What happened, and who moved.
Tidal Real Estate Partners is “waving” hello to the opportunity to convert a Savannah, Ga., multifamily building into a Margaritaville-branded hotel. The New York City development firm just sealed $113 million of bridge debt to recapitalize and repurpose the 2023-built Ann Street Lofts property into the 230-key…
An artificial intelligence-powered management platform designed to help law firms has signed an office lease on the Lower East Side, Commercial Observer has learned. AI platform Sandstone signed a five-year deal spanning 13,794 square feet on the entire third and fourth floors of East End Capital’s 141 East Houston…
For Dedeaux Properties, California’s infamously arduous development environment can be both a hurdle and a competitive advantage. CEO Brett Dedeaux spoke with Commercial Observer about why the firm sees Tejon Ranch as such a compelling alternative to Los Angeles County and the Inland Empire, as well as how the…
Real estate investment and development firm Grun Group has filed plans with the New York City Department of Buildings (DOB) to bring a pair of 99-unit residential towers to the Bronx’s Woodlawn Heights neighborhood, records show. If approved, the first of the two new buildings will be at 4241 Webster Avenue and…
The office staff of London-based fashion label Manière De Voir is making the jump across the pond. The fashion brand has signed an 11,200-square-foot office lease at 599 Broadway in Manhattan’s SoHo neighborhood to open its first U.S. headquarters, Commercial Observer has learned. The move comes as the retailer…
Northlink Capital has secured $85 million of construction financing to develop a Miami Beach luxury condominium project, Commercial Observer has learned. Deutsche Bank provided the loan, which will refinance past debt and fund ground-up construction of the 12-story condo tower at 7200 Collins Avenue in Miami…
Alert the Queen, here come the corgis! OK, not exactly. Corgi Cafe, a 24/7 coffee shop from Corgi, an artificial intelligence-powered insurance company — no, really — is getting ready to open its first location in New York City, Commercial Observer can first report. The tenant, which will operate a round-the-clock…
It’s become fashionable in New York City commercial real estate to bash the state’s 485-x program, which provides tax incentives for new residential development in certain areas of the five boroughs in exchange for including affordable housing. The criticism revolves around 485-x’s higher construction wage…
The World Cup’s excitement may be over, but one of the most fascinating sports phenomena hasn’t been visible on fields or courts. A cadre of athletes has been channeling their professional star power to develop commercial real estate projects. And some of those ventures are happening in those athletes’ hometowns.…
A new golf club is being teed up for Brooklyn’s Dumbo neighborhood. Gowanus Golf Club, a Brooklyn-based private indoor golf club chain, has leased approximately 6,000 square feet along the Dumbo waterfront at 215 Water Street, Commercial Observer has learned. The five-story mixed-use building between Bridge and Jay…
In the summer of 2023, Greatland Realty Partners and Barings acquired an approximately 515,000-square-foot office campus at 275 Grove Street in Newton, Mass., for $117.5 million. The property had last traded just three years earlier for $235 million. It was almost 40 percent vacant for the first time in its 25-year…
Technology platform Genius AI, formerly known as GlossGenius, has undertaken a 13,754-square-foot headquarters expansion at ZG Capital Partners’ 838 Broadway, Commercial Observer has learned. The deal sees Genius AI’s footprint at 838 Broadway grow to 27,373 square feet, occupying the entire second and third…
The hit television series “Landman” stars Billy Bob Thornton as a West Texas oil executive who mines distant plains and deep oceans for the petroleum that powers modern life. If showrunner Taylor Sheridan is looking for a sequel, he won’t have far to turn. A new breed of businessmen termed “wildcatters” is shaking…
The seesaw history of a West Palm Beach residential complex has a new chapter. A joint venture between the Kamson Corporation and Joel Gluck’s Scopus Property Management has closed on a $90 million acquisition of Ponte Verde at Palm Beach Lakes, Commercial Observer has learned. The 400-unit property was built in…
