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6 days ago | 
therealdeal.com | Elizabeth Cryan
Old Navy has inked the year’s largest retail lease at JEMB Realty’s Herald Towers, breathing new life into an increasingly stagnant Midtown shopping corridor. Old Navy, Gap Inc.’s largest brand, will open a 55,000-square-foot flagship on the first and second floors at 50 West 34th Street, the landlord announced. The clothing retailer inked a 15-year lease at the 1 million-square-foot mixed-use building. JEMB declined to disclose the asking rent.
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1 week ago | 
therealdeal.com | Elizabeth Cryan
Thanks to corporate mandates requiring employees to return to their desks, it is boom times for the New York City office market. While other cities lag 12 to 18 months behind the Big Apple, financial services companies have led the charge on office leasing in Manhattan, which is on track for its best year since 2020. “I think that we’ve turned the corner in a definitive way,” CBRE’s Mary Ann Tighe said.
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1 week ago | 
therealdeal.com | Elizabeth Cryan
On the same day Josh Schuster was arrested in Florida and charged by federal prosecutors with wire and securities fraud, the Securities and Exchange Commission filed a civil suit against the disgraced condo developer. Like the criminal case, the civil complaint alleges that Schuster and his company, Silverback Development, defrauded investors out of millions of dollars. The SEC case centers around three unnamed investors in an ill-fated Gramercy Park condo project.
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1 week ago | 
therealdeal.com | Elizabeth Cryan
Disgraced developer Josh Schuster has been accused of stealing millions of dollars from investors for New York City real estate projects and using it to bankroll his lavish lifestyle, according to a newly unsealed federal indictment. Schuster was arrested on Wednesday in South Florida, where he moved with his family after shutting down his troubled real estate development company, Silverback Development.
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1 week ago | 
therealdeal.com | Elizabeth Cryan
NYU closed on a 1.1 million-square-foot masterlease at Vornado Realty Trust’s Greenwich Village office building. The university made an upfront rent payment to Vornado of $935 million when the deal closed and will make annual payments of about $9.3 million during the 70-year lease term, the landlord announced.
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1 week ago | 
therealdeal.com | Elizabeth Cryan
Yitzchok Katz’s Goose Property Management scored a $166 million construction loan for four adjacent multifamily buildings in Boerum Hill. Slate Property Group provided the loan for the project, which includes three 99-unit buildings and one 70-unit building, an apparent attempt to avoid the $40 wage floor that kicks in at 100 units under 485x. The fresh financing, first reported by PincusCo, replaces a $100 million loan from H.I.G. Realty Partners. Henry Bodek of Galaxy Capital arranged both deals.
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2 weeks ago | 
therealdeal.com | Elizabeth Cryan
Brokers Randy Modell, Steven Hornstock and Gregg Schenker were canvassing the Upper East Side for business when they noticed a building on Third Avenue looking out of place among the neighborhood’s tall towers. They approached the owner of the seven-story multifamily property, a European family that had been looking to sell it as a rental. The brokers had a different idea. They convinced the owner to divide the building into two pieces by rerouting pipes and electrical wiring.
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2 weeks ago | 
therealdeal.com | Elizabeth Cryan
Manhattan’s office leasing market remains on the up and up. Coming off the strongest first quarter since 2019, tenants inked deals for 3.38 million square feet in April, up 23 percent year over year, according to a new Colliers report. Although leasing volume was down from March, the availability rate continued to tighten, dropping from 17.7 percent to 15.7 percent, the lowest since February 2021.
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2 weeks ago | 
therealdeal.com | Elizabeth Cryan
Jodi Pulice was about to be fired. In a Midtown conference room at Cushman & Wakefield, she met with a group of Cushman veterans: Todd Schwartz, Gus Field and Ron Lo Russo, as well as a team from another brokerage that was small like her eight-person firm, JRT Realty Group, which she founded with her husband in 1996. Not everyone was attending in person. Cushman broker Diana Boutross teleconferenced in, her face projected on a large TV screen on the wall.
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2 weeks ago | 
therealdeal.com | Elizabeth Cryan |Matthew Elo
For developers, 2025 appears to be a banner year as they look past federal policy uncertainty to the long-awaited good times. “New York City is very much on the rebound,” Two Trees’ Jed Walentas said. The state passed a revamped version of its affordable housing policy. The Federal Reserve began cutting interest rates slightly. A real estate guy was elected president. The City Council adopted City of Yes.
