A joint venture of PGIM Real Estate, Tribeca Investment Group and Meadow Partners has secured a $228.9 million refinancing loan for 295 Fifth Avenue, a renovated office building in Manhattan’s Midtown South neighborhood. According to Commercial Observer, Rialto Capital Management and Hines provided the new floating-rate, interest-only bridge loan. The financing was arranged by Walker & Dunlop. Also known as the Textile Building, 295 Fifth Avenue is a 19-story office property

Event venue operator Glasshouses has signed a long-term lease for approximately 70,000 square feet at 3 World Trade Center, where it plans to establish its new flagship Lower Manhattan location, Glasshouse Downtown. The venue will be located at 175 Greenwich Street within the Westfield World Trade Center complex. It will occupy two full floors at the base of the tower and is being designed to accommodate nearly 1,500 guests. Glasshouse Downtown is expected to host corporate m

NYC investment sales reached $17.38 billion during the first half of 2026, according to preliminary data from Ariel Property Advisors’ H1 2026 All Asset Investment Sales Report. The market recorded 1,224 transactions involving 1,651 properties. Compared with the first half of 2025, total dollar volume increased 37 percent, transaction volume rose 5 percent and property volume increased 8 percent. This marked New York City’s strongest first-half investment sales performance si

Apex Building Group and L+M Development Partners have secured more than $217 million in financing for the third phase of Alafia, a large-scale affordable housing community in the Spring Creek section of East New York, Brooklyn. Developed in partnership with RiseBoro Community Partnership and Services for the UnderServed, Alafia Phase III will include two residential buildings with a combined 273 affordable apartments. The phase is expected to be completed in 2029. According t

Brookfield is reportedly in exclusive talks to acquire a stake in Hudson Square Properties, a 13-building office portfolio located in and around Manhattan’s Hudson Square neighborhood. According to Commercial Observer, the proposed transaction would give Brookfield a 10 percent ownership interest in the portfolio, which is being valued at approximately $3.5 billion. Brookfield would also become the joint venture’s long-term operating partner if the deal is completed. Hines, w

Manhattan’s office market recorded its strongest first half of leasing demand in more than two decades, according to the latest Colliers Q2 2026 Manhattan Office Market Report. Office leasing volume reached 11.02 million square feet in the second quarter, exceeding the five-year quarterly average by 29.4% and the ten-year average by 31.3%. Total leasing activity during the first half of 2026 reached 22.80 million square feet, representing a 10.5% increase from the same period

Governor Kathy Hochul joined city, state, labor, and business leaders on July 9 to celebrate the official groundbreaking of the new American Express global headquarters at 2 World Trade Center. The project will be developed by Silverstein Properties on land owned by the Port Authority of New York and New Jersey under a long-term ground lease. Designed by Foster + Partners, the tower will complete the commercial office component of the 16-acre World Trade Center campus. The he

Whitestone Lanes in Flushing, Queens, is expected to be redeveloped into multifamily housing following a $45 million transaction. The $45 million sale of Whitestone Lanes in Flushing, Queens, marks a significant redevelopment move for one of the neighborhood’s long-standing commercial sites. The 48-lane bowling alley, located at 30-05 Whitestone Expressway, has been operated by a multigenerational ownership group and is now being positioned for a major residential redevelopme

Demolition has begun at 350 Park Avenue, the site of a 1,414-foot supertall office skyscraper in Midtown East, Manhattan. Designed by Foster + Partners and developed by Vornado Realty Trust, Rudin, and Ken Griffin, the 64-story structure will yield 1.8 million square feet of Class A office space with a capacity of 6,000 employees. Griffin's companies Citadel and Citadel Securities will serve as the anchor tenants, occupying at least 850,000 square feet. The 53,000-square-foot