Waste Management has paid nearly $380 million for about 146 acres in Medley, Fla., where the Houston-based company will likely build another landfill, property records show. The land sits parallel to Route 27 at 9515 Northwest 95th Avenue near the Everglades national park. About half the site remains vacant while…
Carlyle Group and Haussmann Development have plans to partner on a 99-unit apartment complex in Brooklyn’s Crown Heights neighborhood. The two developers filed plans Thursday with the New York City Department of Buildings (DOB) to bring a new 12-story mixed-use building to 566 Grand Avenue, near the corner of Grand…
Rexford Industrial Realty is dramatically accelerating its shift from being the most aggressive industrial buyer in Southern California into perhaps the region’s biggest seller. The Los Angeles-based real estate investment trust (REIT) has identified about $2 billion of “noncore assets” for disposition as it…
Developer Jeff Svitak has landed $34.25 million of bridge debt for a newly completed San Diego multifamily project, Commercial Observer has learned. Lightstone Capital originated the senior loan for Svitak’s Kaya Apartments development in San Diego’s Bankers Hill neighborhood. John Zubak, managing director and head…
Senior Living Transformation Company (SLTC) and Sabal Investment Holdings have secured $50 million to acquire and improve two senior living communities that specialize in assisted living and memory care: Daylesford Crossing in Paoli, Pa., and the Villages of Windcrest in Fredericksburg, Texas. Protective Life…
The life sciences boom isn’t finished yet. Gemdale USA has secured $90 million in mezzanine debt to refinance Aperture Del Mar, a 538,000-square-foot Class A life science campus that recently opened in San Diego, Calif. Tishman Speyer and Bellco Capital, through their Breakthrough Properties joint venture vehicle,…
As it approaches its first birthday, Nomura Securities’ commercial real estate lending platform has an extra reason to celebrate: It just sealed the largest sole-bank single-asset, single-borrower commercial mortgage-backed securities (SASB CMBS) deal in almost two years. The $719 million KELR 2026-MF deal is…
New York City is relying, in part, on more than 16,000 units planned via office-to-residential conversions to ease its enduring housing crisis. So, when the country’s largest conversion, sitting in the heart of Midtown, starts to buckle, it’s not taken lightly. The startling structural emergency at MetroLoft and…
Fashion Nova is expanding its Southern California logistics side with another industrial lease in Santa Fe Springs. The Los Angeles-based fast-fashion retailer signed a lease to take over the 132,888-square-foot warehouse at 12301 Hawkins Street, according to CoStar. It increases Fashion Nova’s warehouse footprint…
Todd Rosenberg’s Pebb Capital has purchased the Uno office building in South Beach, as boutique financial firms vie for outposts in Miami. The seven-story building features about 100,000 square feet of leasable space and 106 covered parking spots at 119 Washington Avenue, between First and Second streets, in the…
A private-label securitization closed by Systima Capital Management for a portfolio of nearly 1,300 subsided apartments underscores the potential for use of the commercial mortgage-backed securities (CMBS) market in affordable housing deals. Systima closed the $153 million tax-exempt affordable housing bond deal…
Legora, a company that developed a collaborative artificial intelligence-driven workspace for the legal profession, has signed a new 10-year lease for 98,420 square feet — the entire 11th floor — at SL Green Realty’s 11 Madison Avenue. This brings the building to 100 percent occupancy. SL Green was represented by…
SL Green is reaping the rewards of a resurgent New York City office market. “It might be the dead of summer, but our team is, of course, hard at work — this is truly when we shine the brightest, are completely dialed in on our business plan, and outwork the marketing,” said CEO Marc Holliday, […]
An 865,000-square-foot tower along Bryant Park is looking for a new owner. The office tower at 10 Bryant Park, also known as HSBC Tower, is seeking more than $800 million, sources familiar with the plans told Bloomberg. Newmark’s prolific deal-making team, made up of Adam Spies, Adam Doneger and Avery Silverstein,…
Metropolitan Realty Group has sealed $46.8 million of agency debt for the acquisition and refinancing of a Long Island affordable housing complex, Commercial Observer has learned. Greystone provided the nonrecourse, fixed-rate Fannie Mae-backed loan on the developer’s Pine Town Houses Section 8 garden-style…
