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July 18, 2023

This Week’s N.Y. Deal Sheet

Hear From RXR, Tritec, JP Morgan & More At The Long Island State Of The Market Event Aug. 16

This week saw a couple of large lease renewals for New York City's office landlords, as well as some construction financing shaking loose for long-awaited deals and two office property sales.

TOP LEASES

This Week’s N.Y. Deal Sheet

VTS is moving its headquarters to 34K SF of subleased space at 3 Bryant Park, according to a release. The proptech company will relocate and expand from its space at 141 West 41st St. in the final quarter of this year to occupy a full floor of Salesforce's space in the Bryant…

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Top Stories on Bisnow.com

China's Evergrande Reports $81B In Losses Amid Real Estate Woes China's Evergrande Reports $81B In Losses Amid Real Estate Woes
Howard Hughes Creates New Holding Company To Allow Separation Of Assets Howard Hughes Creates New Holding Company To Allow Separation Of Assets
Major Banks Strengthen Reserves Ahead Of Expected Office Loan Losses Major Banks Strengthen Reserves Ahead Of Expected Office Loan Losses
Nightingale Misappropriated Millions From Crowdfunding Investors, Fiduciary Says Nightingale Misappropriated Millions From Crowdfunding Investors, Fiduciary Says
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EXCLUSIVE: Barnes & Noble’s CEO On New Store Strategy And Rewriting Retail By The Book

Amazon should have wiped Barnes & Noble out. And at one point, it looked like America’s biggest book chain might indeed be going the way of megastore rival Borders — into the great archive library in the sky.

Instead, Englishman James Daunt is talking to Bisnow about bookselling, expansion and soaring readership. The bookseller has turned bestseller, opening stores in new and old locations, and as a dish served cold, some of those sites have been at vacated Amazon Books stores too.

With around 600 Barnes & Noble bookstores across the U.S., plus an online platform, Nook e-books and audio books, SparkNotes and publisher Union Square & Co., Daunt as CEO presides over a literary emporium that also encompasses 293 Waterstones and Blackwell’s stores in the UK.

The group has been owned by hedge fund Elliott Advisors since 2019, and Daunt has been entrusted with reshaping and expanding the company, including in New York, where Barnes & Noble's huge and iconic Fifth Avenue flagship closed in 2014. He gave Bisnow an insight into where the company is heading and how he is turning it around. 

EXCLUSIVE: Barnes & Noble’s CEO On New Store Strategy And Rewriting Retail By The Book

Chapter 1: Data Be Damned“We are looking at between 13 and 14 more new stores in 2023 across a large range of sizes and types,” Daunt said. “We've got one that's 30K SF opening in New Jersey, we've opened up some 25K SF-type stores, but we've also got some really quite…

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Embattled Nightingale Loses Control Of Philly’s Largest Office Property

As Nightingale Properties' crowdfunded investment in an Atlanta office building was unraveling in the past few months, the New York-based landlord also lost control of its biggest holding in Philadelphia.

Embattled Nightingale Loses Control Of Philly’s Largest Office Property

The 2.2M SF office complex at 1500 Market entered receivership on April 20, according to a previously unreported consent order filed in Eastern District federal court. Wells Fargo Bank, acting as trustee for shareholders of 1500 Market's $390M securitized loan, had filed for foreclosure in January.When Nightingale's loan…

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In Case You Missed It...

NYC Official: Lower Local Law 97 Fines For Owners That Make 'Good Faith' Efforts NYC Official: Lower Local Law 97 Fines For Owners That Make 'Good Faith' Efforts
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NYC Architect Charged With 3 Counts Of Murder In Gilgo Beach Serial Killer Investigation NYC Architect Charged With 3 Counts Of Murder In Gilgo Beach Serial Killer Investigation
Brookfield Hands Over Keys To Historic Brill Building Brookfield Hands Over Keys To Historic Brill Building
Value Slashed By Almost 90% At Vacant Brooklyn Retail Property Value Slashed By Almost 90% At Vacant Brooklyn Retail Property
 
 
 
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