Commercial real estate news and analysis for the New York market.
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Safehold's ground lease model is gaining traction with multifamily developers by separating land from improvements to lower equity requirements and blended capital costs.
CSC Real Estate paid $70M for three Upper East Side properties — including a 127,000 sq ft medical office at 210 East 86th St — from Perlbinder Realty.
Kaufman Organization is under contract to buy Savanna's two-building Madison Square Collection at West 25th Street in Manhattan for approximately $125 million.
Emerald Creek Capital sold 139 Bowery in Manhattan for $36 million to 139 Bowery Holdings, weeks after acquiring it via a $49.5M bankruptcy deal.
Olmstead Properties and Vertex acquired 19 West 44th Street from Savanna for $108M, a 45% discount from Savanna's 2017 purchase price of $195M.
Targo Capital Partners paid $30.8M for 31 apartments at 185 East Houston Street, part of an $81M, 7-building Lower East Side portfolio from S&H Equities.
Jack Resnick & Sons secured 117,000 SF of office and retail leases at 250 Hudson Street, bringing the Hudson Square tower to 99% occupancy.
Empire State Realty Trust paid $113.6 million to acquire the ground beneath two Midtown buildings, 111 West 33rd Street and 1400 Broadway, from Cohen Brothers Realty.
SoJo Spa Club owner Eun Rae Jo and partner Hyun Jun An acquired 893 Broadway in Manhattan's Flatiron District for $31 million from RCLCO Fund Advisors and L3 Capital.
Derby Copeland Capital provided a $54M refinancing on 660 Lexington Avenue, brokered by Meridian Capital Group for borrowers Rybak Development and BK Developers.
Executives at the 2026 Brooklyn Forum at 25 Kent warned that soaring costs and regulatory hurdles are stalling new development despite strong tenant demand.
S3 Capital provided a $131.5M construction loan to Edge Property Group for a 276-unit, 28-story student housing tower at 465 W. 165th St. in Washington Heights.