Empire State Realty Trust is parting ways with its mixed-use building at 1359 Broadway and marketing it for sale, sources familiar with the move told Commercial Observer. The property is expected to fetch around $225 million, with the winning buyer owning the fee simple interest in the 486,000-square-foot, 22-story…
Blackstone’s growth continued unabated in the first half of 2026, as the firm leveraged its enormous data center and AI platform to report strong shareholder returns. In the second quarter, the firm delivered more than 20 percent year-over-year growth across total revenues, fee revenues, fee-related earnings, net…
On July 14, New York Gov. Kathy Hochul signed the nation’s first statewide moratorium on the building of new hyperscale data centers, pausing all state environmental permits for up to one year. The purpose, according to the governor’s announcement, is to take the time to establish “a nation-leading regulatory…
Another artificial intelligence firm is planting roots in Midtown South. Chalk AI, a data platform that provides companies with infrastructure to deliver data to AI agents, has signed a lease for 26,607 square feet at Castro Properties’ 43 West 23rd Street in the Flatiron District, according to landlord broker…
The Durst Organization has announced three leases totaling 11,223 square feet for prebuilt office suites at the company’s 1133 Avenue of the Americas, Commercial Observer has learned. In the largest of these, software company Quantexa signed a new lease for 5,263 square feet at the building. The U.K.-based firm…
Google’s parent company has quadrupled its office footprint in Miami, Bloomberg reported. Alphabet inked a lease for about 45,000 square feet at 1450 Brickell Avenue this spring, where it had been leasing about 10,000 square feet. The tech giant has been stationed at the 34-story building since 2016. Developer…
Adler Partners, an owner and operator in the U.S. industrial space, has secured $343 million to recapitalize select assets in its fourth commercial real estate investment fund after closing its Adler Light Industrial Portfolio II (ALIP II) this month, according to a release. Corebridge Financial provided $203…
The Bascom Group has acquired a 183-unit apartment complex in Orange County, Calif., as the company expands its multifamily holdings this year in the Western U.S. The Irvine, Calif.-based investment firm put down $53.1 million for Castlewood Park Apartments in Buena Park. The deal is equal to about $290,200 per…
A joint venture between Centerbridge Partners and Henderson Group has landed a $208.5 million debt package to recapitalize 40 industrial assets in Pennsylvania and South Florida, Commercial Observer has learned. J.P. Morgan Chase supplied the five-year, floating-rate loan on the sponsorship’s logistics portfolio…
Get your popcorn ready, Los Angeles. One of Hollywood’s most beloved movie theaters is finally coming back. Sony Pictures Entertainment and its Alamo Drafthouse Cinema subsidiary announced Wednesday they struck a long-term lease to restore and reopen the Cinerama Dome on Sunset Boulevard and the adjacent 14-screen…
Ohana Real Estate Investors paid $191.2 million for the Panther National golf resort and a luxury housing development in Palm Beach Gardens, Fla., property records show. The asset spans 392 acres within the Avenir master development at 10391 Panther National Boulevard. Panther National includes an 18-hole…
SL Green Realty has signed two deals totaling 34,564 square feet at its 20-story Midtown East office building at 711 Third Avenue, Commercial Observer has learned. In the largest deal, title insurance and settlement provider Fidelity National Title Insurance signed a new lease for 19,966 square feet on a portion of…
RBH Group has landed $36.7 million of pre-development financing for a mixed-use multifamily project in Newark, N.J., Commercial Observer has learned. CDK Lending provided the loan on the developer’s planned 420-unit apartment complex with ground-floor retail space at 101 Market Street in Newark’s Four Corners…
Following the city’s rent freeze decision in June, it was very much expected that angry New York City landlords — now burdened with even more maintenance costs and increased upkeep on rent-stabilized apartments — would take legal action to overturn the vote. And now it’s a reality. A group of five small landlords…
Justin Segal is President of Boxer Property, where he oversees operations, leasing, technology, and marketing across a national portfolio of office, retail, and hotel assets. He co-founded Brava Systems, an AI-enabled platform originally built for Boxer’s own operations and now deployed across the commercial real…
