SL Green Partnering with Hyundai to Lease Tribeca Office
Hyundai has agreed to sell its 15 Laight Street Tribeca office building to SL Green for $275 million, up from the $247 million it paid in 2023. SL Green will lease the 109,000‑square‑foot property through its $1.3 billion debt platform and assume asset‑management responsibilities. The transaction arrives as Manhattan office leasing rebounds, with 2023 activity reaching nearly 42 million sq ft, the strongest level since 2019. Several large technology firms have already expressed interest, drawn by the building’s proximity to Google and Disney campuses.
Debt Flooded NYC’s Development Pipeline in March
In March, lenders pumped over $2 billion into New York’s development pipeline, backing projects from a Brooklyn residential megaproject to Midtown office towers. Two Trees received a $460 million construction loan for the Domino Sugar site, while Wells Fargo originated a $450 million CMBS...
Long-Time Tenant Expands by 44K Sf at 1 World Trade Center
Energy Capital Partners (ECP) is adding roughly 44,000 square feet to its existing lease at 1 World Trade Center, taking the entire 59th floor and bringing its total footprint in the tower to about 70,000 square feet. The expansion marks ECP’s...
Madison Realty Capital’s Greenwich Village Project Nabs $45M Signed Contract
Madison Realty Capital’s Greenwich Village development secured a $45 million signed contract for a 6,800‑sq‑ft penthouse at 16 Fifth Avenue, the top‑priced deal in Manhattan’s luxury market for the week of April 20‑26. The sale is one of 34 Manhattan properties priced...
Former Meta, Buzzfeed Offices Could Be Next Conversion Candidate
Orda Management’s 225 and 233 Park Avenue South, once home to Meta and Buzzfeed, face a potential office‑to‑residential conversion. A $235 million mortgage on the combined 675,000 sq ft was placed in special servicing after more than 500,000 sq ft sat vacant, prompting lenders to...
The Hamptons Have an Inventory Problem. Brokers Have Notes.
The Hamptons luxury market entered Q1 2026 with a sharp drop in listings, especially at the high end, despite brokers insisting they have ample homes on the bench. Buyers and agents are looking to nearby coastal towns such as Bellport,...
AI Firm Inks Sublease at 2 Gansevoort as Sector’s Leasing Boom Accelerates
Silicon Valley AI advertising firm Moloco is expanding its Manhattan presence by subleasing roughly 25,000 square feet at 2 Gansevoort Street in the Meatpacking District, moving from its Midtown South location. The lease reflects a broader surge in AI‑driven office demand,...
Brace for Impact: Flagstar Puts a Number on Rent Freeze Costs
Flagstar Bank disclosed a $10 billion rent‑regulated New York City portfolio and warned that a three‑year rent‑freeze could shave 7‑8% off net operating income for buildings where over 70% of units are rent‑stabilized. Since the second quarter of 2025 the lender has...
Mamdani Cools on $2B Hudson Yards Platform Financing
Mayor Zohran Mamdani’s administration is pulling back from the $2 billion Hudson Yards platform financing that Mayor Eric Adams negotiated with Related Companies. The original deal would have the city issue debt and grant a $2 billion tax exemption to fund a platform...
Landlord Groups Soften Tone with Rent Guidelines Board
The New York Apartment Association (NYAA) softened its public stance before the city’s Rent Guidelines Board, urging a nuanced approach to rent‑stabilized increases. CEO Kenny Burgos highlighted two contrasting properties—one pre‑1973 building and a newer development with a tax abatement—to...
The Daily Dirt: Mamdani’s Socialist Supermarkets
Mayor Zohran Mamdani announced a city‑owned, rent‑free site in East Harlem for a "socialist" supermarket that will sell a core basket of staples at below‑market prices. The plan pairs a private operator with city‑set standards on pricing, union‑level wages, and...
How 111 West 57th Went From Billionaires’ Row Dud to Darling
Three years after Apollo wrote down an $82 million mezzanine loan and faced a half‑empty tower, 111 West 57th Street has sold 58 of its 59 units, leaving only a $98 million penthouse on the market. The revival was driven by Sotheby’s International...
