What happened, and who moved.
Urban Standard Capital has deepened its relationship with a major Arizona bank. Commercial Observer can first report that Urban Standard Capital has increased its aggregate financing capacity for transitional commercial real estate loans with Western Alliance Bank — a Phoenix-based regional bank with $90 billion of…
Federal IT contractor TekSynap has signed a long-term lease for a 26,500-square-foot floor at BXP’s Reston Town Center in Northern Virginia. TekSynap provides cloud integration, cybersecurity, software development and IT modernization services for civilian, defense and intelligence agencies. The Reston-based…
The University of California is extending its streak of commercial real estate investment after acquiring a 16-property portfolio immediately south of UCLA in Los Angeles. The Regents of the University of California, which governs the state’s university system, put down $49.8 million for the properties in Westwood…

Brooklyn-based Terra Developers has made a $28 million residential redevelopment play for 500 Columbus Avenue on Manhattan’s Upper West Side. The 35,300-square-foot mixed-use building was sold to Terra by longtime owner CKMR Corporation, formerly Sloan’s Supermarkets, according to property records filed Friday. The…
CIP Real Estate has paid $99 million for an industrial and office park in Broward County, Fla., property records show. Called Lyons Business Park, the property includes about 10 buildings, totaling 338,000 square feet It’s located at 6601 Lyons Road in Coconut Creek, Fla., near the corner with Johnson Road, about a…
LMXD and BedRock Real Estate Partners have closed on a $250 million loan to facilitate the purchase and construction of a housing development in Astoria, Queens, Commercial Observer has learned. The financing from New York Life Investment Management gets the wheels turning on the development of 560 mixed-income…

Integrity Community Builders (ICB) and PCCP have formed a programmatic joint venture to develop build-to-rent (BTR) communities across the U.S., Commercial Observer can first report. The new JV will marry Houston-based ICB’s experience in land acquisition, development and construction with PCCP’s institutional…

Two new retail tenants have taken almost 13,000 square feet at a new development in Downtown Brooklyn. Japanese home goods and apparel brand Muji was the largest of the two, signing a 10-year, 10,000-square-foot lease at Alloy Development’s 100 Flatbush Avenue, part of the larger five-building, mixed-use Alloy…
Apparel retail brand Veronica Beard has expanded its office headquarters to approximately 60,000 square feet at the Winter Organization’s 26 West 17th Street in Midtown South, according to landlord broker CBRE. The company, which has been in the building since about 2013, signed the new deal to renew its existing…
So you think Manhattan office leasing has a summer slump? Fuhgeddaboudit! Manhattan office leasing velocity in July increased by 22 percent over June’s volume, helped along by healthy square-footage appetites and ample activity in Midtown South. Tenants acquired, renewed, expanded or extended 3.87 million square…

An iconic office complex in the City of Bridges has hit a dead end. The $92 million commercial mortgage-backed securities (CMBS) loan secured by Gateway Center, an iconic office complex in Downtown Pittsburgh, has liquidated via a note sale, resulting in a $64.8 million loss to the CMBS trust, according to an alert…

Emmy nominated visual effects studio Phosphene has inked a 7,383-square-foot lease at Princeton International’s 90 Broad Street in Manhattan’s Financial District, according to tenant broker Avison Young. Phosphene will move from its current office at 5 Hanover Square, also in the Financial District, as the building…
Snap, the technology firm behind Snapchat, is taking over Verizon’s three-floor office lease in Manhattan’s Penn District. The 198,983-square-foot sublease spans the eighth through and 10th floors of Vornado Realty Trust’s 2 Pennsylvania Plaza, known as Penn 2, according to sources familiar with the transaction.…

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…

When J.P. Morgan commits, it commits. The bank just announced plans to deploy more than $750 billion to increase housing supply and support homeownership in the U.S. The eye-popping amount will be deployed through 2035. “An affordable and resilient housing market is essential to driving economic growth and…
Even as some of the biggest commercial real estate companies shoulder the challenges and massive costs of developing proprietary artificial intelligence-powered tools, this shift marks not so much an inflection point for proptech as a sign that the commercial real estate industry has never embraced technology more…

