Pinterest is taking 83K SF at 11 Madison Ave. with landlord SL Green, another sign of momentum for Manhattan’s office market.
TOP LEASES
11 Madison Ave., where Pinterest signed for 83K SF of office space this week.
The deal brings the 2.3M SF, 30-story office tower, which also counts UBS, Sony and IMG among its tenants, to 92% leased. The visual discovery platform is more than doubling its local footprint in the move from 225 Park Ave. S., Crain’s New York Business reported.
Asking rents for the 13th-floor space were $90 per SF, the New York Post reported. Pinterest was represented by JLL’s Evan Margolin, Justin Haber and Michael Berg. Newmark’s Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski represented the landlord.
The lease was the largest signed by a tenant in the technology, advertising, media and information services sector in Midtown South during the second quarter, according to Colliers. Overall, Manhattan office leasing activity dropped by 18.9% compared to the first quarter, but the first half of 2025 was still the strongest first six months of leasing for the city since 2014, Colliers found.
TOP LEASES
Family-focused hospitality company Little Big Hospitality is opening a 45K SF location at CIM Group’s 50 Columbia Heights in Brooklyn, Commercial Observer reported. The space at the Panorama office building will serve as a membership club, The Beginning Clubhouse. Savitt Partners’ Marc Schoen represented the tenant, while Newmark’s Peter Whitenack, Mai Shachi and Andrew Connolly represented the landlord.
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Monroe Capital expanded by 15K SF at Munich Re’s 320 Park Ave., the New York Post reported. Monroe Capital moved from 126 E. 56th St. to the building’s 30th floor, where rents were $140 per SF, in December. Incessant demand for Park Avenue office space has pushed up asking rents for its new space, despite being 10 stories down on the 21st floor, to $170 per SF. Greg Taubin of Savills represented the tenant, while the landlord was represented by JLL’s Frank Doyle, Dave Kleiner and Carlee Palmer.
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L.E.K. Consulting is relocating to 54K SF at 1166 Sixth Ave., Commercial Observer reported. The business strategy and solutions firm will move from 114 W. 47th St. to the entire 25th and part of the 24th floor of 1166 Sixth. Edward J. Minskoff Equities and Marsh McLennan both own condo interests in the building. Other tenants at the 44-story tower, known as The International Paper Building, include FTI Consulting and Axis Capital. Newmark’s Andy Sachs, David Falk, Peter Shimkin and Tim Gibson represented the landlord, while Savills’ Allyson Bowen represented the tenant.
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Warren Equity Partners has signed for 24K SF at Rockrose’s 11 E. 26th St., moving from 251 Park Ave. S., CO reported. Asking rents in the boutique, 21-story office building were $145 per SF. CBRE’s Ben Friedland, Gary Davies and Owen Reda from CBRE represented the private equity firm, while William Cohen and Ariel Harwood of Newmark represented the landlord.
TOP FINANCING DEALS
1 Eagle St. in Brooklyn, where Brookfield Properties signed a $400M refinancing deal this week.
Brookfield Properties nabbed a $400M refinancing deal for its 745-unit Greenpoint multifamily building at 1 Eagle St., The Real Deal reported. The new capital comes from JPMorgan and Citi, replacing a prior loan of the same value from Blackstone. The fresh financing was handed out despite tenant complaints about maintenance and cleanliness at the luxury building reported by Curbed.
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Baron Property Group and LargaVista Cos. scored a $389M construction loan from Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies for a multifamily development in Long Island City, according to a release. The planned 46-story tower at 30-25 Queens Blvd. is already under construction and is expected to deliver 451 rental apartments as well as 110 for-sale condos in 2028.
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BFC Partners netted a $250M construction loan for its residential development at 1709 Surf Ave., according to a release. The loan is for the developers’ third and final phase of their three-building project on Surf Avenue, 1709 Surf, which is planned to include 420 affordable apartments. The funding came from Citi Community Capital, although the three-building project has also previously received financing from both the New York City Housing Development Corp. and the Department of Housing Preservation and Development, Commercial Observer reported.
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Rentar Development’s Rentar Plaza, at 66-26 Metropolitan Ave. in Middle Village, has notched a $160M CMBS refinancing deal, Commercial Observer reported. The three-story, mixed-use retail and industrial asset spans 1.4M SF and is anchored by BJ’s Wholesale Club. Rentar also signed a 10-year, 300K SF lease with Amazon in 2023. The financing came from Deutsche Bank and UBS, while BayBridge Real Estate Capital arranged the loan.
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Frank Ng, through 28th Street Properties LLC, refinanced the Marriott-branded Aloft Hotel at 132 W. 28th St. in Chelsea with $65M from Cathay Bank, PincusCo reported. The cash retires a $66.5M loan from Shanghai Commercial Bank for the 236-key, 125K SF building.
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Hung Pin Hung of Brooklyn-based Pro-H Development took out a $61.7M construction loan for a development at 842 Sixth Ave., PincusCo reported. The site is a long-stalled 26-story hotel development that became a residential condo building when Pro-H bought it in 2024 for $30M, The Real Deal previously reported. The developer released renderings for the 27-story condo tower in May, New York YIMBY reported at the time. The financing for the condo’s next stage came from Urban Standard Capital.
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Jay Group obtained a $53M loan for a 99-unit residential building at 165 Willoughby St. in Downtown Brooklyn, PincusCo reported. The lender is Ponce Bank. The project is part of a five-building complex, with each building expected to span 30 stories and deliver roughly 90 units. The new loan replaces a previous $15.7M sum from the same lender.
TOP SALES
7420 Ridge Blvd., which changed hands this week for $24.4M.
HF Capital has acquired a 166-unit Bay Ridge rental for $24.4M, CO reported. The property, which has addresses of both 7410 and 7420 Ridge Blvd., appears to be in one six-story building with retail tenants including piano technician Bert Jantsch and event planner Barrel Strength Talent. The seller was LeFrak, which has owned the property since 1996.
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The Financial District tower at 30 Broad St., known as the Continental Bank Building, has changed hands at auction with a winning bid of just $1K, Crain’s New York Business reported. The building’s lender, InterVest Capital Partners, put down the only bid on the 48-story property after filing to foreclose last year when an affiliate of Tribeca Investment Group went into default. The affiliate owed an unpaid principal balance of $117.2M, a complaint filed in Manhattan’s Supreme Court last July alleged at the time.
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Through a shell company, David Templer paid $60M to Express Builders for an industrial property at 1580 Story Ave. in Soundview, PincusCo reported. Templer also signed as borrower on a $140M construction loan from Valley National Bank. The site sits in between four apartment complexes, which span 19 stories each and are known as the Lafayette Boynton Apartments and the Lafayette Estates, Crain’s reported. Joel Braver’s Boynton Properties was the seller of the vacant lot, which could become housing.