Office Acquisitions Signal Confidence
Tishman Speyer has made its first Manhattan office acquisition since before the pandemic, purchasing 148 Lafayette Street in SoHo for $105.5 million from Epic. The 12-story, 153,000-square-foot office building was last sold in 2012 for $126.5 million. Blackstone provided a $68.3 million acquisition loan. The asset features tenants such as General Catalyst and Charlotte Tilbury, and Tishman Speyer plans targeted lobby and elevator upgrades. This move highlights renewed confidence in boutique office assets in high-demand neighborhoods.
NoMad Condo Site Secures Funding
Pro-H Development has closed on $76.7 million in construction financing from Urban Standard Capital to build a 101-unit, 27-story condo tower at 842 Avenue of the Americas. The site, previously planned for a hotel, was acquired from the Chun family for $30 million after a pre-foreclosure action. The development marks another residential pivot in NoMad, emphasizing the neighborhood’s growth as a luxury living destination. Completion is slated for late 2026.
Midtown Supertall Resumes Work
Work has resumed on The Torch, a 1,067-foot mixed-use skyscraper at 740 Eighth Avenue, developed by Extell. Designed by ODA, the tower will include an 825-key hotel, an outdoor observation deck, a drop ride attraction, and multiple high-floor amenities. Construction had stalled at the foundation level but is now actively progressing, with top-out potentially occurring in 2026, pending revised timelines.
NYC Revamps NYCHA Public Space
The city has completed a $23 million public space revitalization effort across six NYCHA sites in Brooklyn, Queens, and The Bronx. Projects included playground reconstructions, landscaping, fitness equipment, seating, and new sports courts. Locations like Kingsborough and Redfern Houses saw upgrades totaling over 86,000 square feet. The improvements aim to bring over 10,000 residents within a 10-minute walk of a park.
Time Equities Returns to Multifamily
Francis Greenburger’s Time Equities has re-entered NYC’s multifamily market after a decade, acquiring a 38-unit 421a building in Ditmas Park for $13.1 million. Previously owned by Lightstone Management, the asset was acquired in a distressed deal following foreclosure. Time Equities aims to capitalize on rent increases post-421a expiration in 2033, and is actively seeking $10–30M assets, especially pre-pandemic 421a buildings and potential condo conversions.
Court Backlogs Delay Real Estate Projects
New York’s real estate sector is grappling with severe judicial backlogs due to constitutional limits on the number of Supreme Court judges. Cited cases, like the Elizabeth Street Garden project, have experienced years-long delays. Assembly member Alex Bores and Senator Brad Hoylman-Sigal are leading efforts to change the constitution to allow more judges, aligning judicial resources with case volume, not population.
Brown Harris Stevens Leadership Shift
Hall Willkie is stepping down as President of Brown Harris Stevens on July 1, transitioning to a six-year consultancy role. Kevin Kovesci and Itzy Garay will step in as co-presidents, both longtime BHS executives. Under Willkie’s tenure, BHS reached $2 billion in 2024 Manhattan sell-side volume, ranking fourth citywide. The leadership change signals continuity and internal promotion at one of the city’s top luxury brokerages.