Luxury deals drove Manhattan’s sales market for most of 2025, but by year’s end, the momentum trickled down.  Last quarter, co-op sales — generally priced below condos — outpaced condo deals in the borough for the first time in more than a year, powered by a steady decline in mortgage rates during the back half of the year, according to Miller Samuel’s quarterly report for Douglas Elliman.  “As mortgage rates drifted lower, we saw an improvement in sales of lower-priced units because those buyers are more reliant on mortgage rates,” said report author Jonathan Miller, who added that mortgage rates […]

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Meyer Chetrit appeared in court briefly Tuesday morning, where he and his brother Joseph are facing criminal tenant harassment charges that could see the landlords serve prison time. Meyer spent about 15 minutes in front of the judge at Manhattan’s Supreme Court building, dressed in a tan cardigan, brown pants and a blue scarf hanging around the back of his neck. Joseph’s appearance had been waived due to an infirmity. The brothers had already pleaded not guilty several months ago to two counts of tenant harassment. At Tuesday’s hearing, two of the LLCs involved in the case entered not-guilty pleas, […]

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Manhattan office leasing closed out last year like it was 2019, posting its strongest quarter since before the pandemic. Demand surged, availability tightened and rents pushed higher across much of the city, according to Colliers data. Leasing activity jumped more than 25 percent quarter-over-quarter to 11.9 million square feet, the borough’s most active quarter since late 2019. “The year 2025 will be remembered as a watershed moment in the Manhattan office market’s recovery,” said Colliers’ Franklin Wallach, one of the report’s authors. For the full year, tenants inked nearly 42 million square feet of deals, the highest yearly total since […]

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TPG Real Estate struck a deal to acquire a majority interest in Lennar’s multifamily business that includes a $1B capital commitment.

Manhattan office leasing closed out last year like it was 2019, posting its strongest quarter since before the pandemic. Demand surged, availability tightened and rents pushed higher across much of the city, according to Colliers data. Leasing activity jumped more than 25 percent quarter-over-quarter to 11.9 million square feet, the borough’s most active quarter since late 2019. “The year 2025 will be remembered as a watershed moment in the Manhattan office market’s recovery,” said Colliers’ Franklin Wallach, one of the report’s authors. For the full year, tenants inked nearly 42 million square feet of deals, the highest yearly total since […]

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Sovereign Partners is ruling its domain at 100 Fifth Avenue thanks to a refinancing package. Rialto Capital provided a $150 million loan to refinance the Midtown South office building, the Commercial Observer reported. A Newmark team including Jordan Roeschlaub and Chris Kramer negotiated the deal. Sovereign — led by brothers Cyrus and Darius Sakhai — acquired the 20-story office building in 2023 for $126.5 million. That was barely half the $230 million price Clarion Partners paid to acquire the property a decade earlier. During its short stewardship of the building, Sovereign has brought the 277,000-square-foot property up to full occupancy, […]

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The Mamdani administration wants to pump the brakes on Pinnacle Group’s bankruptcy auction, not only because it wants time to review the new proposed owners of the firm’s buildings but officials are also worried that stabilized rents at the buildings are too low for the properties to survive. In a request filed with the court late Monday, the city asked federal Bankruptcy Court Judge David Jones to delay the auction of Pinnacle’s portfolio by 30 days. The auction, for more than 5,000 rent-stabilized apartments, is slated for Thursday.  The filing follows Mamdani’s announcement that he would intervene in the case […]

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Simon Dushinsky is gearing up to fill in a pit. The Rabsky Group filed plans for a 24-story, 106-unit project at 65 Franklin Street in Tribeca, Crain’s reported. The parcel on the corner of Franklin Street and Broadway is already excavated, but has sat empty and earned a rep as a neighborhood eyesore. Dushinsky’s firm previously proposed a 20-story, 89-unit project on the site, alternately addressed as 360 Broadway. But Rabsky was able to increase the scope of the development thanks to the City of Yes zoning reforms. Last summer, Rabsky locked down $320 million in construction financing for the […]

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Mr. Welch worked to move the men’s magazine away from what he called “manly-man tropes.” His next role will be with Pharrell, the men’s designer of Louis Vuitton.

After a busy Christmas week, Brooklyn’s luxury market started 2026 slow.  The borough saw nine contracts — five condos and four townhouses — signed from Dec. 29 to Jan. 4 for a total contract volume of $29 million, according to Compass’ weekly report of contracts for homes asking at least $2 million. Those numbers are roughly in line with the first week of last year, in which 11 contracts were signed for $30 million.  The priciest deal last week was for a duplex Penthouse C at 1 John Street in Dumbo. The roughly 2,600-square-foot unit had an asking price of […]

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