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September 12, 2023

Amazon Opens Billion-Dollar Fifth Avenue Office Amid Hardened RTO Stance
Hear From Baye Adofo-Wilson, CEO Of BAW Development, On Identifying New Jersey's Emerging Neighborhoods Sept. 19

Three years after buying the former Lord & Taylor department store building from WeWork for nearly $1B, Amazon officially opened its new Fifth Avenue office building Tuesday for a markedly changed workplace. 

Amazon Opens Billion-Dollar Fifth Avenue Office Amid Hardened In-Person Work Stance

The e-commerce giant put its three-day-a-week office policy into effect in May, with the company now reportedly tracking employee locations and contacting those who are suspected of working remotely too frequently.At the official opening of the 600K SF building at 424 Fifth Ave. Tuesday morning, attended by New York…

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Top Stories on Bisnow.com
Site Technologies Raises $10M In Funding Led By Prologis Ventures Site Technologies Raises $10M In Funding Led By Prologis Ventures
Chinese Property Market Now A Bigger Credit Risk Than U.S., EU, Survey Says Chinese Property Market Now A Bigger Credit Risk Than U.S., EU, Survey Says
Yardi, 18 Real Estate Firms Accused Of Rent Fixing In Class-Action Lawsuit Yardi, 18 Real Estate Firms Accused Of Rent Fixing In Class-Action Lawsuit
IRS Audits Planned For CRE Partnerships With Over $10B In Assets IRS Audits Planned For CRE Partnerships With Over $10B In Assets
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This Week’s N.Y. Deal Sheet

This week saw a few smaller sales mostly concentrated in the outer boroughs, while the office market in Manhattan’s Financial District neighborhood snagged several tenants following the long Labor Day weekend.

TOP LEASES

This Week’s N.Y. Deal Sheet

The Corporation for Supportive Housing has signed for office space in FiDi, according to a release. The nonprofit is set to take 11K SF at Harbor Group International’s 55 Broadway, occupying the entire 10th floor of the 32-story, 363K SF office tower. The company joins other tenants including…

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Leaving No ‘Green’ Money On The Table: How Capalino Helps Companies Secure Climate Financing In NYC
PRESENTED BY:   Capalino
 
Leaving No ‘Green’ Money On The Table: How Capalino Helps Companies Secure Climate Financing In NYC  

With mandates like  New York City’s Local Law 97 taking effect in 2024 and more investors requiring that projects be more environmentally conscious, real estate developers are scrambling to increase their sustainability efforts and reduce emissions.  While  climate financing can help fund green initiatives, only …

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In Case You Missed It...
22 Years After 9/11, Organization Formed To Rebuild Lower Manhattan Set To Fade Away 22 Years After 9/11, Organization Formed To Rebuild Lower Manhattan Set To Fade Away
PODCAST: Marilynn Joyner On Building A Coworking Company, Leaving 'Toxic' World Of Brokerage PODCAST: Marilynn Joyner On Building A Coworking Company, Leaving 'Toxic' World Of Brokerage
Adams Admin Looks To Rezone Atlantic Avenue, Add 4,000 Residential Units Adams Admin Looks To Rezone Atlantic Avenue, Add 4,000 Residential Units
Private Equity Firm Scoops Up $106M Loan On New Yorker Hotel Private Equity Firm Scoops Up $106M Loan On New Yorker Hotel
Silverstein Lands HQ Of Tech-Oriented Trading Firm At 120 Broadway Silverstein Lands HQ Of Tech-Oriented Trading Firm At 120 Broadway
 
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15 Years After Lehman Went Under, Its Real Estate Loan Book Still Isn’t Unwound
15 Years After Lehman Went Under, Its Real Estate Loan Book Still Isn’t Unwound  

Friday marks the 15th anniversary of Lehman Brothers filing for bankruptcy.

But the event that rocked markets and set off a chain of events leading to the Global Financial Crisis still echoes: A trio of zombie loans written at the peak of the last boom remain undead. 

Three loans with €239M (£205M, $255M) outstanding that were written in 2007 remain in default more than eight years after they were due to be repaid. 

Lehman sold the loans to bondholders in 2007 in its scramble to offload real estate exposure as the financial crisis ramped up and values in the sector dropped. 

Commercial real estate played a major part in the collapse of the investment bank, which in turn caused a credit crunch that saw CRE values in the U.S. and Europe fall by as much as 45%.  Before its collapse in 2008, Lehman had $33B of real estate assets on its…

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