Watermark Capital Group’s redevelopment project at the corner of Classon Avenue and Sterling Place is going ahead at a former school campus owned by its neighbor, St. Teresa of Avila Roman Catholic Church. 

Site plans addressed to 783 Classon Avenue, which shares a tax lot with 560 Sterling Place, were filed Thursday with New York City’s Department of Buildings. The filing details the vertical expansion of an existing building to include a 42,181-square-foot residence and a 57,449-square-foot community facility. Signatories for the recent permits tie ownership to the Catholic Church and Watermark. 

Watermark, through the entity 560 Sterling, previously obtained the site’s ground lease from St. Teresa of Avila, according to a memorandum of lease filed Tuesday. The document references an initial lease signed in April 2024 and later modified in June 2025. The Tuesday filing coincided with a $16.48 million construction loan for the leasehold provided to Watermark’s project by California-based lender Genesis Capital.

Wolfe Landau, a founding partner at Watermark, signed for the developer on the memorandum of lease and the loan agreement. The developer’s office did not respond to requests for comment. 

St. Teresa of Avila’s former school campus, which spans Classon Avenue between Sterling Place and St. Johns Place was once home to Brooklyn Jesuit Prep Middle School. The school relocated to East Flatbush in 2020. The remaining campus buildings are now leased to the New York State Court Officers Academy, which lists its offices at 541 St. Johns Place.

St. Teresa of Avila leaders announced in June 2025 that its own church at 563 Sterling Place would be closing its doors, citing financial strain, declining participation and a deferred, multimillion-dollar repair bill. The decision was reversed late last year, but leaders acknowledged ongoing challenges.

Spokespeople for Genesis Capital did not immediately respond to requests for comment.

Emily Davis can be reached edavis@commercialobserver.com.

Japanese investment firm Orix Real Estate Capital provided the debt, while Newmark’s Jordan Roeschlaub, Chris Kramer, Sam Speciale and Lance Tillman arranged the transaction. 

Located at 821 South Washington Street in the Yesler Terrace neighborhood of Seattle’s Chinatown-International District, Swell Apartments opened in 2024. The building features a rooftop sky lounge, a fitness center, coworking spaces and private parking.

Brian Pascus can be reached at bpascus@commercialobserver.com.

The CEO of Miami-based Prosper Group recently closed on a $50 million site along the Miami River in the city’s Brickell district. The 1-acre site includes 66 Southwest Sixth Street and 625 Southwest First Avenue, along with about 300 feet of river frontage.

Before he embarked on a career as a real estate developer, Roberts worked on Wall Street. Among the large deals he worked on was the $2.6 billion initial public offering of Paramount Group Real Estate Investment Trust.

As he builds his real estate portfolio, Roberts also is curating a social media following through his podcast, “The Long Game,” and his 187,000 followers on Instagram.

The following conversation has been edited for length and clarity.

Commercial Observer: You’re pretty new to South Florida. What are you working on?

Jay Roberts: We have currently a $2.8 billion pipeline – three projects in Miami and one in Tampa. We focus on waterfront, best-in-class development sites. We’re not looking to bite off more than we can chew, and we just want to execute what’s in front of us. 

We just closed on a site on the Miami River for $50 million to build a luxury high-rise, and then we have a second commercial building coming that we haven’t announced, but it’s a two-phase project. We’re looking for the cream-of-the-crop sites. 

My background is investment banking and finance. I worked on Wall Street at Bank of America Merrill Lynch. One of my superpowers is raising capital, identifying sites, structuring joint ventures and doing deals.

What spurred your transition from Wall Street to real estate development?

I moved to Miami and there was so much real estate development happening here. I met a developer, Dan Kodsi, in 2019. We started doing some work together and he said, “Jay, we could use a New York or finance person to raise capital, and you have that experience and you manage a lot of people.” Having New York finance relationships and experience was an asset to focus down here in Miami.

I moved to Tampa in 2022. I saw Bill Gates and Jeff Vinnick investing $4 billion to create a new Downtown Tampa called Water Street. I assembled the first city block development around that time in 2022, right near Water Street, and then I brought in a co-developer to develop the first condo-hotel in Tampa. 

