease of the month with a 475,000-square-foot deal at Brookfield Properties’ 1 Liberty Plaza, while healthcare platform Tennr followed with a 125,000-square-foot sublease at Hudson Square Properties’ 345 Hudson St

*** Real estate investors call Manhattan office sector an ‘earth-shattering’ opportunity Bargains in New York City real estate are rare, but significant opportunities exist in the stock market for prime Manhattan properties. Shares of major office tower owners, including SL Green and Vornado Realty Trust, have dramatically fallen—by nearly 50% and 35%, respectively—due to concerns over AI-induced job losses and reduced demand for office space. However, SL Green recently repor

*** Tech Talent Drives NYC Office Demand Tech talent remains strong in New York City, with job growth in finance and continued demand for office space. Tech talent drives NYC market. New York City maintains strong office momentum, attracting top-tier tech talent, particularly in finance and insurance sectors. The NYEDC indicates that January saw the addition of 10,600 private sector jobs, with securities positions reaching a historic high. This influx of tech talent boosts de

*** R XR sells Flatiron condo to union-linked group for $22.1M Building Service 32BJ Benefit Funds, linked to a major labor union, has purchased a commercial condominium unit at 620 Sixth Ave. in the Flatiron District for $22.1 million from RXR, as recorded in city registers. Peter Goldberger, the executive director, signed the transaction. This organization provides health benefits and services to its union members and their families. RXR’s vice chairman and chief legal offi

*** RXR files permits for 95-story tower next to Grand Central The plan to build a supertall tower next to Grand Central has progressed with the submission of initial permits. Todd Rechler of RXR has filed plans for a 95-story tower at 175 Park Ave, where RXR and TF Cornerstone have been working on the project for seven years. The permits were filed under Commodore Owner LLC, referencing the site's history as the old Hotel Commodore. In 2021, the City Council approved rezonin

*** Tishman Speyer’s Long Island City office towers head to special servicing The JACX property, completed in mid-2019, had Macy's lease 600,000 square feet, but due to the pandemic, Macy's did not occupy the space, continuing to pay rent of about $50 per square foot. Much of the leased area remains unoccupied and available for sublet. WeWork vacated 20% of the space during its bankruptcy, which is now leased to a different co-working firm owned by the developer, Tishman Spey

*** Jeff Gural’s GFP enters Chrysler Building talks Cooper Union has been seeking a buyer for landmark’s ground lease Jeff Gural’s GFP Real Estate is negotiating to purchase the ground lease of the Chrysler Building from Cooper Union, which owns the land beneath the skyscraper. Sources indicate that discussions are advanced, with a deal expected soon, although finalization is pending. GFP and Cooper Union have not commented on the negotiations. Previously, Tishman Speyer was

*** RXR, TF Cornerstone “field trip” set in hunt for 175 Park megaproject investors 2.9m SF office project expected to cost $6.5B RXR is recruiting at One Vanderbilt on Wednesday for its 175 Park Avenue project, replacing the Grand Hyatt Hotel near Grand Central Terminal. JPMorgan has invited institutional investors to discuss financing the development, estimated at $6.5 billion. The developers have applied for $4.8 billion in federal loans from programs designed for transit

*** American Express leads February’s office deals with 2M sf lease Banking giant to anchor 2 WTC, Burlington and JPMorgan Chase also lead list Last month in NYC, American Express secured the largest office lease at 2 World Trade Center, totaling 2 million square feet, overshadowing the other top tenants. Burlington Stores renewed and expanded its lease at 1400 Broadway, increasing its space to 206,000 square feet. The New York City Department of Environmental Protection sign

*** Steve Witkoff Strikes U.S.-Pakistan Deal To Redevelop Manhattan Hotel Pakistan and the U.S. have agreed to jointly redevelop the Roosevelt Hotel, a large property near Grand Central Terminal that recently served as a shelter for international migrants. The Pakistani Ministry of Finance announced the deal, facilitated through a memorandum of understanding signed by U.S. General Services Administration Administrator Edward Forst and Finance Minister Muhammad Aurangzeb. The

*** Manhattan's Lack Of Big Office Blocks Forcing Companies To Start Searching For Space Sooner Manhattan's office market has shifted significantly from a surplus of empty office spaces to a scarcity of high-quality options. Companies are responding by negotiating renewals and relocations well ahead of lease expirations, with 43.8% of NYC's 2025 office leases above 100K SF. Demand is particularly strong for top-tier buildings, with a mere 3.7% availability rate, while the nat

*** RXR digs into pockets to keep Midtown tower competitive The office tower at 450 Lexington Ave. boasts a prime location next to Grand Central Terminal and is fully occupied, yet the cost to maintain its competitiveness is soaring. RXR procured the building in 2012 for $720 million and is set to invest approximately $500 million in upgrades, largely for tenant Davis Polk & Wardwell. The upgrades will feature high-quality interiors and an exclusive cafe for the law firm. Fin

*** Manhattan office market cooled in January Leasing dipped nearly 30 percent in seasonal slowdown Manhattan's office market experienced a seasonal slowdown in January following a record December, with leasing activity totaling approximately 3.7 million square feet—down nearly 30 percent from December yet showing a slight year-over-year increase. This trend matched historical patterns, with January declines noted in six of the last ten years. Midtown dominated with the large

*** Bankrupt Saks To Close 62 Stores, Go All-In On Luxury Shoppers Saks Global is shutting down most Saks Off 5th locations to refocus on luxury retail as part of its bankruptcy recovery strategy. The company plans to close 57 discount stores, with 12 remaining to sell overstock from Saks Fifth Avenue. Additionally, all Last Call stores, Neiman Marcus' discount outlets, will also close. Geoffroy van Raemdonck, Saks' CEO, indicated this shift aims to enhance luxury sales and f

*** Owners ditch conversion at 745 Fifth as Plaza District office bets revive Rithm Capital, von Finck family double down on trophy offices with $275M refi The owners of 745 Fifth Avenue have decided to abandon their residential conversion plans, refocusing instead on the office market, reflecting the recovery of Manhattan’s premier office sector. Rithm Capital and the von Finck family halted their plan to transform the Plaza District tower into apartments and are pursuing a

*** Cohen asks court for more time to repay $187M debt as Fortress pushes for receiver In 1970, the Chairmen of the Board's "Give Me Just a Little More Time" resonates with developer Charles Cohen's current plight. Cohen is seeking court permission for additional time to settle a $187 million debt to Fortress Investment Group, citing efforts made over the past 18 months, including selling two properties for $52 million. In a court affidavit, he expressed a need for more time

*** Benefit Street Partners Amasses $10 Billion for Real-Estate Credit Deals The lender cites rising investor appetite for funds that back nonbank loans for multifamily properties Benefit Street Partners has raised $3 billion for its latest real-estate focused fund, the Benefit Street Partners Real Estate Opportunistic Debt Fund II, which includes co-investment vehicles and provides $10 billion in investable capital with leverage. This represents a significant increase from t

*** Office rents at Manhattan skyscrapers set to reach new heights in 2026 Manhattan's office rents surged in 2025, with a record 313 leases starting at $100 per square foot, raising speculation that rents could reach $250. This trend reflects a strong demand for premium spaces, as availability decreased from nearly 20% to 13.2%. One-third of lease signings exceeded $100, with tech and media firms comprising 31% of transactions. High-floor views and premium locations remained