Terra Developers has completed a $28 million 500 Columbus Avenue acquisition on Manhattan’s Upper West Side, adding a mixed-use property one block from Central Park to its New York portfolio. According to Commercial Observer, longtime owner CKMR Corporation sold the five-story property to Terra Developers. The building contains approximately 35,300 square feet at the northwest corner of West 84th Street and Columbus Avenue. The transaction was financed with a $25 million loan

Manhattan’s retail market continued to recover during the first half of 2026, with leasing demand expanding beyond the borough’s best-known shopping corridors. According to the Real Estate Board of New York’s H1 2026 Manhattan Retail Report, average asking rents increased in 8 of the 16 retail corridors tracked, while the number of available storefronts continued to decline in many of the most competitive locations. Demand remains especially strong in SoHo, Madison Avenue, Lo

Airbnb has purchased 281 Park Avenue South, a landmarked property in Manhattan’s Gramercy neighborhood, for $81.5 million. According to Commercial Observer, the acquisition is Airbnb’s first purchase of an office property in New York City. The company plans to use the building as one of its largest employee hubs outside San Francisco. The six-story property contains approximately 42,500 square feet and is located at the corner of Park Avenue South and East 22nd Street. The bu

JPMorgan Asset Management is seeking a buyer for its 49 percent interest in 605 Third Avenue, as Fisher Brothers prepares to bring a new minority investor into the Midtown Manhattan office tower. According to The Real Deal, the offering is targeting a property valuation of approximately $425 million. Fisher Brothers plans to maintain majority ownership and work with the new investor on a strategic repositioning of the property. No buyer or completed transaction has yet been a

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

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

The residential development market in New York City continues to thrive, driven by robust tenant demand and supportive zoning policies. Recently, prominent Brooklyn-based developer Avery Hall Investments officially filed plans with the New York City Department of Buildings (NYC DOB) to construct a new 18-story mixed-use residential tower in the heart of Brooklyn’s Crown Heights neighborhood. Located at 1550 Bedford Avenue, at the prominent intersection of Eastern Parkway and

New York City's residential development is experiencing an unprecedented boom, defying national cooling trends and establishing the metropolis as the nation's leader in multifamily construction. According to the latest data from the NYC Department of City Planning, a staggering 38,682 new housing units were completed in 2025. This represents a substantial increase from the 33,859 units delivered in 2024, marking the highest single-year completion total since 1965 and the seco