Then in 2023, I moved back to Miami and started looking at development sites on the water.

Since you mentioned that $50 million site on the Miami River, what are your plans for that property?

We’re planning a residential luxury high-rise – about 60 stories, 181 units right on the Miami River, right outside of Brickell City Centre. We have some announcements coming. 

We can’t announce pricing yet. We have over 80 consultants working on this project, from our design architect, our civil engineers, our structural engineers, our MEP consultants, our sales team, and our development partners.

How are you using social media and your podcast to accomplish your development goals?

I started in social media by providing data and educational value to followers. I started with 5,000 followers in March of 2025 and have grown to 187,000 followers. And since then, we’ve had over 32 million views in that time frame. 

I have three rules when creating content. No. 1 is if it’s cringy, don’t do that type of content. The second rule is, don’t create any kind of ego-driven, attention-seeking content. No flashy cars, things like that. And No. 3 is to educate and provide value to the audience. It’s worked well. We got a lot of traction.

We’re using this to educate the market, provide transparency and build goodwill and trust in the market, and really build relationships. We’re doing brand deals and partnerships with investors.

In the past, those types of relationships – with investors, for instance – wouldn’t have come through through social media. They would have come through word of mouth or industry conferences or some kind of face-to-face interactions as opposed to social media.

Right, right. This is sort of the new age, the new versus the old way and old business style. People are spending so much time on social media, from young people to older people, that it’s a good sort of free marketing to provide that value and utilize the platforms.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.

JSRE Acquisitions, which is associated with the Safra family and Status Capital, sold the East 70th Street unit occupied by luxury fashion house Prada to Aby Rosen and Michael Fuchs‘s RFR Holding, according to the brokers.

Global Advisory founder Ross Mezzo and Ezra Saffati from Majestic Acquisitions represented the buyer and the seller.

“This sale is a clear signal that Madison Avenue has fully reclaimed its position as a premier luxury retail corridor in Manhattan. With Prada anchoring this retail condo, we’re seeing exactly the kind of high-caliber tenancy that’s driven rents up and quality up across Madison Avenue over the past 18 months,” Mezzo said in a statement to CO.

It’s unclear when JSRE acquired the property and what the value of that transaction was, but the retail unit traded for $51 million to Ashkenazy Acquisitions in 2010, The Real Deal reported at the time.

The retail condo spans 18,000 square feet across four floors, according to Mezzo. Prada opened its flagship U.S. store there way back in 1996, which at that time was the luxury retailer’s largest store in the world.

Saffati and spokespeople for RFR and JSRE did not immediately respond to requests for comment.

RFR Holding recently created RFR US, an investment firm that will be helmed by Rosen’s sons, Gaby Rosen and Charlie Rosen and focus on new office and high-end retail assets.

But RFR Holding has appeared to have fallen into tougher times lately with the sale of 281 Park Avenue South, best known as the old stomping grounds of fake heiress Anna Delvey. The firm offloaded the property in July for $81.5 million, compared to the $135 million it was originally listed for.

At the end of 2024, RFR was also evicted from the Chrysler Building after missing $21 million in ground-rent payments to Cooper Union.

Meanwhile, JSRE has been busy with retail sales in Manhattan lately. Just this week, the investment firm sold two residential and retail buildings in SoHo at 69 Greene Street and 71-73 Greene Street to Acadia Realty Trust for a combined $60 million.

Mark Hallum can be reached at mhallum@commercialobserver.com.

In the largest of the two deals, Roadway Moving, a full-service moving and storage company, took 117,000 square feet on the first floor of Innovo’s 28-90 Review Avenue, also known as the Review Avenue Complex. Meanwhile, Spanish garbage container manufacturer Contenur leased 114,000 square feet on the second floor of the property, according to the landlord.

Innovo did not immediately provide the asking rent or the lengths of the leases, but the average asking rent for industrial space in Queens was $27.50 per square foot in the second quarter of 2026, according to a report from Cushman & Wakefield.

Pinnacle Realty’s David Junik, George Margaronis, Paul Bralower and Brendan Burke represented Innovo in the deals, while Ariel Castellanos and Daniel Tack, also from Pinnacle, negotiated on behalf of Roadway Moving. Frank Rao of New York Commercial Realty Group represented Contenur.