A bipedal artificial intelligence firm is evolving into a new Midtown South office, Commercial Observer has learned. Financial and operations analytics firm Sapien AI signed a lease for approximately 10,500 square feet on the entire fifth floor of the Kaufman Organization’s newly acquired 48 West 25th Street,…
A 107-key hotel in Midtown has traded for roughly $95 million. Eurostars Hotel Company, a Spanish hotel chain managing more than 300 properties globally, has purchased the Chemists’ Club Hotel at 52 East 41st Street from Azora, another Spanish company specializing in large-scale hotel investments, according to a…
Sundance Properties has sealed $25.6 million of construction financing to bring a multifamily development in Alpine, Wyo., across the finish line, Commercial Observer has learned. Izo Capital supplied the 24-month senior construction loan to fund the completion of Phase 1 of the developer’s planned the Flats at…

CW Realty Group closed on a deal to acquire a parking facility in Downtown Brooklyn, Commercial Observer has learned. Cheskie Weisz’ CW Realty entered into a contract to purchase 55 Smith Street in December from New Jersey-based firm Edison Properties, Crain’s New York Business reported at the time. The sale closed…
Kimco Realty, one of the biggest owners of grocery-anchored retail centers in the country, has acquired two more in Broward County for a combined $109 million from KPR Centers, property records show. In the largest transaction, the Jericho, N.Y.-based REIT paid $56 million for Sunshine Plaza, a 245,744-square-foot…
Punia & Marx Real Estate sold the Whitestone Shopping Center in Queens for $56 million. Long Island-based Schuckman Realty purchased the Key Food-anchored property at 153-15 Cross Island Parkway, according to a deed transfer in property records filed Friday. The purchase could be a play for assets tied to grocery…

New Jersey developer Fadi Samaan has landed $23.5 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a multifamily complex in Passaic, NJ., Commercial Observer has learned. Dwight Capital supplied the HUD 223(f) loan on the 104-unit Station at Passaic Phase II development,…
A new company brings a new name. Two months after multifamily giants AvalonBay Communities and Equity Residential merged to form one of the country’s largest real estate companies — the total enterprise value is calculated at $71 billion — the two firms announced Friday that their new company will be called Vivmark…

Goldman Sachs has provided a $116 million construction loan as part of an overall $269 million financing package to facilitate the redevelopment of a long-standing Syracuse affordable housing complex, Commercial Observer can first report. The investment bank’s Urban Investment Group provided the loan on BFC…

This TLC wasn’t exactly chasing waterfalls, just a new office. The New York City Taxi and Limousine Commission is relocating to AmTrustRE’s 250 Broadway across the street from City Hall Park in Manhattan’s Financial District, the property owner announced Thursday. The TLC is relocating its headquarters from another…

Michael Shah’s Delshah Capital is back at it again with another multi-address, multifamily acquisition. The real estate private equity and asset management firm paid Quality Capital USA $36.9 million for five residential buildings just west of Central Park on Manhattan’s Upper West Side, according to property…
As room rates at the world’s poshest properties push past $2,000 a night, Karim Alibhai has been snapping up high-profile luxury hotels. Alibhai has built an $8 billion portfolio that includes properties from Chicago to Bermuda to Costa Rica. His company, Gencom, this year paid $320 million for the Ritz-Carlton New…
New York City’s declines in international tourism over the past year since President Donald Trump assumed office are starting to affect Empire State Realty Trust (ESRT)’s finances. The real estate investment trust (REIT) reported second-quarter funds from operations (FFO) of $57 million, or 21 cents per share,…
Blackstone Mortgage Trust (BXMT) reported a net loss of $81.2 million in the second quarter of 2026, but its executives were optimistic during a Thursday morning earnings call about turning its portfolio around. The publicly traded mortgage real estate investment trust (REIT) posted a second-quarter loss of 48…

Architecture firm Rock Architecture & Engineering has signed a 3,835-square-foot deal to extend and expand its presence at GFP Real Estate’s 630 Ninth Avenue, the landlord announced Thursday. The firm, which specializes in building restoration projects and gets its name from a focus on solid foundations, will move…

