The $1.25‑billion refinance of 3 Bryant Park in February was more than a win for Ivanhoe Cambridge. It was a signal that New York’s high‑end office lenders were finally back in the game after a quiet period during the pandemic. JLL’s Drew Isaacson says the deal “kicked off the return of the high‑end lending market,” letting banks and insurers move into the office space again.
After 3 Bryant Park, Manhattan has seen a string of big transactions that show the market is heating up. The biggest was the $1.08 billion purchase of 590 Madison Avenue by RXR and Elliott Investment Management – the most expensive office tower sold in more than three years. Eastdil Secured handled the Ohio pension fund seller, while Newmark advised RXR.
JLL also helped sell the former Brooks Brothers shop on Madison Avenue and a nearby building for $160 million, closing last week with SL Green as the buyer. These deals were part of a third‑quarter surge that logged nearly $5 billion in Manhattan property sales – the biggest quarterly total since early 2022. Office deals alone hit $3.3 billion, almost twice what was traded in the second quarter and a 74% jump over the $1.9 billion volume of the same period last year. Office sales for the year so far total $7.1 billion.
“It’s clear investors have confidence in high‑quality office space,” Isaacson said. “Lenders that were on the sidelines – banks, insurers, pension funds – are stepping back in. Publicly listed companies like SL Green and Vornado are now the biggest buyers. A couple of years ago, private capital dominated, but that’s changing.”
The market momentum, Isaacson says, will keep going. He is not worried about political swings because “the underlying strength of the city overrides politics.”
On a different front, the city’s battle with “street hustlers” on Canal Street shows how difficult it is to clean up the area. An ICE raid earlier this month cleared the block between Lafayette and Centre Streets, but by Saturday the sidewalk was clogged again with cheap clothing and knock‑off watches. Until the city can remove that fringe activity, big retailers continue to avoid the west side of the street, leaving landlords without the rents needed to revitalize old buildings.
Source: New York Post
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