NYC real estate industry squaring up to battle new law protecting tenants from broker fees
If you are not a broker, do not modify it. Big Apple real estate agents are suing the city over a new law that forces tenants to pay higher brokerage fees, but the lawsuit could prevent the law from taking effect this summer as planned. A group of Big Apple brokers is suing the city […]
NYC office market roars back to life, sending tenants scrambling
From the crash of 2020 to the boom of 2024. Manhattan's office market has made a remarkable recovery from the pandemic-induced downturn, and space is so tight that tenants looking to relocate or expand are having trouble. Companies such as Singapore-based sovereign wealth fund Temasek, which has 27,000 square feet of space in the Seagram […]
Brookfield taps leasing giant JLL to find tenants for nearly full Manhattan West towers
Brookfield Properties, with most of its three largest office towers leased for rents well above $100 per square foot, is building a 700-storey building between East Pennsylvania Station and its affiliate Hudson Yards. The world doesn't seem to care about million square feet of development. To the west. Still, leases don't last forever, and there […]
NYC luxury residential tower to feature secret ‘trophy’ space for commercial tenants
When does over 200,000 square feet of new office space opening in the middle of a tough market go unnoticed? When they're inside an eye-catching, 1,000-foot-tall, mostly apartment skyscraper on Fifth Avenue. Due for completion next year, the Lavina-led project at 520 Fifth Avenue is best known for offering 100 luxury condominiums. The KPF-designed tower […]
Two new tenants at famed NYC towers bolster luxury retail market
Two significant new leases have been signed in prime Midtown locations, providing a boost to Manhattan's overall luxury retail market and landlords. In a post-pandemic world of omerta, sources must remain anonymous. Strict non-disclosure agreements do little to keep information confidential and significantly reduce lawyers' billable hours. Our spies have revealed that Bonhams, the venerable […]
How ‘Squatter Hunter’ Flash Shelton evicts illegal tenants
Flash Shelton never thought he’d become an internet sensation, but now he’s a man clad in black tactical body armor and carrying pepper spray, a stun gun, a baton, a body camera and, at times, a Glock 26 pistol. And his hat? It says “Get Out” in clear letters. Shelton is tasked with evicting squatters […]
Squatters could be homeless, former tenants or even vacation home renters
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Hudson Yards skyscraper The Spiral lands five new tenants to lift occupancy above 80%
The Spiral has been a favorite Realty Check story since August 2017, when it was first reported that Pfizer would be the anchor of the Tishman Speyer Tower. Its strong draw, further bolstered by the ZO Clubhouse amenity center with its top-floor open-air terrace, has subsequently attracted other high-profile tenants including HSBC, Debevoise & Plimpton […]
Relative of NYC’s ‘worst landlord’ called ‘heartless and inhumane’ by harried tenants in his own building
The scion of one of New York’s most notorious slumlord families has been accused of “callous and inhumane” management by the tenants of his Upper West Side apartment complex. It comes just days after a family member was charged with lewd harassment of a tenant. Residents of 515 Cathedral Parkway believe that landlord Fred Oheshalom […]
Retail giant wants out of MTA transit center lease, blames crime for scaring away tenants
The retail giant that operates the Fulton Transit Center in lower Manhattan wants out of its contract with the MTA, saying crime is scaring tenants away from the shopping space. According to court documents, the Westfield Fulton Center alleges that the subway hub was overrun with homeless people, street thugs and vandals because it lacked […]