It’s been well documented and much lamented just how few ground-up residential units are being developed and constructed in New York City due to the limitations of 485-x, a 2-year-old state tax incentive that appears to guide most developers to a 99-unit limit on new multifamily buildings in much of the city in…
The New York City Rent Guidelines Board (RGB) recently voted to freeze rents on both one- and two-year rent-stabilized lease renewals, fulfilling one of Mayor Zohran Mamdani’s signature campaign promises. For the approximately 2 million New Yorkers living in rent-stabilized apartments, the decision was…
U.S. bank real estate loan balances totaled $6.14 trillion in the first quarter of 2026, according to CRED iQ data. Since the first quarter of 2019, the composition of that real estate loan balance book has shifted measurably. Multifamily balances grew the fastest in percentage terms, rising about 53 percent, while…
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…
Starwood Capital Group is advancing plans for a pair of data centers in Fairfax County, Va., near the Alexandria border. The investment firm filed plans last week for the first building at its Plaza 500 development, according to the Business Journals, which cited Fairfax County records. Plaza 500 South, the…
ISAIA, a luxury menswear brand out of Naples, Italy, has signed a 13,000-square-foot lease renewal on the 10th floor of the Feil Organization’s 257 Park Avenue South, the property owner announced Tuesday. Feil said the brand has “recommitted” to its corporate showroom space at the property, also known as the…
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,…
Los Angeles’ Oceanwide Plaza, a massive downtown development stuck in limbo so long it became tagged and transformed into the infamous Graffiti Towers, has been cleared for sale. The long process of selecting a new developer after the original Chinese developer went bankrupt may finally be coming to a close. KPC…
A joint venture between the Ardent Companies and StepStone Real Estate has secured a $140 million loan to refinance a portfolio of eight, Class A self-storage properties in seven northeastern U.S. states, according to a release. ACORE Capital provided the debt, structured as a floating-rate loan, while a JLL…
GO Residential REIT has been on a bit of a buying spree this year, and it just completed its previously announced acquisition of an approximately 81 percent managing interest in a multifamily building in Crown Heights, Brooklyn. The real estate investment trust, using the LLC GO 409, acquired control of the…
The myriad headwinds facing New York City hotel investors just got even stiffer. The Big Apple’s hospitality industry confronted rising operating and borrowing costs from persistent inflation in recent years that was further compounded by a big drop in international tourism since President Donald Trump assumed…
GFP Real Estate has signed three new deals at its Midtown office tower at 515 Madison Avenue, totaling nearly 9,000 square feet of space, the landlord announced Tuesday. In the largest deal, investment management firm T7 Capital signed a five-year, 3,956-square-foot lease on the building’s 29th floor. It’s unclear…
For a few days last week, two buckling steel columns at the Pfizer Building became the biggest real estate story in America. If you only read the headlines, you might conclude that office-to-residential conversions are suddenly in trouble. The opposite is closer to the truth. Quietly, New York has become the…
A joint venture consisting of Global Holdings, MAG Partners and Safanad has sealed $141.4 million of bridge debt to refinance a newly built luxury apartment tower in Midtown Manhattan’s Turtle Bay neighborhood, Commercial Observer has learned M&T Realty Capital Corporation provided the loan on the sponsorship’s…
Not many proptech companies have been able to scale their technology to take advantage of the data center construction boom, but one that has cracked the code in servicing the sector’s gargantuan growth is OpenSpace. The San Francisco-based visual intelligence platform has worked on more than 1,000 data center…
When he isn’t home tending to his alpacas — yes, he has alpacas — Craig Deitelzweig, the chief executive officer of owner Marx Realty, is working out ways to beautify the company’s office portfolio, intent on making where people go to work a destination, not a chore. Deitelzweig, a former lawyer who graduated from…