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The coworking giant has inked an agreement with APF Properties for four new outposts spanning 110,500 square feet, the Commercial Observer reported. In the smallest deal, WeWork has leased 23,100 square feet on the second and fifth floors of 25 West 45th Street, between Fifth Avenue and Avenue of the Americas. And it took 28,100 square feet on the 16th and 20th floors of 28 West 44th Street, which is also between Fifth Avenue and Avenue of the Americas. Those two locations will open this summer.
East Harlem has experienced a revival in recent years, with an ambitious rezoning plan paving the way for an uptick in development activity, Ariel Property Advisors reported. Builders have been breaking ground at a swift pace, but the neighborhood is about to undergo yet another transformation with the opening of a truly unique property: The New York Proton Center, a major high-tech cancer therapy facility.
New orders for U.S.-made capital goods fell more than expected in April, further evidence that manufacturing and the broader economy were slowing after a growth spurt in the first quarter that was driven by exports and a buildup of inventories, Reuters reported. The report from the Commerce Department also showed orders for these goods were not as strong as previously thought in March and shipments were weak over the last two months.
With less than a month until New York's rent regulation laws expire, a real estate trade group plans to float reforms to a controversial program as an alternative to its elimination, The Real Deal reported. The Rent Stabilization Association plans to propose changing the reporting requirements surrounding Individual Apartment Improvements, a program that allows landlords to increase rent on a regulated apartment they've renovated.
Amid sliding dollar volume and changes to real estate regulations and taxes coming from Albany and City Hall, occupants and nonprofits are taking a greater slice of New York City's investment market pie, Bisnow reported. Ariel Property Advisors Executive Vice President Victor Sozio said there has not been a "dramatic change overnight" in user activity. There is still significant investor capital chasing deals in New York City. "A lot of times [investors and users] will compete for the same asset class. Where owner users end up having a little bit of advantage, it doesn\'t always necessarily need to be driven by dollars and cents underwriting based on the levels you can rent and achieve," he said.
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