News Summary
New York City is experiencing notable changes in its real estate market, with recent transactions highlighting movements in office, retail, and educational properties. Key deals include a law firm’s relocation to 250 Broadway, an expansion by Bridge Medical in Midtown, and the sale of vacant storefronts in Williamsburg. Additionally, a Brooklyn high school has been sold to Bally’s Corp without impacting operations, while concerns over a rental aid program’s efficiency have emerged amidst these developments.
New York City is seeing significant shifts in its real estate landscape, highlighted by various recent transactions and lease agreements encompassing office, retail, and educational properties. Notable deals include a law firm relocating to a new office tower in Manhattan’s Financial District and the expansion of a mental health provider in Midtown.
Law Firm Relocates in Manhattan
The law firm Rose & Rose has secured a new office space, relocating to 250 Broadway in the Financial District. The firm has signed a lease for 14,100 square feet within the mixed-use tower owned by AmTrust RE. The transaction involved brokers from AmTrust and CBRE, with representation from Norman Bobrow & Co.
Mental Health Provider Expands
In a strategic move to broaden its footprint, mental health provider Bridge Medical has expanded its office space to 399 Fifth Ave. in Midtown, leasing a total of 6,800 square feet. The in-house team from Koeppel Rosen represented the landlord, while R New York’s Steven Gurton acted on behalf of the tenant.
Bankruptcy Sale in Brooklyn
On the retail front, two vacant storefronts located at 61 and 63 N. Sixth St. in Williamsburg were sold as part of a bankruptcy sale. The properties were sold for $31.6 million from seller Rehan Perveez to purchaser City Urban Realty.
High School Sale Does Not Affect Operations
In educational real estate, Preston High School, located at 2780 Schurz Ave., has been sold for $8.5 million to Bally’s Corp. The acquisition will not affect the school’s operations, ensuring continuity for its students despite the change in ownership.
Mortgage Refinancing in Midtown
The Durst Organization has successfully refinanced the mortgage on its mixed-use building at 205 E. 42nd St. The refinancing involved a substantial loan from Citibank amounting to $165 million.
New Leases Signed in Midtown
California-based lifestyle brand Rylee + Cru has signed a new lease for 1,900 square feet at 209 W. 38th St., owned by GFP Real Estate. This deal was brokered by Matthew Mandell, who also represented another tenant, Seventh Avenue Knits Corp., which extended its lease for 1,800 square feet at the same location.
Gallery Relocation on Upper East Side
In the realm of arts and culture, a Japanese-art-focused gallery has relocated to 8 E. 67th St., sold by Andrea Brown to buyers Erik and Cornelia Thomsen for $9.6 million.
Hotel Secures Project Loan
Meanwhile, the Times Square Hotel at 2 Times Square has secured a project loan of $5.7 million from Blackstone, under the ownership of Apollo Global Management.
Brooklyn Development Refinances
In Brooklyn, the multifamily development known as The Eve located at 827 Sterling Place has completed a refinancing deal amounting to $40.8 million with lender ACRES Capital.
Foreclosure on Iconic Building
The Charles Scribner’s Sons’ Building at 597 Fifth Ave. was auctioned in a court-ordered foreclosure sale, with a minimum bid set at $150.2 million. However, the property was returned to the lender after no bidders participated in the auction.
Concerns Over Rental Aid Program
Adding to the real estate discussions, a recent audit by the New York State comptroller revealed systemic issues within the rental aid program CityFHEPS, affecting timely payments and processing for homeless individuals. The report indicated an average waiting period for eligibility of 10 months, prompting city officials to seek improvements in the management of this critical assistance program.
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Additional Resources
- Crain’s New York: NYC Deals of the Day – May 5, 2025
- Wikipedia: New York City
- Commercial Search: Where Office Space Wins
- Google Search: NYC real estate news
- Skift: Takeaways from NYC’s Near Ban on Airbnb
- Google Scholar: NYC real estate trends
- Crain’s New York: NYC Deals of the Day – May 2, 2025
- Encyclopedia Britannica: New York City
- New York Times: CityFHEPS Housing Vouchers Audit
- Google News: New York City real estate
