SL Green Targets $300M Portfolio Sale
SL Green is marketing two Manhattan assets—110 Greene Street in SoHo and 690 Madison Avenue in Lenox Hill—as a combined portfolio valued at $300 million. The property at 110 Greene, which features a Balenciaga store as a retail tenant, was valued at $255 million when SL Green acquired a stake in 2020. Meanwhile, 690 Madison, home to Van Cleef & Arpels, was purchased for $74 million in 2021 following a foreclosure process. Eastdil Secured is handling the marketing for both properties.
Tishman Speyer Acquires in Little Italy
Tishman Speyer has acquired 148 Lafayette Street for $105.5 million, a 129,135 square foot office building located in Little Italy. The purchase price of $816 per square foot comes from Epic LLC, which had previously purchased the property for $126.5 million in 2012. City data indicates that the area has seen minimal development and consistent commercial activity.
Samsung Expands at Penn 1
Samsung has signed a new 10-year lease for 35,000 square feet and extended its existing lease of 36,000 square feet, bringing its total footprint to 71,000 square feet at Vornado’s Penn 1. The asking rent for the new space was set at $110 per square foot. Samsung joins major tenants such as Dell, Wells Fargo, and Morgan Stanley at the 2.5 million square foot property, which recently underwent a $450 million renovation.
Manhattan Leasing Cools Slightly
In May, Manhattan saw 3.1 million square feet of office leasing, a 7% decrease from April but a 5% increase year-over-year. This includes NYU’s significant 1.1 million square foot lease at 770 Broadway, marking the largest lease since 2019. While tech leasing remains robust, there has been a slight dip in activity compared to the highs of April.
1 Park Row Facade Nears Completion
Construction is progressing on Circle F Capital’s 23-story, 62-unit condominium at 1 Park Row in the Financial District. The beige-and-gray facade is nearing completion, and amenities will include rooftop terraces, a gym, and a lounge. The project is expected to be completed in late 2025 or early 2026.
501 East 81st Goes Vertical
Rybak Development’s 10-story condominium at 501 East 81st Street in Yorkville is now rising above street level. The building, which spans 29,829 square feet, will replace a former diner and will feature curved balconies and enclosed parking. Delivery is slated for Spring 2026.
Brooklyn Bridge Arches Reopen
A newly revitalized 2-acre plaza beneath the Brooklyn Bridge, known as The Arches, has reopened after 15 years. The $50 million upgrade adds seating, recreational courts, and the return of the Brooklyn Banks skate area. The redesign is led by the DOT in collaboration with Gotham Park and The Skatepark Project.
Queensboro Bridge Redesign
Mayor Adams and the DOT have announced a new bike-pedestrian plan for the Queensboro Bridge. The north outer roadway will become a dedicated bike lane, while the south outer roadway will be converted into a pedestrian walkway. This redesign follows similar efforts on the Brooklyn and George Washington bridges.