Rao and spokespeople for Innovo and Pinnacle did not immediately respond to requests for comment.

The deals, first reported by Bisnow, follow two other deals signed in May at the six-story industrial development, located near where the Gowanus Canal flows into Newtown Creek. Edge Auto Rental took 78,000 square feet on the first floor and 1-800-GOT-JUNK? leased 41,000 square feet on the first and third floors.

Mark Hallum can be reached at mhallum@commercialobserver.com.

The 23,785-square-foot deal is the largest of two new office leases at the Arsenal Company’s Garment District tower between West 35th and West 36th streets. The transactions span a collective 33,083 square feet and bring the 22-story building to full occupancy, according to landlord brokers Adams & Company. Asking rent for both deals was $59 per square foot.

“Bringing 463 Seventh Avenue to 100 percent leased is another milestone for our portfolio and a testament to the resilience of the Midtown office market,” Adams & Company’s David Levy, who represented the landlord in both deals alongside Benjamin Levy, said in a statement. 

Bagatelle International, known for its high-end apparel brands Bagatelle and Avec Les Filles, signed on at 463 Seventh Avenue in mid-June, taking the entire 10th floor. Lee & Associates NYC’s Dennis Someck and Justin Myers negotiated on behalf of Bagatelle.

The company plans to relocate its offices and showroom in October from a smaller space at Brause Realty’s 141 West 36th Street, where it currently occupies several floors, according to Someck.

“I’ve represented Bagatelle for some 25 years, relocating them and expanding them multiple times,” Someck told Commercial Observer. “So I’ve watched them grow over the years to a much larger and meaningful tenant, and this was an opportunity to take them into the next transition.”  

The second lease deal at the Garment District tower was inked in late July by KS Engineers, a full-service engineering and construction management firm based in Newark, N.J. The firm, also known as KSE, took 9,298 square feet for general and executive office use. KSE was represented by CBRE’s Alexander Benisatto, Carolyn Sica and Trevor Larkin. 

It’s unclear whether KSE is expanding or relocating from its current Financial District offices at the Chetrit Organization’s 65 Broadway.

Spokespeople for KSE and CBRE did not immediately respond to requests for comment. 

Emily Davis can be reached at edavis@commercialobserver.com.

The grocers will arrive at two of EMP Capital Group’s newly developed residential projects two blocks apart at 880 Atlantic Avenue and 1042 Atlantic Avenue, Commercial Observer has learned.

In the largest deal, CTown Supermarkets signed a 20-year lease for 8,400 square feet at the base of the 19-story, 237-unit 1042 Atlantic Avenue, also known as Prosper Brooklyn, which was completed this year. 

Meanwhile, a new grocer named Atlantic Market inked a 20-year, 8,000-square-foot deal on the ground floor of the 19-story, 257-unit 880 Atlantic Avenue, also known as Eight80 BK, which was completed last year.

The leases were signed Aug. 15, and both supermarkets are set to open during the third quarter of 2027, according to broker MOD Commercial Realty. Both of the new supermarkets are independently owned and operated.

The asking rent for each deal was $50 per square foot. Mod’s Eddie Mamiye, Meyer Dagmy and Mike Sutton represented both sides in each deal.

Spokespeople for EMP Capital and CTown did not immediately respond to requests for comment, while a spokesperson for Atlantic Market could not be reached for comment.

In both developments, EMP Capital used New York City’s Food Retail Expansion to Support Health (FRESH) program, an initiative that uses zoning benefits and tax incentives to allow developers to build slightly larger buildings in underserved neighborhoods if they include a qualifying grocery store.

Prosper Brooklyn and Eight80 BK also both went up as part of the Atlantic Avenue Mixed-Use Plan, which was approved by the New York City Council in May 2025 and allowed denser housing development within a roughly 21-block stretch of Atlantic Avenue. The plan is designed to foster the development of approximately 4,600 new apartments, including 1,900 income-restricted homes.

“Thousands of new units are coming to the neighborhood with the Atlantic Avenue rezoning. This is the FRESH program doing what it’s supposed to do, bringing a real neighborhood amenity to all the new residents moving in,” Mod’s Mamiye said in a statement to CO.

