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Artificial Intelligence (AI) is transforming industries across the board, and commercial real estate is no exception. As technology advances, AI is increasingly being used to enhance the efficiency and accuracy of real estate investments. By providing data-driven insights, improving decision-making, and reducing risks, AI is becoming an essential tool for investors looking to stay ahead…
“Landlords celebrate Manhattan’s premium-lease boom in 2022” As Manhattan’s office market wobbles unsteadily into 2023, with rising availability and shrinking corporate footprints, certain landlords have at least something to celebrate: a record number of new leases signed for more than $100 per square foot. The year 2022 saw 77 leases in the C-note club, up…
“Citadel’s Ken Griffin plans to build ‘trophy office tower’ in NYC: report” Billionaire Citadel boss Ken Griffin plans to develop a new skyscraper that would serve as the anchor of the investment firm’s growing presence in New York City, according to a published report. Griffin plans to build a “new 1.7 million square foot trophy…
“Meta ditches office space at Hudson Yards as tech giant cuts costs” Facebook’s parent company Meta is ditching office space that it rented out at the Hudson Yards complex in New York City — the latest sign of belt-tightening at the Silicon Valley-based tech giant that recently laid off thousands of employees. Meta will vacate…
“FTX, Sam Bankman-Fried and his parents bought Bahamas real estate worth $121M: report” Disgraced FTX ex-CEO Sam Bankman-Fried, his parents, and other executives at the bankrupt platform have snapped up a fortune in real estate properties across the Bahamas in the last two years, according to a report Tuesday. Bankman-Fried and his associates own at…
“Meta job cuts put chill on Mark Zuckerberg’s office footprint in NYC” Mark Zuckerberg’s announcement that he’s cutting 11,000 jobs from Meta, or 13% of the tech giant’s workforce, sent shivers through Manhattan’s commercial corridors. The company previously called Facebook was on a real estate expansion roll even during the pandemic, when Zuckerberg said he expected…
“Brookfield Place defies pandemic pains to thrive downtown with new lease deals” Brookfield Place survived 9/11 (which buried the complex in ash) and the Great Recession (which drained some large office tenants). Superstorm Sandy hardly laid a glove on it. Now, the 14-acre commercial complex that was originally called the World Financial Center is weathering…
“Fintech firm iCapital expands footprint at One Grand Central” Not many financial services firms are expanding within the same building these days. But fintech firm iCapital has added two full floors totaling 59,228 square feet at Empire State Realty Trust’s One Grand Central Place, a 1930-vintage, 1.245-million-square-foot tower at 60 E. 42nd St. The deal, iCapital’s…
“Dr. Sturm expands skin-care empire to NYC” The “Vampire Facial” is coming to Manhattan. Celeb-favorite skin care expert Barbara Sturm — known to her fans as Dr. Sturm — will open her first full-scale, permanent Big Apple stores in prominent locations this fall. Sturm’s celebrity followers include Bella Hadid (who credited Sturm’s regimen with saving…
“One Times Square to get revamped for New Year’s Eve visitors” The New Year’s Eve ball-drop tower, watched by thousands of wide-eyed Times Square holiday revelers, will soon be for fun for visitors inside, too. Owner Jamestown plans a half-billion-dollar transformation of One Times Square, the long-empty building where Broadway and Seventh Avenue cross West…