New York Market Overview
A Manhattan judge ruled that RFR’s ground lease with Cooper Union at Chrysler Building was terminated and ordered Rosen’s company ejected from the property.Blackstone is in talks to acquire 1345 Sixth Avenue from Fisher Brothers and co-owner JPMorgan Asset Management for the 1.9-million-square-foot property.
Coney Island community board comes out against Thor Equities’ $3 billion casino plan. Community Board 13 delivered a vote on Joseph Sitt’s Coney Island casino plan and voted against changing land use rules for Thor. Sunlight Development and NuVerse scored $99 million for the conversion of 95 Madison Avenue. They are planning 65 condo units at the 16-story limestone building. The building will also have 17,000 square feet of retail and 3,400 square feet of office space. Demolition has already begun.
The Port Authority of New York and New Jersey just got approval for a $1.9 billion loan funded by a transportation infrastructure bill. It will use the money toward the replacement of the Bus Terminal at 625 Eighth Avenue. The project budget is $10 billion.
The U.S. Immigration Fund plans to partner with Cirrus Real Estate to co-develop the remaining sites at the Pacific Park Brooklyn mega-development. Related Companies backed out of the project. Other co-development partners, in addition to Cirrus, are still being finalized. If approved, Cirrus would serve in both a funding and co-developer capacity.
APF Properties has defaulted on debt tied for The Club Row Building, which backs the $155 million loan at 28 West 44th Street. The building was last renovated in 2014.
Chetrit Group refinanced the Empire Hotel in Manhattan with the Podolsky family and a $135 million loan from Benefit Street Partners, a three-year loan for the 427-room hotel, a $120 million senior loan and a $1 -million mezzanine loan. It retires an existing $180 million loan.
Mack Real Estate Credit Strategies sued Joseph and Meyer Chetrit in Manhattan state Supreme Court, alleging the Chetrit Group co-principals owe $223 million for three mezzanine loans secured by 250 West 43rd Street property. Mack is requesting a summary judgment. If successful, the lender could initiate a UCC foreclosure against the 22-story, 570-room hotel.
New York City’s industrial market tenants leased more than 2.8 million square feet in the city’s outer boroughs. 2024 was the second-busiest on record. Tenants showed increased interest in spaces between 50,000 and 100,000 square feet. There were 18 leases of that size in 2024.
Blackstone and Rialto Capital filed a pre-foreclosure action in New York State Supreme Court for the Fordham Landing site where Dynamic Star and Namdar Realty Group defaulted on the loan last year. They are seeking a receiver to oversee the site while pursuing a forced sale.
Macy’s is slowly working through its plan to eliminate 150 underperforming stores from its portfolio, close to a dozen stores in the tri-state area.
The 10 largest loans of the year, total of $11.3 billion from $5.4 billion, in 2023. Tishman Speyer’s $3.5 billion refinancing of Rockefeller Center.
The top five December office leases were almost 1 million square feet of space.
Gale Brewer and Amanda Farias wrote a letter “The overlap between Mr. Bliss’ financial ties to Taconic, his roles at City Hall overseeing EDC and at LDC, and his involvement in projects like Innovation East raise significant concerns about potential conflicts of interest,” in the redevelopment of 455 First Avenue in Kips Bay. They are demanding records related to the Innovation East life science project.
Office:
- WeWork signed a lease for 304,000 RSF at 330 West 34th Street on behalf of Amazon.
- Winston & Strawn renewed their lease for 238,000 RSF at 200 Park Avenue.
- Alvarez & Marsal leased 220,000 RSF at 100 Park Avenue.
- The Travelers Companies signed a 10-year lease renewal for $123,000 at 485 Lexington Avenue.
- The FDIC leased 148,000 square feet at 1166 Sixth Avenue for 10 years.
- Authentic Brands Group leased 100,000 RSF at 1411 Broadway.
- Oaktree Capital Management leased 79,000 SF at 1290 Sixth Avenue.
- Spectrum Reach signed a lease for 56,000 square feet at 3 Times Square.
- Brooklinen signed a 10-year office lease for 32,000 RSF at 225 Varick Street.
Retail:
- Round1 Bowling & Arcade leased 80,300 SF at 40-24 College Point Boulevard.
- Burlington leased 78,000 SF at 620 Sixth Avenue for 12 years, relocating from 695 Sixth Avenue.
- Lincoln Market leased 35,800 SF at 660 West 42nd Street for 20 years.
- Dynasty Deals leased 18,000 SF at 726 Flatbush Avenue for a 20-year lease.
- Barcade leased 15,000 SF at 175 Broadway.
- Brooks Brothers leased 9,900 SF at 195 Broadway for a 10-year lease.
- Boggi Milano leased 8,800 SF at 527 Madison Avenue.
- United Universal Management leased a new 6-year lease for 7,600 SF at 33-55 Crescent Street in Astoria.
- Calvin Klein signed a lease for 7,300 SF at 530 Broadway.
- Sephora leased 5,000 SF at 175 Broadway.
