BOMA New York

Congratulations, once again to all of our 2024 Pinnacle winners. This is a reminder that to qualify for this year’s Regional & International TOBY Awards, all local winners must submit their building(s) through a BOMA 360 application by January 15th.    Once your BOMA 360 application is submitted, please ensure you also submit a TOBY Awards application by March 3rd. Winning entries will advance to the international level, with TOBY Awards being presented at the BOMA International Conference on June 28th.     We encourage all eligible buildings to complete the necessary steps and be part of this prestigious BOMA recognition. ·      Historical Building: 200 Lafayette Street - Cushman & Wakefield, Brookfield & AEW Captial Management LP ·       Earth Building: 757 Third Avenue - JLL ·       Renovated Building: PENN 1 - Vornado Realty Trust ·       Mixed Use Building: 35 Hudson Yards - Related Companies ·       Operating Category (250,000-499,999 SQF): Banknote Building - Avison Young - New York, LLC ·       Operating Category (500,000-1M SQF): 730 Third Ave - Cushman & Wakefield ·       Operating Category (Over 1M SQF): 1271 Avenue of The Americas - Rockefeller Group For more information on the application process, visit: https://lnkd.in/evKAbFMe    Good luck to all! #BOMA #TOBYAwards #Applications #CommercialRealEstate #RealEstateExcellence

Have you registered for the first BOMI - Building Owners and Managers Institute class of the year?    On January 28th, the 6-week course "Real Estate Investment and Finance" will equip you with the skills and knowledge needed to optimize real estate investments and enhance property value.    Learn key financial concepts such as income capitalization, valuation, analysis, taxation, depreciation, and life cycle costing, with practical applications and real-world examples.    You’ll also gain insights into the "Rule of 72," owner objectives, and strategies for maximizing real estate contract success through effective selection, negotiation, and terms.    Learn more here: https://lnkd.in/eX_aUbBS     #BOMI #Course #Realestate #Finance #Investment 

Congratulations to BOMA NY member, JLL, on a major transaction. Munich Re has acquired full ownership of the iconic 320 Park Avenue office tower in NYC’s prestigious Plaza District from Mutual of America.  A JLL cross-platform team played a key role in arranging this off-market majority interest sale. This deal marks the largest office sale in NYC in 2024.  With JLL as the exclusive leasing agent, 320 Park Avenue has been modernized with over 350,000 SF of upgraded office space and continues to attract top tenants, including Mutual of America Financial Group and Raymond James. This acquisition reinforces the resilience and strength of New York’s office market and highlights 320 Park Avenue as an example of a top-tier property.  Read more here: https://lnkd.in/gD8HPVN8  #NYC #CRE #Acquistion #Office #Market 

Wishing all our members, partners, and colleagues a very Happy New Year! 

BOMA NY Member, GFP Real Estate has officially signed to 100% occupancy at 40 Worth Street!    This milestone demonstrates the enduring demand for high-quality office space in a resilient downtown market. The new leases include an 8,442-square-foot expansion for Jani Real Estate.     Additional tenants include Visual Artist Emily Christine Velez Nelms, P & T Construction Company LLC, and Mighty Minds and Muscles.     These new lease agreements also highlight the vitality of TriBeCa’s real estate market.     Read more about GFP Real Estate’s achievement here:  https://lnkd.in/ek5-wfFd     #NYC #CommercialRealEstate #CRE #TrBeCa #Office #Space  

Congratulations to BOMA NY Members, Related Companies and Oxford Properties Group. The 70 Hudson Yards tower, developed by Related Companies and Oxford Properties, is poised to become New York City's first zero-carbon emission skyscraper.  Progress is underway for this 47-story, 1.1-million-square-foot office building in Manhattan's Hudson Yards. The design features floor-to-ceiling windows, angular beige stone columns, and expansive terraces offering stunning views of Bella Abzug Park, the Hudson River, and the surrounding Hudson Yards area.  Tenant amenities will include wellness spaces, lounges, conferencing facilities, and ground-floor dining and retail. Construction could begin as early as next year, with completion expected by 2027 or 2028. 70 Hudson Yards aims to set a new benchmark for sustainable, modern office spaces in the city. Read more about the 70 Hudson Yards update here: https://lnkd.in/ebsjd-cZ  #NYC #CommercialRealEstate #Modern #Office #Tower

Applications are now open for BOMA NY’s 2025 Mentorship Program. BOMA NY’s Mentorship Program is an incredible opportunity for members at every stage of their career to connect, grow, and thrive in the commercial real estate industry. This structured 11-month program pairs seasoned professionals with emerging leaders, offering a combination of one-on-one sessions and group collaboration. Focused on accelerating personal and professional growth, the program emphasizes career advancement, leadership development, and valuable networking opportunities. Mentees gain actionable insights and guidance to propel their careers forward, while mentors play a key role in shaping the future of CRE leadership. Whether you're looking to give back or grow your career, this program is your chance to make a lasting impact. We encourage all BOMA NY members to apply as either a mentor or mentee and be part of this experience. Apply now: https://lnkd.in/eX_aUbBS #BOMANY #Mentorship #Program #CommercialRealEstate #Emergingprofessionals 

Great news for the U.S. office market!    The office market is finding its footing post-pandemic, with positive net absorption and increased leasing activity.     BOMA NY member, CBRE, reports stronger demand in major markets such as Manhattan, signaling a shift after a few years of negative absorption. While deal sizes remain smaller due to hybrid work, nearly 40% of occupiers plan to expand their portfolios.     Vacancy rates have stabilized at 19%, and with office conversions on the rise, the market is poised for gradual recovery. CBRE forecasts a tightening of supply, with rents expected to increase as demand grows in the coming years.    Read more here:  https://lnkd.in/ecsxQzzG     #OfficeMarket #CommercialRealEstate #Leasing #Demand

As the holiday season is here, we would like to express our heartfelt gratitude and best wishes to all our members, partners, and colleagues. 

Congratulations to RXR and the New York City Police Foundation on a new partnership. The New York City Police Foundation, a key nonprofit organization dedicated to supporting the New York City Police Department and strengthening community ties, has secured a full-floor lease for 7,803 square feet at RXR’s prestigious 530 Fifth Ave. in Midtown Manhattan. The 11-year lease marks a significant move as the foundation relocates from 555 Fifth Ave. William Elder, EVP at RXR, says, “We are honored to welcome the New York City Police Foundation to the diverse and dynamic tenant roster at 530 Fifth Ave., and we look forward to supporting their important mission in our city.” Learn more here: https://lnkd.in/eebKAU7s #NYC #CommercialRealEstate #NYPD #CommunitySupport #NYCRealEstate #Nonprofit #Lease