Top NYC Coldwell Banker Franchise Breaks Away After Compass Merger
Coldwell Banker’s largest New York City franchise, Coldwell Banker Reliable Real Estate, has left the brand and rebranded as independent brokerage MYNY. The new firm retains 135 agents and generated over $350 million in sales last year, making it the top...
Times Square’s Distrikt Hotel up for Sale After Foreclosure Auction
Rialto Capital Advisors is marketing the 155‑key Distrikt Hotel at 342 West 40th Street for sale, targeting a buyer by the end of Q3. The property was acquired by U.S. Bank for a nominal $100 after a 2021 foreclosure triggered...
Roosevelt Island Hotel Lender Looks to Claw Back $77M
ACRES Capital is suing AJ Capital and its Graduate hotel fund to recover $76.5 million after the Roosevelt Island Graduate Hotel ceased operations and Cornell University terminated its 65‑year ground lease. The loan, issued in 2022, became fully recourse when the...
NYC Targets Landlord in Alleged Airbnb Rental Scheme
New York City’s Mayor’s Office for Special Enforcement has filed a lawsuit against landlord Chananya Bineth and his family for operating illegal short‑term rentals that generated more than $1.3 million in profit over three years. The case alleges 1,400 Airbnb stays...
SL Green’s 1515 Broadway Downgraded as Owner Feels the Sting of Casino Bid Loss
SL Green’s flagship Times Square tower, 1515 Broadway, was downgraded by S&P Global after the property lost its casino bid and faces tenant uncertainty. The 57‑story, 1.7 million‑sq‑ft building’s sole occupant, Paramount Global, is considering a space reduction following its sale...
Michael Stern Seeks to Unmask Anonymous “Smear Campaign” Operator
Developer Michael Stern filed a petition in New York State Supreme Court to uncover the identity of an anonymous online troll behind JDSPulse.com and related social‑media accounts. He alleges the sites have spread false statements labeling him a convicted felon...
Park Slope Townhouse with Rooftop Hot Tub Scores Brooklyn’s Top Contract
Brooklyn’s luxury market saw its highest‑value contract last week when a renovated Park Slope townhouse at 265 Sixth Avenue closed at $6 million, topping a week that generated $76 million across 25 properties. The home, a 4,000‑square‑foot brownstone with four bedrooms, three...
Waterfront Condo Sets New Hoboken Record with $4.8M Sale
A waterfront condo at 1500 Hudson Street in Hoboken sold for $4.75 million, setting a new city record. The 3,000‑square‑foot unit, featuring four bedrooms, four baths and central air, fetched roughly $1,500 per square foot. Hoboken’s median home price climbed 23%...
New Empire Snaps up Controversial Church’s Midtown HQ for Likely Resi Project
New Empire has entered a contract to purchase the former Unification Church headquarters at 4 West 43rd Street in Midtown Manhattan for $51 million, roughly $699 per square foot. The sale, involving a 73,000‑square‑foot office and events building, requires approval from...
MaryAnne Gilmartin Refinancing Newly Completed Chelsea Resi Building
MAG Partners secured a $148.7 million bridge loan from Goldman Sachs Alternatives to refinance construction debt on its newly completed 188‑unit Mabel building at 355 Eighth Avenue in Chelsea. The mixed‑income tower, finished within the past year, is nearing full occupancy and...
Pied-À-Terre Tax Proposal Rankles Real Estate
Governor Kathy Hochul has floated a new pied‑à‑terre tax on second homes in New York City valued at $5 million or more, targeting an annual $500 million revenue stream to narrow the state’s budget gap. The proposal arrived late in budget talks,...
What NYC Can Learn From Other Cities with Pied-a-Terre Taxes
Governor Kathy Hochul announced a proposal to levy an annual tax on New York City pied‑à‑terres worth $5 million or more, aiming to help close a $5 billion budget shortfall. The plan follows similar levies in Singapore, Hong Kong and Vancouver, each with mixed...
LISTEN: Has Spring Sprung in New York’s Housing Market? An Expert Weighs In
New York’s spring housing market is showing pockets of activity rather than a broad surge. Luxury broker Frances Katzen notes strong sales at high‑end towers like One High Line and 1122 Madison Avenue, while the West Village is buzzing with...