The restaurateurs behind Mexican restaurant Mezcali and American tavern the Malt House have signed a lease for a new food concept in Manhattan’s Financial District. Eoin Foyle and Darren Shore signed a 20-year, 4,744-square-foot lease in the retail component of TF Cornerstone’s 2 Gold Street, where they will launch…

Hudson Investing has secured $52.1 million in acquisition financing for Maple Knoll Apartments, a 300-unit garden-style multifamily complex just outside Indianapolis, Ind., Commercial Observer can first report. Torchlight Investment provided the equity, while Northmarq structured the full capital stack for the…
Every data center project generates an enormous amount of information: engineering reports, environmental filings, utility dockets, tax incentive applications, economic impact studies and public statements. What it rarely generates is a single place where all of that information comes together. A recent dispute in…
Equinix significantly increased its forecasts and expectations for 2026 after posting another record-heavy quarter on the back of artificial intelligence demand and more data center construction. The Redwood City, Calif.-based data center real estate investment trust (REIT) generated $2.63 billion in second-quarter…
New York City’s Department of Buildings (DOB) has halted construction work at the third office-to-conversion project in Manhattan this month. The DOB issued a partial stop-work order at SL Green Realty’s $805 million conversion project at 750 Third Avenue in Midtown East, which is set to result in 680 residential…
A development team made up of Slate Property Group, Hudson Companies and Volunteers of America has been chosen to create nearly 1,000 new homes upon a vacant parcel in Long Island City, Queens. The 70,000-square-foot development, at 54-42 Second Street, will be called the Orion, and two-thirds of its units will be…
The second Federal Open Market Committee (FOMC) meeting under new Federal Reserve Chair Kevin Warsh signaled another reality check of higher-for-longer interest rates to the commercial real estate industry. In a 9-3 vote, the FOMC maintained its benchmark interest rate Wednesday at between 3.5 percent and 3.75…

PCCP and Stonemont Financial Group are officially the new owners of a 5.9 million-square-foot industrial portfolio, Commercial Observer can first report. The joint venture acquired the 38 assets, located across 14 markets in 10 states, for upward of $1 billion with Blackstone as the seller, according to an article…

An artificial intelligence-driven infrastructure technology company is relocating its offices to Midtown. Philadelphia-based Treeswift signed a four-year, 7,487-square-foot lease on the entire 11th floor of the Hakimian Organization’s 256 West 38th Street in an expansion of its New York City operations, according…

Baron Property Group (BPG) has secured $226.5 million to refinance a newly completed multifamily development in Hialeah, Fla. Madison Realty Capital and Yellowstone Real Estate provided the debt backing the 559-unit Metro Parc at 955 East 25th Street, about a block west of Metrorail and Tri-Rail transfer stations…
Surging data center services revenue and a rebound in U.S. office leasing stood out in CBRE’s strong second-quarter results for 2026. During a Wednesday morning earnings call, the world’s largest commercial real estate services and investment firm reported $11.2 billion in second-quarter revenue, roughly in line…

BXP, the largest Class A office owner in the country, has landed a $1.2 billion construction loan to build its 930,000-square-foot office tower development at 343 Madison Avenue in Midtown, the real estate investment trust (REIT) announced Wednesday morning during its second-quarter earnings call. The financing for…
Get a little place in Harlem and you’ll figure it out. Developers Richman Group and Monadnock Development — in a joint venture — have filed plans with the New York City Department of Buildings (DOB) to construct a 420-unit residential building at 243 East 125th Street in Manhattan’s East Harlem neighborhood. The…

A Toronto-based real estate investment trust (REIT) has purchased an East New York, Brooklyn, medical facility for $89.9 million. Health care infrastructure REIT Vital Infrastructure Property Trust announced last week that it acquired the 142,249-square-foot East New York Health Hub at 101 Pennsylvania Avenue,…

