17 posts about Financial District from across Skyline's social platforms and curated industry sources.
<![CDATA[As “Seinfeld” taught us, you can’t acquire grace. At the Wrey, though, a new luxury rental tower in Lower Manhattan, there is grace in every nook and cranny. Situated a stone’s throw from City Hall Park, the Wrey is a 31-story former office building overlooking Broadway, Saint Paul’s Chapel and the World Trade Center. Developer […]]]>
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<![CDATA[Former Federal Reserve Chairman Alan Greenspan just passed away at 100 years old. He served as Fed Chair from 1987 to 2006, riding through the late-1980s financial market crash, the 1990s economic expansion, the dot-com bubble, and the early-2000s recession. There is a great reflective piece on his legacy in the Wall Street Journal, “Greenspan Left a Lasting Mark on America — and Me”, that I really enjoyed. He severely injured his back in the early 1970s and famously wrote all his speeches in longhand while soaking in the bathtub as therapy. Source: WSJ In 2018, I did an in-person […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
View on RSS →<![CDATA[The Knicks parade wasn’t the only noise happening in Manhattan’s Battery Park on Thursday. Related Companies and the Battery Park City Authority (BPCA) have teamed up to preserve and expand the number of affordable units at Tribeca Park, Related’s 27-story Lower Manhattan residential building, the partners announced Thursday. Related built the 369-unit rental tower at […]]]>
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<![CDATA[While no one wants to overpay, the Hamptons housing market is skewing higher. Prices are rising as the context of their value is rethought. There was a fun Wall Street Journal piece that covered a single beachfront road in the Hamptons known as Meadow Lane: The 5-Mile Hamptons Street Driving Hundreds of Millions in Home Sales. I cover the Hamptons (and North Fork) for the Hamptons Real Estate Association, so I am always excited to share my analytics. Source: Wall Street Journal When forecasting how 2026 will look for $10 million+ and $20 million+ sales, I focused on the year-to-date […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
View on RSS →<![CDATA[ A recent Wall Street Journal article highlighted a growing trend across America: office buildings selling at discounts of 80%, 85%, and even 90% below their previous values. For many observers, these transactions confirm that office real estate remains in crisis. Manhattan,]]>
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<![CDATA[Byron Trott and Michael Dell’s firm has struck a deal with the federal government for the Old Post Office. Leaseholder BDT & MSD Partners acquired the land and building at 1100 Pennsylvania Avenue NW in Washington, D.C., from the General Services Administration for $80 million, the Wall Street Journal reported. The company — already the owner of a $285 million note and buyer of the leasing rights for $100 million at a foreclosure auction — essentially adds to the value of the holding. That should come in handy for BDT & MSD, which does not plan to be a long-term […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
View on RSS →<![CDATA[Manhattan’s Financial District has become the office-to-residential conversion capital of New York City, as thousands of new units have entered the pipeline over the last few years. Kings Capital, a New York City-based real estate investment and development firm, has submitted an application to convert 61 Gold Street, a 17-story vacant office building previously home […]]]>
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<![CDATA[Comedian-turned-media mogul Byron Allen dropped over $90 million on the Aspen ultra-luxury market.  The “Comics Unleashed” host purchased a 1.7-acre estate at 76 Placer Lane on Red Mountain, often known as “Billionaire’s Mountain,” for $91.3 million, the Wall Street Journal reported. The seller was an entity tied to ProCaps Laboratories founder Andrew Lessman, who acquired the property in 2007 for $10.5 million. The home has 10 bedrooms and 12 bathrooms across 13,400 square feet.  The Allen Media Group founder sold his previous Aspen property two years ago in a $60 million off-market deal, more than double the $27 million he […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
View on RSS →<![CDATA[The Shirley Aninias School (SAS), a private special education program for children, has signed the largest lease to date at a Financial District office building. SAS, which was founded in 2022 and provides academics and therapies for neurodiverse students ages 4 to 13, inked a 15-year deal for 23,000 square feet across the second and […]]]>
View on RSS →<![CDATA[Employment litigation firm Jones Jones is relocating within Manhattan’s Financial District. The tenant signed a 10-year, nine-month lease spanning 5,311 square feet on part of the seventh floor of Gaedeke Group’s 44 Wall Street, according to tenant broker Lee & Associates NYC. Lee & Associates did not disclose the asking rent for the space, but […]]]>
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<![CDATA[The nation’s biggest homebuilders are facing a reckoning over alleged construction defects, as costly lawsuits pile up from homeowners claiming their newly built houses are literally falling apart. Builders including D.R. Horton, Lennar and PulteGroup have seen legal liabilities surge in recent years as defect litigation spreads across markets, the Wall Street Journal reported. The claims range from cracked foundations and mold infestations to improperly installed roofs and failing ventilation systems.  Homeowners say the issues stem from an industry that prioritized speed and margins during the pandemic-era housing boom, leaning heavily on subcontractors while facing labor shortages and rising materials […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