Nussbaum Lowinger Files for Chapter 11 Bankruptcy
Mark Nussbaum's former law firms, Nussbaum Lowinger and Mark J. Nussbaum & Associates, filed for Chapter 11 in New York, listing $100‑$500 million in liabilities against $10‑$50 million in assets. The bankruptcy halts an ongoing Alternative to Bankruptcy Court (ABC) proceeding that was...
TRD PolicyPro: Brace for the Tenant Power Act
New York lawmakers introduced the Tenant Power Act, earmarking $50 million to fund statewide tenant unions and granting tenants collective‑bargaining rights. The bill would force landlords to provide three‑month notice of major decisions, restrict evictions for six months, and require quarterly...
Third Avenue Offices Inch Into the $100 Psf Club
Third Avenue’s office market is breaking into the $100‑per‑square‑foot tier as financial firm Karbone inked a 20,000‑square‑foot lease at 605 Third Avenue for $120 per square foot, the building’s highest ever rent. The corridor’s average asking rent has climbed to...
Jeffrey Epstein’s Brother Seeks to Sell Five-Story Office Building
Mark Epstein, brother of the late financier Jeffrey Epstein, has listed a 60,000‑square‑foot office building at 515 Greenwich Street in Hudson Square for sale, with estimates suggesting a $75 million price tag. The property, purchased in 1995 for $1.8 million, is fully...
NYC Pension Funds to Deploy $4B for Affordable Developments
New York City Comptroller Mark Levine announced a $4 billion commitment from the city’s five public pension funds to finance affordable‑housing development and rehabilitation over the next four years. The plan earmarks $750 million in the first year and $500 million for the...
NY Developers Dish on Future of Offices at TRD Roundtable
At a recent Real Deal roundtable, Manhattan developers and landlords discussed a bifurcated office market driven by AI‑heavy tenants, a flight‑to‑quality (and now experience) mindset, and record‑setting Class A rents. Bruce Mosler of Cushman & Wakefield highlighted that new development is achieving unprecedented rent...
Three Floors of Moinian’s W Downtown List for $22M
An Asian investor is offering three floors of the W Downtown Residences for $22 million, comprising 24 furnished studio and one‑bedroom units. The block, spanning 14,000 sq ft on the 27th‑29th floors, is currently master‑leased to Blueground, which operates them as extended‑stay rentals....
“Very Highly Desirable”: Times Square Billboard at Center of Former Vornado Broker’s Scheme
Vornado’s leasing chief Glen Weiss testified that former broker Jared Solomon fabricated broker entities, including Margoux Media, to siphon roughly $8.6 million from the company. Solomon allegedly overbilled Vornado $4.5 million for a six‑year Times Square billboard lease to LG through Havas...
DA Expects Nir Meir’s Fraud Case to Go to Trial
Former HFZ Capital executive Nir Meir is the last remaining defendant in an $86 million fraud case tied to the XI condo project. While seven co‑defendants have already taken plea deals or deferred prosecution agreements, prosecutors have been unable to secure...
Doormen, Residential Building Service Workers Vote to Strike
Doormen and residential‑building service workers represented by 32BJ SEIU voted to authorize a strike after a rally on the Upper East Side. The union, covering roughly 34,000 employees in about 3,500 New York City co‑ops, condos and multifamily buildings, faces...
Hochul Outmaneuvers Real Estate with Surprise Pied-À-Terre Tax
Governor Kathy Hochul has introduced a surprise annual tax on New York City second homes valued at $5 million or more, projected to raise about $500 million a year. Unlike the 2019 one‑time transfer tax, this levy recurs each year, directly targeting...
“Worst I’ve Seen It”: Tight Inventory Is Rankling the Hamptons’ Resi Market
The Hamptons residential market is experiencing a severe inventory crunch, with listings down 10% year‑over‑year and luxury listings falling more than 35% in the first quarter. The scarcity has driven prices higher, pushing the median luxury home price up 30%...
The Daily Dirt: Escaping the Multiple Dwelling Law
New York’s Multiple Dwelling Law (MDL) forces costly safety upgrades, such as full‑building fire sprinklers, on properties with three or more units. Faced with these expenses, owners are increasingly hiring architects to convert three‑unit buildings into two‑family homes, effectively shrinking...
