Bond Collective locked out of Flatiron location by city marshal

Members at coworking firm Bond Collective’s Flatiron District location showed up to work Thursday to find themselves locked out by a city marshal. A notice posted by the marshal’s office stated that the landlord at 115 East 23rd Street had retaken possession of the space, and members scrambled to try and get their belongings.  Court records show that a state judge ordered the lockout after the landlord, First Pioneer Realty, sued Bond Collective last February,

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Related to walk away from empty LIC office campus

The mantra that millennials wanted to “work where they live” drew some of New York’s biggest developers across the East River in the late 2010s to build Instagrammable offices in hot Queens and Brooklyn neighborhoods. Today many of those offices remain empty, and now some developers are conceding that the gold rush never materialized.  Case in point: Related Companies’ fund management arm and its partner BentallGreenOak are ready to walk away from the Point LIC,

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Pearlmark’s Tower 56 starts forced selling for Manhattan offices

The other shoe is about to drop for New York’s nervous office owners. With the mortgage due on its Tower 56 building in the Plaza District, Pearlmark Real Estate is negotiating a deal to sell the property at a price that will just about cover its debt, sources told The Real Deal. The Blackstone Group holds the mortgage on the 1980s-era tower and has been working with Pearlmark to allow for an orderly sale. It’s

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The commercial real estate recession is here, says Boston Properties

While all eyes will be tuned to Federal Reserve Chair Jay Powell’s press conference Wednesday for indications of whether the U.S. will slide into a recession, one of the nation’s largest office landlords says it’s already here for commercial real estate. “Notwithstanding the running debate on whether the U.S. economy will experience a hard or soft landing, commercial real estate markets are currently in a recession,” Boston Properties CEO Owen Thomas said on the company’s

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Jeff Sutton’s Wharton refis Prada property on Fifth Ave with $260M loan

Jeff Sutton’s Wharton Properties refinanced its Prada property on Fifth Avenue with an eye toward returning to the debt market relatively soon when rates may be lower. German lender Aareal Capital Corporation provided Wharton with a $260 million loan for the property at 724 Fifth Avenue. The new debt has a term of two years, which avoids locking Wharton into a long-term loan while rates are high. A representative for Wharton declined to comment and

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MetLife pays $68M cash for Williamsburg apartments

One way to navigate this tough borrowing environment is to buy without a loan. MetLife paid nearly $70 million in cash for a pair of Williamsburg apartment buildings, The Real Deal has learned. The insurance giant purchased the buildings at 139 North 10th Street, also known as the Print House Lofts, and 44 Berry Street from Clarion Partners for $68.1 million. It’s one of the first big multifamily acquisitions of the year as rising interest

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$16B in CMBS loans nearing cliff in NYC

Commercial mortgage maturities are piling up in New York City as higher interest rates and recession anxiety make refinancing a major challenge. More than $16 billion in loans secured by New York City commercial properties are set to mature this year, according to data from Trepp. That’s almost 30 percent more than the $12.7 billion that came due last year. This swell of maturities is in part because borrowers kicked the can down the road

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Murdoch’s 6th Ave deal tops Manhattan’s most valuable office leases of 2022

Last year was one of reckoning for Manhattan’s office market. After an underwhelming post-Labor Day return to the office, workspace occupancy remained below where many of the city’s landlords would like it to be. Leasing activity ground to a halt at the end of the year, with fourth-quarter figures down 43 percent from a year earlier. Still, there were bright spots, particularly for owners of new construction projects. Brookfield’s Two Manhattan West, SL Green Realty’s

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Aurora to overhaul prominent Meatpacking property

Bobby Cayre is making another play in the Meatpacking District. The developer’s Aurora Capital Associates has joined landlord David Ellis Real Estate to renovate and upgrade 24 Ninth Avenue, a 50,000-square-foot office and retail building near the heart of the trendy neighborhood, sources told The Real Deal. Aurora came in to manage the complete overhaul of the property, which sits across 14th Street from the Apple store where Ninth Avenue and Hudson Street meet to

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Durst eyes rare sale in Seaport district

The Dursts are looking to unload a handful of small apartment buildings in Lower Manhattan’s South Street Seaport district — an uncommon move for a family that rarely sells its properties. The Durst Organization and its partner, Zuberry Associates, are looking to get $87 million for the seven buildings, according to marketing materials from Avison Young, which is handling the sale. The buildings, which include 95 apartments and 15 retail units spread across more than

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