News/Events
Prologis Buys JFK Airport Warehouse From Wildflower for $49M
Prologis is taking control of a last-mile logistics facility near Queens’ John F. Kennedy International Airport. The real estate investment trust (REIT), using the entity Prologis Exchange NY 2000, has purchased the 116,725-square-foot warehouse at 153-44 South Conduit Avenue, also known as the JFK Conduit Logistics Center, from Adam Gordon’s Wildflower for $49 million, according…
JLL’s Matt Landek to Lead New Data Center Operations Firm L5 Mission Critical
L5 Mission Critical, a new data center operations and management firm, has tapped Matt Landek as its first president and CEO. Landek previously spent 14 years at JLL, most recently serving as president of its data centers and critical environments division in Chicago. L5 Mission Critical, launched Wednesday by Detroit-based construction company Walbridge, was formed…
Watch Brand Fossil Renews 15K-SF Showroom Lease at 366 Fifth Avenue
A well-known watch brand is renewing its Midtown showroom, Commercial Observer has learned. Fossil, which sells affordable watches and accessories, has signed a renewal for the 14,786 square feet it occupies on the entire second floor of Joseph P. Day Realty’s 366 Fifth Avenue along East 35th Street, according to tenant broker CBRE. Asking rent…
U.S. Apartment Rents Decline for First Time in Eight Months: Report
Apartment rents in the U.S. declined slightly over the summer, particularly in August, but continue to grow on an annual basis, according to research from CoStar Group’s Apartments.com. The national average monthly rent fell 0.03 percent to $1,751 in August, a $1 decline from July’s upwardly revised level of $1,752, according to the data, ending…
Mesa West Lends $27M on Seattle-Area Apartments Acquisition
Timberlane Partners has secured $27 million of acquisition financing for the purchase of a multifamily complex in suburban Seattle, Commercial Observer has learned. Mesa West Capital supplied the five-year, nonrecourse, first-mortgage loan for Timberlane’s off-market acquisition and renovation of the Vista Ridge, a garden-style apartment community built in 1992 in Issaquah, Wash. Timberlane acquired the…
The Plan: Fifth Avenue’s New Rolex Building, a Nod to Timelessness
Sleek, subtle, sophisticated, iconic: all accurate ways to describe a Rolex watch, and now also the Rolex Building at 665 Fifth Avenue in Manhattan. The 30-story, 165,000-square-foot boutique Midtown office building replaced the 12-story structure built on the site in 1924. The new tower will open this fall, and will feature exteriors defined by a…
Inside The Nationwide Jockeying For Opportunity Zones 2.0
With weeks left to get nominated, developers and communities with projects in eligible areas push to make sure they can benefit from development tax breaks.
With Occupancy Brimming, Investors Pile Into Bay Area Apartments
The Bay Area sees high demand for multifamily housing among investors, with AI-driven rent growth and low vacancy.
Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet
Bally's brings its Bronx casino a step closer to construction.