Situated just off Sixth Avenue is 114 West 47th Street, a 26-story office building owned by the Durst Organization that is undergoing a major renovation. By 2029, this 600,000-square-foot Midtown Manhattan office asset will be equipped with a shining new lobby, high-quality tenant amenities, private terraces on…

Simone Development Companies has brought its two-story, 27,275-square-foot medical and office building at 1733 Eastchester Road in the Bronx’s Morris Park neighborhood to full occupancy, according to the firm. The building’s last vacant space was leased in June, when the U.S. General Services Administration (GSA)…
Seyon Group has sealed $28.1 million of acquisition financing to purchase an 11-building industrial campus in East Hartford, Conn., Commercial Observer has learned. Northwest Bank supplied the loan for Seyon Group’s $37 million acquisition of the 428,000-square-foot Prestige Park property. The 11 warehouses that…
Whole Foods Market has signed a lease to open its version of a mini-mart on the Upper East Side. The Amazon-owned grocery chain closed an 8,121-square-foot deal for one of its small-scale concepts on the ground floor of ConTowers Associates LP’s 1524 Second Avenue, also known as the Continental Towers, according to…

Suffolk Construction is moving its office within Downtown West Palm Beach after signing a 19,000-square-foot lease at the Echo boutique building. The builder will relocate to the top floor of the four-story building at 205 Datura Street, which sits adjacent to South Narcissus Avenue, the tenant announced. The new…

Ventas has acquired a 136-unit senior living community in Ventura County, Calif., for $56.54 million, according to records with PropertyShark. The transaction closed July 15 for more than $415,700 per unit. JLL Capital Markets represented the seller, Chicago-based Harrison Street Asset Management, and announced the…

A joint venture between the Dinerstein Companies and PGIM has secured $81 million to refinance Atlas Peakview, a 330-unit multifamily complex that recently opened outside Denver, Colo., Commercial Observer can first report. Mesa West Capital provided the debt, structured as a short-term, first-mortgage loan, while…

Interior design firm Cynde Altheim Interiors is holding onto its third-floor lease at 149 West 36th Street. Cynde Altheim will maintain its 6,740-square-foot office space in the Frangene Company-owned building, located between Broadway and Seventh Avenue. The design firm, which operates under the name of Mark David…

Wholesale product company EXP Group has landed $47 million of permanent debt to refinance an industrial asset in northern New Jersey, Commercial Observer has learned. Citizens Bank provided the loan on the 300,015-square-foot logistics property at 2500 83rd Street in North Bergen, N.J. Ripco Real Estate arranged…
Welltower, an investment firm focused on senior and assisted living communities, reported continued balance sheet improvement in the second quarter of 2026. The real estate investment trust (REIT) announced a slew of acquisitions, such as the Amica Senior Lifestyles portfolio consisting of 38 communities for $1.91…

The neon lights continue to shine bright on Broadway for 60 Guilders and Sentry Realty. The partnership just snapped up 1441 Broadway, a 550,000-square-foot office tower in Midtown Manhattan, for approximately $240 million, Commercial Observer has learned. The estate of LH Charney was the seller. Newmark’s Adam…

Clayton Callander is the founder of FTL (Field Technologies), a diagnostic platform built to give commercial buildings something like a check-engine light, closing the service gap for the roughly 95% of properties that enterprise vendors like Honeywell and Siemens can’t economically reach. Before founding FTL,…

New York City’s office-to-residential conversion wave hit another snag less than a month after columns buckled during an apartment transformation project at the former Pfizer headquarters in Midtown. Construction was halted last week by New York City’s Department of Buildings (DOB) at 222 Broadway in the Financial…

Uniti, an agentic artificial intelligence platform for real estate property managers, is experiencing rapid growth in client demand and funding as proptech companies compete to solve large operators’ everyday workflow challenges. Founded in February 2024, the Manhattan-based startup has seen demand for its agentic…

The 21st Century ROAD to Housing Act, which was enacted earlier this month, promises to greatly impact U.S. real estate when it goes into effect in January. The U.S. House of Representatives and the U.S. Senate passed the legislation — without President Donald Trump’s signature — with the intention of boosting…