June 14, 2025

New York City’s Real Estate Market Activity

News Summary

New York City is experiencing a surge in real estate activity with significant leases, sales, and financing moves across neighborhoods. Highlights include the NYC Department of Transportation leasing 212,000 square feet in Queens, a $5.3 million townhouse sale on the Upper West Side, and major renovation loans in the Bronx. The commercial sector also saw notable leases, including 30,000 square feet for Surmount in Manhattan. These developments showcase a vibrant real estate landscape amid ongoing financial ventures.

New York City is witnessing significant activity in its real estate market with major leases, sales, and financing transactions across various neighborhoods. Key developments include a large lease for the New York City Department of Transportation in Queens, a multifamily sale on the Upper West Side, and several financing deals aimed at renovations and refinancing across the boroughs.

Long Island City Lease Completed

In a major lease agreement, the New York City Department of Transportation has signed a lease for 212,000 square feet of industrial space located at 47-25 34th St., Queens. The lease involves landlords Metropolitan Realty Associates and Nuveen. Representation for the landlords was handled by Newmark’s Scott Klau and Ryan Gessin, while tenant representation came from CBRE’s John Reinertsen, Yun Park, Doug Holowink, Josh Leibowitz, and Michael Lee.

Upper West Side Townhouse Sold

In the residential sector, a townhouse at 36 W. 89th St., Manhattan has been sold for $5.3 million. The seller was Julie Pars Cadenhead and the buyer is identified as Xiaoqing Xu. This property falls under the multifamily asset category.

Financing Transactions Highlighted

In the Bronx, Infinite Horizons, Wavecrest Management, and MDG Design & Construction secured a substantial renovation loan for $231 million from Merchants Capital for their multifamily property located at 1130 Burke Ave.. Additionally, Century Management has refinanced its Cherokee co-op properties at 509 E. 77th St. and 508 E. 78th St., Manhattan, obtaining a loan of $32.4 million from the National Cooperative Bank.

Commercial Leases and Notable Sales

In the commercial space, Surmount has leased 30,000 square feet of office space at 1185 Sixth Ave., Manhattan, with landlords SL Green Realty Corp. represented by Newmark’s team. Another lease has been signed by the Foundry Learning Center for 20,600 square feet of retail space at 4 Park Ave., Manhattan with representation by Colliers’ Clint Dewey.

Law firm Israel David has secured 3,500 square feet at 60 Broad St., Manhattan from landlord Piedmont Realty Trust, represented by JLL brokers. The commercial market also saw a development site purchased at 175-05 Horace Harding Expressway, Queens for $12.3 million by Heights Advisors from St. John’s University.

Residential Property Transactions

ThirdWave Corp. purchased multifamily rental properties located at 248 and 250 W. 102nd St., Manhattan from the Cherney family for $9 million. Meanwhile, in Brooklyn, L3 Capital has sold a development site at 204-206 Bedford Ave. for $8.5 million to Shai Iluz.

Additional Leasing Highlights

Fashion brand Tom Ford has signed a lease for 11,118 square feet at 500 Park Ave., Manhattan for ten years. This lease was facilitated by JLL and Savills brokers. Another retail lease was signed with Charles Tyrwhitt at 477 Madison Ave., Manhattan, covering 3,800 square feet.

Bronx Grocery Store Sale Completed

A retail transaction has also taken place in the Bronx, where a grocery store at 1472 Boston Road was sold for $9.3 million to Civic Builders from seller Joseph Riegler.

Hotel Refinancing Initiative Announced

Highlighting the hospitality sector, NY 37TH ES LLC has secured a refinancing loan of $131 million from Wells Fargo Bank for the Embassy Suites located at 60 W. 37th St., Manhattan.

These developments show a thriving New York City real estate market, balancing commercial, multifamily, and hospitality needs amid ongoing changes and financial restructuring.

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Additional Resources

Author: STAFF HERE NEW YORK WRITER

NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.

STAFF HERE NEW YORK WRITER

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