Commercial real estate news and analysis for the New York market.
CSC Real Estate has expanded its healthcare property holdings with a $70 million acquisition of three adjacent properties on Manhattan's Upper East Side, including a medical office building at 210 East 86th Street and two neighboring retail spaces. The deal with Perlbinder Realty highlights continued investor appetite for medical office assets in prime New York City locations.
Kaufman Investments is reportedly under contract to purchase Savanna's Madison Square Collection, a two-building office portfolio located near Manhattan's Madison Square Park, for roughly $125 million. The impending off-market transaction highlights continued investor appetite for well-positioned Midtown South assets despite broader macroeconomic headwinds.
A mixed-use tower on the Lower East Side has flipped for $36 million, marking a steep discount from its $50 million bankruptcy-connected sale just weeks prior. The rapid transaction highlights lender urgency to offload distressed Manhattan assets in a challenging capital markets environment.
Olmstead Properties and Vertex have acquired 19 West 44th Street in Midtown Manhattan, purchasing the 302,000-square-foot office building from Savanna at a 45% discount from its 2017 acquisition price of $195 million. The deal reflects continued price corrections in Manhattan's office market.
Targo Capital Partners has acquired a 31-unit apartment building at 185 East Houston Street from S&H Equities as part of a broader $81 million portfolio strategy. The six-story Lower East Side property marks the firm's continued push into Manhattan's residential market.
Empire State Realty Trust has invested $113.6 million to acquire the land beneath its leased Midtown properties at 111 West 33rd Street and 1400 Broadway, consolidating ownership and eliminating ground lease obligations.
The ownership group behind SoJo Spa Club has acquired a mixed-use building at 893 Broadway in Manhattan's Flatiron District for $31 million. The off-market transaction signals continued operator interest in owning real estate in prime retail corridors.
A 31-unit luxury condominium building in Midtown East has secured a $54 million refinancing package to replace its previous debt. The deal highlights continued lender confidence in well-positioned Manhattan residential assets despite broader market headwinds.
Real estate executives warn that Brooklyn's continued urban renaissance is being choked by a toxic combination of soaring construction expenses and restrictive government policies. Industry leaders gathered in Williamsburg to debate the growing disconnect between tenant appetite and feasible project delivery.
Edge Property Group has secured a nine-figure construction loan from S3 Capital to build a 28-story student housing development in Upper Manhattan. The financing package will also be used to retire existing debt on the Washington Heights site.
Santa Monica-based Wave Sports & Entertainment has committed to 8,320 square feet at 145 West 30th Street, signaling continued demand from digital media tenants in Manhattan's Midtown South corridor. The long-term deal carries an asking rent of $48 per square foot.
Manhattan's office sector posted its strongest month in recent memory this May, with tenants committing to over 4.24 million square feet of workspace. The leasing velocity represents a 17.3% jump from April and dwarfs the borough's 10-year historical baseline by more than 50%.