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June 18, 2024

This Week's N.Y. Deal Sheet: Stripe Subleases 147K SF At 28 Liberty

Rudin’s New Head Of Sustainability Discusses How ESG Fits Into Its Broader Development Strategies June 26

Payment company Stripe has signed the biggest Lower Manhattan office deal of the year in a sublease agreement with insurance giant AIG, Bisnow has learned.

This Week's N.Y. Deal Sheet: Stripe Subleases 147K SF At 28 Liberty

Stripe has signed a sublease for 147K SF spanning the 45th through 48th floors of 28 Liberty, the 60-story tower in Manhattan’s Financial District formerly known as One Chase Manhattan Plaza, according to a source with knowledge of the deal.AIG moved into 220K SF at the building in summer 2020 

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Rent Board Approves Larger Hike For Stabilized Units As Costs Squeeze Landlords, Tenants

Owners of rent-stabilized properties in New York City will be allowed to increase rents by as much as 5.25% this year following a heated final vote by the Rent Guidelines Board on Monday night.

Rent Board Approves Larger Hike For Stabilized Units As Costs Squeeze Landlords, Tenants

Dozens of tenant advocates lined up outside Hunter College on the Upper East Side prior to the vote, chanting for rent rollbacks. But unlike previous years, tenants remained outside protesting as the board filed onto the stage indoors to begin the vote, objecting to the process itself.Inside a comparatively quiet…

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Closures, Faulty Finances And Legal Challenges: Alt Hotel Company Sonder's Snags Piling Up

Closures, Faulty Finances And Legal Challenges: Alt Hotel Company Sonder's Snags Piling Up  

Less than three years after going public, alternative hospitality company Sonder faces a growing pile of problems that has led the company to shutter a chunk of its portfolio as it issues warnings about the reliability of its financial reporting.

Although the hotel and short-term rental industries overall have enjoyed a solid rebound, experts say elements of the landscape and capital markets in general have changed since the pre-pandemic days in a way that could be crunching Sonder and companies like it. 

Changing investor expectations and a traveler pool that may be thinking twice about urban destinations could also have a role in the company’s faltering finances, shuttered locations and layoffs. “I suspect that a big piece of their renewed focus on profitability — finding a path to profitability — is new or…

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