Isabelle Durso can be reached at idurso@commercialobserver.com.

David Grunfeld, through the entity GW Infinity, has landed $45 million of construction financing to build a 99-unit apartment building with an affordable housing component at a church-affiliated site in Williamsburg, Brooklyn, Commercial Observer can first report, 

S3 Capital provided the leasehold construction loan for the development of the 17-story complex at 277 North Eighth Street, which will have 20 percent of the units designated as affordable under New York City’s 485-x tax incentive program. Grunfeld filed plans in December 2025 to demolish a vacant two-story building at the property that sits on land controlled through a long-term ground lease with the Roman Catholic Church of Our Lady of Mount Carmel, CO first reported at the time. 

Shawn Safdie, head of origination at S3 Capital, noted that the unconventional transaction involved structuring the loan around the leasehold interest and the terms of the ground lease to enable the borrower to proceed with construction without the capital commitment typically required for acquiring the underlying land outright. 

“This loan is a great example of S3 Capital’s ability to structure creative financing solutions for complex real estate transactions,” Safdie said in a statement. “This is our fifth loan with this sponsorship team in this neighborhood, so we deeply understand the market and the nuances of developing here.”

Robert Schwartz, a co-founder and managing principal at S3 Capital, said the deal underscores S3’s “development background” to allow it to be “creative in structuring tailored solutions” for the “specific needs of a project.”

The property is three blocks from the Bedford Avenue L train station with mass transit access into Manhattan. Williamsburg as a Brooklyn submarket has experienced tight multifamily fundamentals, according to S3, with vacancy rates near around 2 percent and rents up roughly 6 percent year-over-year amid a limited pipeline of new supply. 

Grunfeld did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.

The school signed a 39-year condominium leasehold agreement to build a 45,190-square-foot high school at Elie Fouerti’s 773 Neptune Avenue, where it will grow to accommodate 500 students when it opens for enrollment in summer 2027, according to tenant broker Open Impact Real Estate.

The new school is being developed by Rybak Development.

Asking rent for the building was not disclosed, but the average office asking rent borough-wide was $51.01 per square foot in the second quarter of 2026, according to a Cushman & Wakefield report. The average retail asking rent throughout Brooklyn was $55.02 per square foot over the same period, according to a report from Matthews Real Estate Investment Services, citing CoStar data.

“This project gives Coney Island Prep the room and resources to keep pace with its students’ ambitions,” Alexander Smith, senior vice president at Open Impact, said in a statement. “We set out to find a long-term, affordable solution that would reflect the school’s mission and strengthen its presence in the Coney Island community. Securing this off-market opportunity will allow Coney Island Prep to expand its enrollment and deliver purpose-built facilities for years to come.”

Smith represented the school alongside Open Impact’s Stephen Powers, while Fouerti Realty used in-house representation.

Fouerti Realty did not immediately respond to a request for comment.

“This isn’t just a building — it’s a statement about what our scholars deserve,” Karen Johnson, CEO of Coney Island Prep, said in a statement. “The facilities we’re gaining, from purpose-built labs to a full gymnasium to a kitchen that feeds our entire network, are designed to meet our scholars where they are today and grow with them into the future.”

It’s unclear whether the new Coney Island Prep school is part of a larger development going up on the site, as Fouerti Realty’s website shows plans for a 14-story mixed-use building spanning a total of 139,000 square feet. The portion designed for a school tenant is 57,100 square feet, a little larger than the footprint leased by Coney Island Prep, according to the Fouerti Realty website. The website also says construction on the property wrapped in the second quarter of 2025.

Mark Hallum can be reached at mhallum@commercialobserver.com.

Dinosaur Capital Partners has landed $48 million of construction financing to build a multifamily property in Lexington, Mass., Commercial Observer has learned.

Affinius Capital and Axonic Capital originated the loan for Dinosaur’s 130-unit apartment project at 7 Hartwell Avenue in Lexington near Westview Cemetery.

“Lexington is a supply-constrained, high-barrier suburb where new institutional-quality housing is in short supply,” David Greenburg, co-head of debt originations at Affinius Capital, said in a statement. “This financing supports the ground-up development of a Class A multifamily property in one of Greater Boston’s more established suburban markets.”

