Commercial Observer

Why can the Department of Government Efficiency move so fast on government lease deals? Read the story: https://lnkd.in/eUFFiZJu

CHANEL is negotiating to buy the retail space at Extell's proposed tower at 655 Madison Avenue, providing the company with an anchor tenant that could help get the tower financed. Pictured: Extell founder and Chairman Gary Barnett Read more: https://lnkd.in/eaVXr5hk

"The biggest misconception is that affordable housing is for poor people or people who aren’t working — or that it brings about violence and crime. Those are the misconceptions. Affordable housing financing is a national issue and a national problem." Commercial Observer sits down with Lopa Kolluri, Head of Affordable Housing Lending at M&T Bank, to discuss the state of affordable housing in America, the biggest misconceptions surrounding the sector, and how her career has given her a uniquely holistic view of how to solve complex problems. ⁠ Read the interview: https://lnkd.in/eiV8EVjW

Pet-friendly apartment amenities are gathering steam amid societal shifts — and people are willing to pay for them. Read more: https://lnkd.in/gJAP5-xr

Former Gov. Andrew Cuomo (pictured) is making steady gains in catching up to his opponents in the New York City mayoral race, nearly all of whom have had a considerable head start. Cuomo’s campaign has already raised $1.4 million in the 13 days since he threw his hat into the ring to unseat incumbent Eric Adams. Read more: https://lnkd.in/ekDbNYE8

A $525 million commercial mortgage-backed securities loan secured by 150 East 42nd Street — a 42-story, 1.7 million-square-foot office building in Midtown Manhattan — has been returned to its master servicer after receiving a three-year extension. 150 East 42nd Street, known as the Socony–Mobil Building, is owned by real estate investor David Werner and 601W’s Mark Karasick. Read more: https://lnkd.in/eVXjJAR2

The term 'proptech' has broken through globally — now it’s time to define it. Read the story: https://lnkd.in/egvgm4GZ

Affiliated Development has broken ground on a multifamily development in Fort Lauderdale with a sizable workforce housing component after nabbing a $80 million construction loan this week from BMO U.S. Read more: https://lnkd.in/exF5Bu96

There are office-to-residential conversions — those are in vogue — and then there are warehouse-to-residential conversions. We have news of a big one pending in Southern California. Also for today: A more than 150,000-square-foot Brooklyn lease for a charter high school. 

Lender Wilmington Trust has emerged as the winning bidder in an auction to take control of the landmarked American Bank Note Company Building at 70 Broad Street from Winta Asset Management in a $20 million deal. Read more: https://lnkd.in/eRkDcicx