21 posts about Office Buildings from across Skyline Properties' social platforms and curated industry sources.
<![CDATA[Zimmet Law Group is relocating its practice inside Manhattan’s Plaza District. Zimmet signed a 5,476-square-foot lease for a newly completed space inside GFP Real Estate’s 515 Madison Avenue, also known as the DuMont Building. Located at the corner of East 53rd Street, the 42-story office tower is just one block south of Zimmet’s current abode […]]]>
View on RSS →<![CDATA[Office furniture manufacturer Haworth is staying seated at 125 Park Avenue. Haworth has signed a 10-year lease renewal for its 30,365-square-foot office and showroom space at the 25-story Midtown office building, landlord SL Green Realty announced Wednesday. The company, which manufactures and sells high-end, ergonomic office seating and workspaces, has been a tenant in the […]]]>
View on RSS →<![CDATA[Health care technology company SuperDial has inked a full-floor lease at GFP Real Estate’s 322 Eighth Avenue, according to a Wednesday announcement by the landlord. SuperDial’s 5,200-square-foot lease spans the entire 20th floor of the Chelsea office tower on the northeast corner of Eighth Avenue and West 26th Street. It is the largest deal among […]]]>
View on RSS →<![CDATA[An Uptown Manhattan landlord has purchased a Little Italy office building. Washington Heights-focused Artifact Real Estate Development purchased 165 Grand Street for $28 million from Bijan Nassi of Bijan Royal, according to a deed filing in property records Tuesday afternoon. Nassi, a controversial residential landlord who has fallen into poor standing with the New York City […]]]>
View on RSS →<![CDATA[Priddy Spaces has signed a 20,000-square-foot lease for a Venture X coworking location in Pompano Beach, Fla. The coworking operator signed a 10-year lease at a 44,102-square-foot office property within Grover Corlew’s Mayla Pompano mixed-use development. Located at 2335 East Atlantic Boulevard, the four-story office building sits two blocks east of Dixie Highway and was […]]]>
View on RSS →<![CDATA[ Lindenhurst, NY Island Associates completed the sale of a 1,400 s/f medical office building located at 760 N. Wellwood Ave. ]]>
View on RSS →<![CDATA[ Port Jefferson, NY NAI Long Island negotiated the sale of a 2,500 s/f multi-tenant office building on one acre at 111 N. C]]>
View on RSS →<![CDATA[Manhattan, NY Niobrara Capital, a private equity firm, signed an 11,000 s/f lease for the entire ninth floor at 545 Madison, also known as the Bacca]]>
View on RSS →<![CDATA[Nonprofit group Alliance for Downtown New York has expanded its Lower Manhattan footprint to 42 Broadway. The Downtown Alliance, which manages the area’s business improvement district, secured a 14,420-square-foot lease at the Financial District tower, according to a recent CBRE office market report. The Downtown Alliance plans to relocate its operations division to the 22-story […]]]>
View on RSS →<![CDATA[New York-based private equity group OceanSound Partners has expanded by more than 10,000 square feet at SL Green Realty’s 450 Park Avenue office tower in Midtown. A new five-year lease secured OceanSound 32,032 square feet across the entire eighth, 22nd and 23rd floors of the office tower at the corner of Park Avenue and East […]]]>
View on RSS →<![CDATA[Vornado Realty Trust announced Tuesday morning that it could levy as much as $350 per square foot at one of its latest office developments, at a time when rents over $300 a square foot at trophy properties are becoming the norm. Vornado is developing 350 Park Avenue along with Ken Griffin’s Citadel and Rudin. Vornado […]]]>
View on RSS →<![CDATA[Mediation firm JAMS — the name is an abbreviation of judicial arbitration and mediation services — is relocating its New York Resolution Center to the top two floors of Rudin’s 3 Times Square. The global provider of alternative dispute resolution services plans to take up 55,335 square feet across the Midtown office tower’s 29th and […]]]>
View on RSS →<![CDATA[Wilmington, DE Arrow Real Estate Advisors arranged a $21.9 million refinance loan on behalf of Buccini Pollin Group (BPG) for Delaware Corporate Center, a two-building Class A office campus located at 1 and 2 Righter Pkwy. The financing was arranged by Arrow’s Morris Betesh]]>
View on RSS →NYC Office Conversions Face New Scrutiny | Skyline Properties NYC Office Conversions Face a New Reality After Three Stop-Work Orders For the third time in less than a month, New York City has halted or restricted work at a major office-to-residential conversion. The latest action came at SL Green Realty’s 750 Third Avenue, following stop-work actions at 222 Broadway and the former Pfizer headquarters at 235 East 42nd Street. Three projects, three different circumstances and one clear message: Manhattan’s office-conversion market is not disappearing, but the margin for error is getting smaller. The conversion boom just reached its reality check It would be easy to look at the recent stop-work orders and conclude that New York’s conversion movement is losing momentum. That misses the larger picture. The city still has an enormous housing shortage and millions of square feet of older office inventory that no longer competes effectively. Those fundamentals have not changed. What has changed is the degree of scrutiny surrounding structural work, construction sequencing, inspections and reporting. The New York City Comptroller has identified a post-2020 pipeline of 44 completed, active or potential conversion projects totaling roughly 15.2 million square feet and more than 17,400 housing units, with most of that activity concentrated in Manhattan. Not every office building should become apartments One of the biggest misconceptions in the market is that every vacant or underperforming office building is automatically a conversion candidate. It is not. Floor-plate depth, window lines, structural capacity, elevator and stair cores, plumbing distribution, zoning, tenant occupancy and acquisition basis all matter. A building can qualify legally and still fail economically. The strongest conversion opportunities will be the properties that can be acquired at a realistic basis and matched with developers who understand the engineering, approvals and capital requirements before signing a contract. The real risk starts with the purchase price Most coverage of the stop-work orders has focused on construction. For investors, the larger issue is underwriting. Conversions involving vertical additions, new structural loads, façade replacement or major changes to existing cores require larger contingencies. When buyers pay an aggressive office price without properly accounting for those risks, the deal can become uneconomic long before the apartments are delivered. That is why the highest offer is not always the most credible offer. Owners need to understand who can actually close, finance and execute the conversion—not simply who is willing to sign a term sheet. 