Located 14 miles northwest of Downtown Boston, the five-story multifamily complex will consist of  110 market-rate apartments and 20 units designated as affordable housing. The property will include 400 square feet of retail space along with amenities such as a fitness center,  yoga studio and a coworking lounge.

The loan was closed nearly a year to the date after Affinius and Axonic kicked off a strategic partnership aimed at fostering mid-market first mortgage financing for new development projects. The lenders have now done six transactions since the inaugural deal closed for a Long Island self-storage campus in September 2015.

“The Boston metro region continues to see high demand, creating opportunities to pair flexible financing with experienced developers,” Erik Nygaard, principal and portfolio manager at Axonic Capital, said in a statement. 

Dinosaur Capital Partners did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com. 

The company inked an 18,017-square-foot, full-floor deal at Wohio Holding’s 16 East 34th Street, a newly renovated office and retail building between Madison and Fifth avenues. Diptyque will take up residence on the 22-story tower’s entire 17th floor early next year.

Asking rent for the 10-year deal was not disclosed, but overall office rents in Midtown South averaged $80.73 per square foot in August, according to Cushman & Wakefield data. 

The deal takes Diptyque eastward from its current home base at ATCO Properties & Management’s 240-246 West 35th Street in the Garment District, where it has occupied 8,097 square feet since 2019. 

C&W’s Laurence Carroll represented Diptyque in the relocation, while George Comfort & Sons’ Peter Duncan, Alexander Bermingham and James Donaldson negotiated on behalf of the landlord. George Comfort & Sons is the management representation and leasing agent for 16 East 34th Street.

“As a brand defined by style and luxury, Diptyque’s decision to make 16 East 34th Street its North American headquarters speaks to the tower’s high-end design and hands-on management and service,” Duncan said in a statement.

The 376,000-square-foot Midtown South tower recently underwent a series of renovations, including a new roof deck and an upgraded lobby. Office tenants there include workspace provider Corporate Suites and luggage brand Tumi. 

A spokesperson for C&W declined to comment on the deal, while representatives of Diptyque’s parent company, Manzanita Capital, did not respond to a request for comment.

Emily Davis can be reached at edavis@commercialobserver.com. 

Apollo Global Management and BDT & MSD Partners provided the debt. No broker was listed on the transaction. 

Located at 1121 Gulf Shore Boulevard North in Naples — the beachside city on the western shores of Florida and self-styled “Golf Capital of the World” — Olana Naples Residences will deliver 12 estate-style condominiums spanning 10,000 square feet each. The lowest priced residence will enter the market at $32 million. 

The developers plan to break ground before 2026 is out, with a timeline to complete construction by 2028. 

Kolter Urban and BH Group did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.

Teresa Minnick of Christie’s International Real Estate Group is a leading broker in the Garden state, with a career spanning over 25 years and boasting more than $800 million in sales. Minnick has added many a feather to her cap over the course of her career, with several standout projects, including her work in Asbury Park and a luxury condominium project in Long Branch at the Atlantic Club Residences.

And her work stays focused at the Jersey Shore, where she said she finds peace in the “history, architecture and charm,” as well as the beautiful oceanfront homes.

Commercial Observer caught up with Minnick in early September for a series called “Get to Know the Broker,” where we connect with residential brokers to learn more about what makes them tick.

This conversation has been edited for length and clarity. 

Commercial Observer: What has been the biggest deal of your career?

Teresa Minnick: The Atlantic Club Residences — a landmark 132-residence luxury oceanfront development in Long Branch, N.J., with approximately $200 million in current sales. Being part of a project of this scale, from pre-construction through what will ultimately become an extraordinary new oceanfront community, has been an incredible experience.

What is your career Everest?

Being part of the transformation of Asbury Park during the real estate crash. I had the opportunity to work alongside visionaries who believed in bringing the City by the Sea back to life at a time when many people couldn’t yet see its potential. Watching that vision become a reality — and knowing I played a part in it — remains one of the most rewarding chapters of my career.

Who has been your biggest influence?

My mentors, Carol Blasucci, Lee Bossie (“Aunt Gigi”), and Al Garfall. 

