News/Events
Luxury Condo Sales in Manhattan Rise Post-Pied-à-Terre Rollout
The luxury pied-à-terre is alive and well, despite any efforts to stifle — or excessively tax — it. While the second week of August saw a Staten Island Supreme Court judge block the rollout of New York City Mayor Zohran Mamdani’s pied-à-terre tax — a controversial surcharge on second homes worth more than $5 million…
TikTok Tells U.S. Employees to Return to Office 5 Days a Week
TikTok’s work-from-home era is scrolling to an end. The ByteDance-owned social media platform has instructed its U.S. employees to return to the office five days a week, sources told Business Insider. The change impacts the company’s hybrid employees that are currently allowed to work from home at least one day per week. TikTok alerted employees across…
Blackstone Snaps Up Ken Griffin’s 125 Worth Avenue in Palm Beach for $86M
Billionaire Ken Griffin just parted ways with his last remaining retail property on Worth Avenue in Palm Beach, Fla., Commercial Observer has learned. Blackstone Real Estate has agreed to acquire the three-story office and retail building at 125 Worth Avenue, owned by Griffin since 2023, for $86 million in an all-cash deal, sources familiar with…
Fund Administrator Hanover Park Inks 19K-SF Deal at 387 Park Avenue South
An artificial intelligence-driven fund administrator is moving its headquarters to TF Cornerstone’s 387 Park Avenue South, Commercial Observer has learned. Hanover Park signed a 19,269-square-foot lease on the entire 10th floor of the NoMad property, marking its fifth office move in two years, according to CEO Chris Hladczuk. The firm’s most recent office address is…
Peachtree Recaps Ritz-Carlton Portland With $141M C-PACE Loan
A New York lender is more than ready for a Portland hospitality resurgence. Ready Capital, which assumed full ownership of the The Ritz-Carlton Portland mixed-use project following a foreclosure in July 2025, just secured $141 million of commercial property accessed clean energy (C-PACE) debt for the recapitalization of the 35-story tower, Commercial Observer has learned.…
Office Furniture Manufacturer Haworth Renews 30K SF at SL Green’s 125 Park Avenue
Office furniture manufacturer Haworth is staying seated at 125 Park Avenue. Haworth has signed a 10-year lease renewal for its 30,365-square-foot office and showroom space at the 25-story Midtown office building, landlord SL Green Realty announced Wednesday. The company, which manufactures and sells high-end, ergonomic office seating and workspaces, has been a tenant in the…
CMBS Loan Backed by Vornado, Related’s 85 10th Avenue Sent to Special Servicing
A $396 million commercial mortgage-backed securities (CMBS) loan secured by 85 10th Avenue, a 633,000-square-foot office property in Manhattan’s Chelsea neighborhood, has been sent to special servicing due to imminent maturity default, according to an alert from Morningstar Credit. 85 10th Avenue is owned jointly by Vornado Realty Trust and the Related Companies. Related purchased…
Newgard Group Buys West Palm Dev Site to Build Car-Centric Private Club
Harvey Hernandez’s Newgard Group bought a development site in West Palm Beach, Fla., to build an upscale parking garage with a private members club component. The Miami-based developer paid $10.5 million for a 2.6-acre parcel at 2500 North Florida Mango Road, just north of Palm Beach International Airport, property records show. Called Palm Beach Auto…
Health Care Tech Company SuperDial Takes 5K SF at GFP’s 322 Eighth Avenue
Health care technology company SuperDial has inked a full-floor lease at GFP Real Estate’s 322 Eighth Avenue, according to a Wednesday announcement by the landlord. SuperDial’s 5,200-square-foot lease spans the entire 20th floor of the Chelsea office tower on the northeast corner of Eighth Avenue and West 26th Street. It is the largest deal among…