467-m still matters New York’s 467-m Affordable Housing from Commercial Conversions program remains a major catalyst. Eligible rental conversions can receive long-term property-tax benefits in exchange for affordability requirements, with the value of the benefit tied partly to when construction begins. The June 30, 2026 commencement deadline for the longest benefit period accelerated filings and construction starts across Manhattan. Projects can still qualify later, but shorter benefit periods put more pressure on acquisition cost, construction budgets and projected rents. Skyline Properties has already operated inside this market At Skyline Properties, our view of the conversion market comes from transactions, not theory. Skyline arranged the $135 million sale of 6 East 43rd Street, an approximately 400,000-square-foot Midtown office property acquired by Vanbarton Group for residential conversion. Skyline was also involved in the $105 million transaction at 101 Greenwich Street, another approximately 400,000-square-foot office building acquired for conversion. Together, those transactions represent approximately 800,000 square feet and $240 million in Manhattan office-to-residential conversion activity. That experience reinforces a basic point: the market for true conversion candidates is specialized. The buyer pool is smaller than it appears, and the difference between a real buyer and a speculative one becomes obvious once engineering, affordability, financing and construction risk are discussed in detail. Why off-market execution matters now Heightened oversight makes buyer qualification more important. Broadly marketing a conversion opportunity to every investor with an email address does not create certainty. It can expose sensitive information, create unrealistic pricing expectations and leave an owner tied up with a buyer that lacks the team or capital to close. Skyline’s approach is different. We analyze the asset, identify credible conversion buyers and conduct targeted outreach through direct relationships. The objective is not maximum distribution. It is to reach the limited number of groups capable of understanding and executing the opportunity. The market is maturing—not retreating The stop-work actions at 235 East 42nd Street, 222 Broadway and 750 Third Avenue will likely lead to greater structural review, stronger reporting requirements and more conservative underwriting. Marginal projects may fall away. The best projects will continue. For owners, the question is no longer only, “Can this building be converted?” The more important question is, “Who is actually capable of buying it and executing the business plan?” That is where Skyline Properties’ position as Manhattan’s off-market investment sales authority matters most: access to ownership, direct relationships with qualified capital and the ability to execute confidentially when the opportunity is rea
View on Tumblr →<![CDATA[Manhattan, NY JLL’s Capital Markets arranged a $352 million refinancing for 425 Lexington Ave., a 31-story, 750,000 s/f Class A office t]]>
View on RSS →<![CDATA[Two tenants have signed on for 6,960 square feet each at Midtown East’s 757 Third Avenue, Commercial Observer has learned. Yuco Management, a New York City-based real estate development and management firm, inked a deal to take over the entire 27th floor of the 26-story Class A office building owned by New York Life Real […]]]>
View on RSS →<![CDATA[ Manhattan, NY Jack Resnick & Sons has completed119,000 s/f of new office and retail leases at 250 Hudson St., bringing occupancy at the Hudson Square office tower to 99%. Four of the six new transactions encompass full office floors, each totaling 27,780 s/f. Ma]]>
View on RSS →<![CDATA[One World Trade Center is almost 100 percent leased thanks to the latest deal with an artificial intelligence company, Commercial Observer has learned. Mercor, which employs human experts to train AI algorithms, has inked a five-year, 25,550-square-foot deal on the 77th floor of the Lower Manhattan office tower, the Durst Organization announced Tuesday. Durst owns […]]]>
View on RSS →<![CDATA[A joint venture consisting of PGIM, Tribeca Investment Group and Meadow Partners has landed a $228.9 million loan to refinance a newly-renovated 19-story office tower in Manhattan’s Midtown South neighborhood. Rialto Capital Management, as part of a joint venture partnership with Hines, supplied the floating-rate, interest-only bridge debt for the sponsorship’s 295 Fifth Avenue property […]]]>
View on RSS →<![CDATA[Los Angeles-based United Talent Agency (UTA), known for its high-profile clients, has aptly selected New York City’s most famous office building for its new East Coast headquarters. UTA leased 100,948 square feet at the Empire State Building in a move that will consolidate its various office locations across Manhattan, the company announced Monday. The New […]]]>
View on RSS →<![CDATA[ Manhattan, NY Global Holdings, the international real estate development and investment firm led by chairman and founder Eyal Ofer, has completedits $30 million strategic repositioning of 99 Park Avenue, a 600,000 s/f Class A office tower located steps from Grand Central Terminal. Desi]]>
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