Edinburgh Abandons 300% Second-Home Tax Hike After a Week
Edinburgh City Council has halted its 300% surcharge on second‑home council tax after just eight days, reverting to a double‑rate bill that matches last year’s level. The pause gives officials six months to consult owners and consider amendments or exemptions...
Michael Shvo Notches Another Legal Win Against Core Club
A Manhattan judge ruled that the members‑only Core Club violated a court order to verify visitor IDs, holding the venue in contempt. Michael Shvo, who sued the club, is seeking a $250 daily fine that could total $13,000, along with...
Pair of Townhouses Leads Brooklyn’s Luxury Contracts
Brooklyn’s luxury market saw 20 contracts worth $71 million last week, down from 26 deals totaling $79 million the prior week. The median asking price was $2.7 million and the average price per square foot $1,434. The top deal was an $8.5 million townhouse...
NYC’s Top Deals: Pro Tennis Player Drops $5M on Co-Op at the Dakota
From April 10‑13, New York City recorded 158 transactions worth $240 million. The most expensive commercial sale was a 142‑unit building in Fort George for $10.1 million, while the residential market saw a $12 million Tribeca penthouse and a $25.1 million Central Park West condo change hands. Former...
Upper West Side Condos Dominate Manhattan Luxury Contracts
Upper West Side condos led Manhattan luxury contracts last week, with 12 of 38 $4 million‑plus deals. The most expensive contract was for a $23.5 million, 3,400‑sq‑ft unit at Extell’s 50 West 66th Street, featuring 14‑foot ceilings and Central Park views. Overall activity rose from 31...
Pink Gets the Party Started with Greenwich Village Townhouse Buy
Pop star Pink purchased a historic Greenwich Village townhouse at 125 West 11th Street for $21.5 million, down from an initial $25 million asking price. The 8,000‑square‑foot, 1849‑era home sells at roughly $2,688 per square foot and includes five bedrooms, five‑and‑a‑half baths,...
Former Yonkers Domino Sugar Site up for Redevelopment
Cushman & Wakefield is marketing the former Domino Sugar refinery on Yonkers' 1 Federal Street, a 33‑acre waterfront parcel now rezoned for mixed‑use development. The site can accommodate roughly 2.6 million square feet, including more than 2,600 residential units alongside commercial, retail, and...
Casa Blanca Co-Founders Ordered to Pay $1M Into Court, Turn over Books
A New York state Supreme Court judge ordered Casa Blanca co‑founders Hannah Bomze and Erez Zarur to deposit $1.3 million into the court and grant investors full access to the brokerage’s financial records. The ruling follows a dispute over alleged commission...
Cobble Hill’s Luxury Moment Is Just Getting Started
Actors Daniel Craig and Rachel Weisz sold their Cobble Hill townhouse for nearly $12 million, roughly double the $6.8 million they paid nine years ago. A second Cobble Hill property recently closed at $7 million, earning the top spot on Compass’ weekly luxury report. Limited...
Mamdani’s First 100 Days Reshape City Hall’s Real Estate Calculus
Mayor Zohran Mamdani’s first 100 days have reshaped New York City Hall’s real‑estate agenda by reinstating the Office to Protect Tenants and launching high‑profile “rental ripoff” hearings. While he signals a pro‑development stance through the SPEED task force and state‑level...
Cushman Sues Sotheby’s over $10M Commission Tied to HQ Sale
Cushman & Wakefield filed a lawsuit against Sotheby’s, demanding a $10.2 million commission tied to the auction house’s $510 million sale of its Upper East Side headquarters to Weill Cornell Medicine. The brokerage argues a 2 percent commission clause was triggered by a 30‑year...
Rezoned Jamaica Draws 285-Unit Project From Emerging Developer
Vaya Development, a Latina‑ and women‑owned firm, has filed plans for a 28‑story, 285‑unit residential tower at 164‑02 Jamaica Avenue in Queens. The 291,000‑square‑foot project will replace a two‑story commercial building and includes mid‑rise recreation space, rooftop amenities, and units...