*** 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

*** Manhattan’s top office leases of 2025 NYU, Jane Street crack the 1M sf mark New York's office leasing sector rebounded in 2025, highlighted by JP Morgan's new $3 billion headquarters at 270 Park Avenue, marking a significant shift from the pandemic. Major lease transactions returned, with Manhattan on track to exceed 40 million square feet in deals, the highest since 2019, while availability dropped to 14.2%, the lowest since late 2020. Key leasing highlights of the year

*** David Werner buying One Dag Hammarskjöld for half off Rockpoint trading office tower for $270M, six years after paying $566M David Werner is set to acquire One Dag Hammarskjöld Plaza, a 50-story office building in Midtown East, for $270 million, which is about half the price Rockpoint Group paid in 2019. The transaction is expected to finalize early next year. This is part of Werner's strategy of purchasing undervalued office properties, following his acquisition of prope

*** Fed highlights CRE stress as office malaise spreads to bank balance sheets  Central bank warns regional lenders pressured by high rates, low valuations The Federal Reserve is increasingly concerned about commercial real estate (CRE), specifically regarding office-heavy loans at community and regional banks. The Fed's recent report highlights issues such as elevated interest rates, tighter underwriting standards, and declining commercial property values, which may complica

*** JPMorgan Is Planning to Build London’s Biggest Office Block Under CEO Jamie Dimon, the bank is working on a huge new tower in Canary Wharf, Britain’s dockland-turned-financial center JPMorgan Chase, led by Jamie Dimon, is set to build London's largest office block in Canary Wharf, due for completion in the 2030s. The new 3-million-square-foot tower will accommodate 12,000 employees, representing half of the bank’s workforce in the UK, its largest European market. Dimon’s

*** Related, Oxford Sell Hudson Yards Equinox Hotel For $541M Mori Trust, a Tokyo-based real estate investment firm, has acquired Floors 1 through 38 of 35 Hudson Yards, including the Equinox Hotel New York, in a $541M deal announced Monday. Related Companies and Oxford Properties sold the 490K SF portion of the 1.1M SF tower as part of the $25B Hudson Yards project. The building's office space is fully leased, while retail occupancy stands at 73%, featuring tenants such as S

*** Amazon to cut nearly 700 NYC jobs Amazon is laying off nearly 700 corporate workers in New York City as part of a larger workforce reduction that totals 14,000 positions. The layoffs affect 233 employees at the Manhattan West office and 182 at the New York Tech Hub, with additional cuts at seven other locations in Manhattan. The current number of Amazon employees in New York is unclear, but Mayor Eric Adams noted in 2023 that the company had created 18,000 jobs in the reg

*** Vornado CEO Steve Roth: 'Everything Will Work Out' If Mamdani Wins As New Yorkers voted Tuesday, Vornado Realty Trust CEO Steve Roth reassured Wall Street regarding the election of perceived Democratic Socialist candidate Zohran Mamdani, who led polls against Andrew Cuomo. Roth acknowledged concerns surrounding Mamdani's policies, including rent freezes and increased taxes on the wealthy, but noted no decrease in demand from their clients. Roth stated that affordability i

*** BXP, Moinian refinance Hudson Yards property with $108M loan JPMorgan Chase provided debt months after maturity default BXP and the Moinian Group successfully refinanced their debt at 3 Hudson Boulevard after encountering a maturity default. JPMorgan Chase issued a $108 million loan for the skyscraper planned in Hudson Yards, replacing an $80 million loan from BXP that matured last August, which had a rising interest rate causing an outstanding balance of $130.7 million b

*** JPMorgan opens towering $3 billion headquarters on Park Avenue JPMorgan Chase unveiled its new 60-story headquarters on Park Avenue, reaffirming New York City's status as a financial epicenter. During the ribbon-cutting ceremony, Governor Kathy Hochul emphasized the tower's representation of confidence and ambition for the city's future despite Mayor Eric Adams' absence. The $3 billion structure symbolizes massiveness and patriotism, featuring a lobby adorned with bronze

*** The New York City Office Market Is Roaring Back, and It’s Pricier Than Ever Manhattan office space is leasing at a rate not seen since 2006, while office markets in other cities are plodding along New York City's office market is experiencing its largest boom in nearly 20 years, with businesses leasing 23.2 million square feet of office space in Manhattan during the first nine months of 2025, surpassing pre-pandemic levels. Factors driving this recovery include a return-t

*** City maintains record low amount of available retail space in Q3 The city's retail market reported a strong third quarter, maintaining a record low availability rate of 14.2%, matching the previous quarter's figures. Significant leases included Chelsea Piers acquiring nearly 50,000 square feet at 200 Varick St., Aldi leasing 25,000 square feet at 312 W. 43rd St., and Uniqlo taking 19,250 square feet at 860 Broadway. Additionally, Ikea purchased 529 Broadway in SoHo for $2