Al, formerly of SGS Communities and D.R. Horton and currently with Lennar, was one of the people who helped shape the way I approach real estate. 

Together, my mentors taught me so much about sales, relationships, perseverance and, most importantly, the ability to believe in a vision before everyone else can see it.

Who is your favorite architect/designer of all time?

Warren & Wetmore, the architectural firm behind Asbury Park’s iconic Paramount Theatre, Grand Arcade and Convention Hall. Built between 1928 and 1930, the complex combines Beaux Arts architecture with Italian-French and nautical influences. I love its history, grandeur, connection to the ocean, and what it represents in the remarkable comeback of Asbury Park.

What is your funniest deal story?

I have so many stories from my years in real estate — and especially from my years in Asbury Park — that it’s almost impossible to pick just one! 

Some of my favorite memories include meeting Southside Johnny, Clarence Clemons, Hugh Jackman, Boomer Esiason, Gov. Chris Christie and Bruce Springsteen several times at the Stone Pony and the Wonder Bar. I also had the opportunity to meet and work with Brian Fallon and Alex of the Gaslight Anthem, two incredibly talented young men.

And I absolutely loved helping at the Stone Pony, working will call and guest services. Asbury Park has given me some unforgettable stories over the years — and quite a few that probably shouldn’t be put in print!

What TV show are you currently binging?

“Landman” is my favorite. I’m currently watching “Lioness” and “The Agency,” and I also loved “1923.”

What is your pet peeve?

Being late! It makes me crazy.

What’s on your Spotify playlist?

Anything Motown.

Do you have a favorite movie?

“Field of Dreams.” I love a great movie with heart, history and a story that stays with you.

What keeps you busy outside of real estate?

My 10 grandchildren and my three wonderful children — Leah, Elizabeth and John Charles. I’m a very proud mother and grandmother, and family is at the center of everything I do. They are my greatest joy, they keep me grounded, and they are always my biggest motivation.

Where do you love to escape to?

Cape May, N.J. I love the history, architecture and charm. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.

The financial engine powering this boom is a single-generation phenomenon. Those continuing to build exclusively for the top of the market are making a bet the demographics likely don’t support. The defining strategic questions of the next decade revolve around rethinking capital stacks, product design, and who the market should build for.

Senior housing occupancy is projected to reach 90 percent by the end of 2026, and transaction volume is up more than 40 percent year-over-year. The momentum is undeniable, but so are the underlying demographics. The next generation of American seniors cannot afford what the market is currently building.

Baby boomers hold more than $85 trillion in wealth — over half of all U.S. household net worth — built over decades of home equity appreciation, widespread pension access and sustained market gains. Boomers had time on their side: decades of compounding wealth growth, broad access to employer-guaranteed pensions that largely no longer exist, and a long run of rising asset values. They are, by nearly every financial measure, the most retirement-ready generation in American history. They are also the most active. 

Today’s boomer seniors are entering retirement healthier and more lifestyle-oriented than any generation before them, fueling demand not just for housing, but also for communities built around fitness, social engagement and continued independence. That lifestyle comes at a price.

Premium communities offering resort-style amenities, wellness programming and curated social environments remain squarely out of reach for anyone without significant financial resources. 

Developers have cashed in on the “silver tsunami,” but future generations likely won’t catch the same wave — even as that wave only grows larger. 

The population of Americans 80 or older is expected to grow over 55 percent over the next decade. But generations behind the boomers have a much different financial profile. 

Generation X is entering retirement as the “forgotten generation” of financial preparedness — left to self-fund retirement against a backdrop of mortgage debt, student loans and the costs of supporting both adult children and aging parents. Only 29 percent have reached the recommended savings benchmark of six times their salary by age 50. Simply put, they cannot afford what was built for their baby boomer predecessors.

One might assume that an intergenerational wealth transfer will bail out Gen X, that boomer parents will simply pass down their accumulated wealth and close the gap. The reality is far more complicated. Boomer wealth is highly concentrated at the top. The Gen Xers least able to afford senior housing are also the least likely to inherit anything that will meaningfully change their financial status. Boomers are also living longer, meaning they’ll need to spend more of their own money on long-term care costs before that wealth changes hands — a significant driver of today’s record senior housing occupancy rates.

