Blame shoplifting scourge and blasé lawmakers
Vacant storefronts are both a sign and a cause of economic distress — and they’ve nearly doubled in the city since the pandemic. Per the city Department of Finance, more…
NYC’s food hall fatigue spells doom for Market Line at Essex Crossing
New York is suffering from food hall fatigue. That’s the reason behind the unfortunate planned closing of the Market Line food hall at Essex Crossing on April 1. Developer Delancey…
NYC ranks below 18 cities in economic, real estate prospects: study
JPMorgan Chase is spending an estimated $3 billion to erect a new headquarters skyscraper at 270 Park Ave. But according to a top analyst in the bank’s own asset and…
This billionaire college dropout has some advice for Gen Z
After graduating from high school, John Catsimatidis wanted to spend the summer of 1966 much like any teenage boy would — watching TV and lounging around on his parents’ couch…
Casa Lever renews long-term lease at Lever House
Casa Lever, part of thriving Sant Ambroeus Hospitality Group, renewed its lease long-term at Lever House, the landmarked office tower at 390 Park Ave. The news was cheered by Casa…
$9B plunge in NYC real estate sets up brutal political fight
New York City’s golden goose isn’t just losing its feathers, it’s coughing up blood, and the whole structure of government will need to adjust. Per the city Finance Department, the…
Landlords celebrate Manhattan’s premium-lease boom in 2022
As Manhattan’s office market wobbles unsteadily into 2023, with rising availability and shrinking corporate footprints, certain landlords have at least something to celebrate: a record number of new leases signed…
Extell nabs former Wellington Hotel with potential plans to build up
Towering change is in store at the northeast corner of Seventh Avenue and West 55th Street. Gary Barnett’s Extell is paying $94.4 million to buy the leasehold of the former…
Meta job cuts put chill on Mark Zuckerberg’s office footprint in NYC
Mark Zuckerberg’s announcement that he’s cutting 11,000 jobs from Meta, or 13% of the tech giant’s workforce, sent shivers through Manhattan’s commercial corridors. The company previously called Facebook was on…
Memorial Sloan Kettering scoops up piece of Lipstick Building
The rebounding Manhattan office market just got another dose of strong medicine. Memorial Sloan Kettering Cancer Center is buying more than half of the Lipstick Building for approximately $300 million…