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The largest NY office deal of the year
News to know and deals to watch in New York
Welcome to traded’s weekly newsletter where we give you the top New York CRE news and deals to start your morning ahead of the curve, in 5 minutes or less ☀️☕💰
What We’re Serving Up Today
Vornado’s gamble on commuters
The auction for Bed Bath and Beyond’s premium leases
Largest NY office deal of the year
New ‘green’ grants and loans
The DIRT 📈
Daily Interest Rate Tracker
What You Need to Know 🗞️
🏢 Vornado Bets on Commuter Resurgence: The NY based realty trust is investing $1.2 billion into office space around Penn Station, counting on the return of daily commuters.
📝 Bed Bath and Beyond Dumping Leases: 109 of them, to be exact, in a competitive re-tenanting process that could give landlords the opportunity to lift rent prices in a tight retail market.
💰 Big Win for Multifamily: The FHA just upped the threshold for large multifamily loans from $75 million to $120 million, the first raise since 2014.
📈 Massive NY Office Lease Signed: By signing the city’s largest office deal of the year, the New York DCAS will fill a 32-story building in lower Manhattan, preventing loan defaults.
🔋Time to Go Green: The Department of Housing and Urban Development allocated $4.8 billion for a program enabling multifamily properties access to loans and grants for energy-efficient renovations.
🤖 CRE Firms are Welcoming Artificial Intelligence: A recent JLL report indicates that CRE firms are beginning to utilize AI integration to enhance operational efficiency.
Closing Time 💰️
This Past Week in NYC: 39 deals closed over $2M… 19 deals over $4M… 9 deals over $8M… 4 deals over $20M… OVER $330M in closed transactions… Get to work 💥
Trending from last week
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One More Thing…
Via @nimbypatrol on Twitter