Taken together, these forces explain why more than 14 million middle-income seniors will struggle to afford existing senior living options by 2033, according to the National Investment Center for Seniors Housing and Care. The middle-income senior population is poised to double by 2029, with more than half priced out of traditional senior living models, according to projections from Cushman & Wakefield. 

And new development continues to push almost exclusively toward the highest-income brackets, driven by elevated land, labor and capital costs.

The math is unforgiving, and it demands a response. The long-term competitive advantage belongs to investors already building structural flexibility into their portfolios. 

This requires rethinking capital stacks and product design, whether by unbundling services into an à la carte model to lower the entry price point, engineering flexible unit layouts that can easily convert from two-bedrooms to separate studios as demand shifts, or leveraging modular construction to bypass some ground-up development costs.

Nicole De Bare is a partner at Herbert Smith Freehills Kramer. 

The restaurant group, using the LLC Mountain View Acquisition, bought the 5,000-square-foot retail unit at 541-555 Amsterdam Avenue for $4.1 million, according to buyer representative Lee & Associates NYC. 

The site is currently home to Barney Greengrass, a longtime Upper West Side restaurant and fish vendor, and Hudson & Charles, a butcher shop that also sells sandwiches and groceries. Both businesses will remain in their current locations following the completion of the sale, according to Lee.

The new buyer plans to open another Friedman’s Restaurant location in the retail co-op’s existing vacant unit. There are at least seven Friedman’s locations in Manhattan already, including its first-ever location at Chelsea Market. The chain offers a variety of eats and spirits, including breakfast classics, sandwiches and burgers. 

“The group is expanding its footprint in a top location on the Upper West Side, while also keeping a New York institution intact and operating for years to come,” Lee’s Peter Braus, who repped the buyer, said in a statement. 

Brandon Polakoff from Avison Young represented the seller, a family LLC doing business as 176 West 87th Leasehold. Polakoff did not immediately respond to CO’s request for comment.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com. 

Thompson, a law firm that specializes in mergers and acquisitions, tax transactions, and intellectual property issues, is relocating its New York City offices to the Cohen Brothers’ 622 Third Avenue, Commercial Observer has learned. 

The boutique firm signed a five-year, 4,000-square-foot lease on the 16th floor of the 40-story Midtown East office tower, also known as Grand Central Plaza. Thompson will move into its new spot in the fall from its current home at 75 Broad Street in the Financial District.

The asking rent was $75 per square foot, according to tenant broker Resolution Real Estate. 

Resolution’s Jeffrey Zund and Michael Adler represented Thompson on this deal, while Cohen Brothers was represented in-house by Marc Horowitz. Adler, Zund and Horowitz did not immediately respond to CO’s requests for comment. 

Designed by Emery Roth & Sons, 622 Third Avenue is between East 40th  and East 41st streets and underwent a $5 million renovation in the early 2010s. 

Tenants in the building include employment agency TemPositions, industrial outdoor storage provider Zenith IOS, as well as commercial real estate financing and advisory firm Cooper-Horowitz. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com. 

The global law firm has been at the 405,000-square-foot building since 2003 and occupies the top three floors as its largest tenant.

GreenBarn Investment Group, FarmView Ventures and capital partner Farallon Capital acquired the property in 2025. The building sits two blocks north of the White House, and includes a nine-story atrium and 425-space parking garage.

“We have known this asset for many years and have always believed in the quality of the building, its irreplaceable location and its long-term potential,” John Wolf, FarmView founder and managing partner, said in a statement.

The renewal comes as Washington’s office market remains divided between older properties and higher-quality buildings, and as the owners plan to reposition 1625 Eye as a higher-end workplace asset. Renovations will include a redesigned lobby, upgraded security, and retail from LDV Hospitality, including American Cut Steakhouse and an Italian café. Plans also call for a rooftop with indoor and outdoor gathering areas, a conference and event facility, and an expanded tenant fitness center.

Avison Young’s Eli Barnes, Jonathan Wellborn, Will Stern, Lauryn Harris and Macy Parana represented ownership. CBRE’s Jeff Welch and JLL’s Greg McCavera and Ella Adkins represented O’Melveny.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.