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<![CDATA[Wall Street is crowding into a corner of real estate’s private credit market that shares key features with the one that’s landed Blue Owl in recent headlines. Fortress Investment Group, Benefit Street Partners, Goldman Sachs, BlackRock and Rithm Capital have all recently launched non-traded mortgage REITs to capitalize on demand for private credit. The semi-liquid vehicles raise money from wealthy investors to finance real estate loans, bringing structures that have become increasingly common in corporate private credit into the commercial real estate market. Newcomers have established themselves rapidly; seven of the top 10 non-traded private credit REITs in terms of […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
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<![CDATA[Elon Musk plans to go where no data center has gone before: space. Musk’s SpaceX and Google are discussing a rocket launch deal that could serve both companies as they seek to put data centers into orbit, the Wall Street Journal reported. Google is also negotiating with other rocket launch companies. Both aspire to put data centers into space, a technology entirely unproven. Nevertheless, it’s one Musk has talked about to investors as a SpaceX IPO looms. SpaceX filed an application with regulators this year to launch up to 1 million satellites to support its orbital data centers. Anthropic expressed […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
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<![CDATA[The controversial warehouse detention center plan instituted by former Department of Homeland Security secretary Kristi Noem is drawing scrutiny from the agency’s own inspector general. The DHS inspector general initiated a probe into the $38 billion program, the Wall Street Journal reported. The inspector general is expected to audit all of the warehouse purchases by the agency during Noem’s stewardship of DHS. The agency pulled approximately $38 billion in funding for the program from Congress through the One Big Beautiful Bill. So far, the agency appears to have spent $1 billion purchasing nine facilities for detention centers. Immigration and Customs […] This article originally appeared on The Real Deal. Click here to read the full story. ]]>
View on RSS →<![CDATA[The Durst Organization’s One World Trade Center is on trend, according to W Magazine. The American fashion and culture publication signed a long-term, 12,456-square-foot lease on the 46th floor of the 104-story Financial District office tower for its new headquarters, according to tenant broker Avison Young. W Magazine, founded in 1972, is currently helmed by […]]]>
View on RSS →The ideal candidate for office-to-residential conversion - by Robert Khodadadian A perfect example of overcoming these challenges is the conversion of 180 Water St. in lower Manhattan. Originally built in 1971 as an office building, it was transformed into residential apartments in 2017. The building’s large open floors, with windowless cores extending up to 72 ft., seemed unsuitable for residential use at first. However, the architect devised a creative solution: carving out a 1,200 s/f courtyard in the building’s center. This allowed for apartments along both the exterior walls and the new inner courtyard, optimizing natural light while staying compliant with residential codes. To offset the loss of floor space, the developer added four new floors and amenities on the rooftop, maintaining the floor area ratio (FAR) without expanding the building’s footprint. While the 180 Water St. conversion was a success, it’s not easily replicable. Zoning restrictions in many districts make such projects difficult, and financial costs can be steep. To make office-to-residential conversions more viable, changes to zoning regulations and the Multiple Dwelling Law (MDL) are necessary. Eliminating the FAR cap and allowing newer buildings to qualify for conversion would open up more opportunities. Additionally, financial incentives like tax abatements and subsidies are essential to make these projects financially feasible for developers.
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A perfect example of overcoming these challenges is the conversion of 180 Water St. in lower Manhattan. Originally built in 1971 as an office building, it was transformed into residential apartments in 2017. The building’s large open floors, with windowless cores extending up to 72 ft., seemed unsuitable for residential use at first. However, the architect devised a creative solution: carving out a 1,200 s/f courtyard in the building’s center. This allowed for apartments along both the exterior walls and the new inner courtyard, optimizing natural light while staying compliant with residential codes. To offset the loss of floor space, the developer added four new floors and amenities on the rooftop, maintaining the floor area ratio (FAR) without expanding the building’s footprint. While the 180 Water St. conversion was a success, it’s not easily replicable. Zoning restrictions in many districts make such projects difficult, and financial costs can be steep. To make office-to-residential conversions more viable, changes to zoning regulations and the Multiple Dwelling Law (MDL) are necessary. Eliminating the FAR cap and allowing newer buildings to qualify for conversion would open up more opportunities. Additionally, financial incentives like tax abatements and subsidies are essential to make these projects financially feasible for developers.
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