Boutique Union Square Offices Refinanced for $66M
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. New York continues to bifurcate sharply: trophy office leasing at record rents, commodity Class B in conversion discussions or court-supervised processes. Rent-stabilized multifamily remains supply-constrained and tightly held. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 319th New York story tracked on the wire in September 2026. All New York coverage →
- Disclosed office deal value tracked in September 2026: $14.2B across 75 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Newmark arranged a $66.5-million loan on behalf of ZG Capital Partners to refinance 836–838 Broadway, a boutique, fully leased mixed-use office property in Manhattan’s Union Square neighborhood. J.P. Morgan provided t…
External link. Real Estate Trail does not republish source content.
Related coverage — New York · Office
Hedge Fund Takes Top Floors at Related Cos. Skyscraper
Manhattan hedge fund manager Castle Hook Partners has agreed to lease the entire top two floors of 625 Madison Ave., the 53-story office tower being developed by Related Cos. in Midtown East, according to city propert…
Chelsea Warehouse to be Redeveloped into Office Building
Jamison Commercial RE and Cahn Family Associates LLC are redeveloping a six-story warehouse and textile building in Manhattan’s West Chelsea Arts District into a boutique office property. Owned and occupied by the Cah…
Hedge Fund Castle Hook Takes Penthouse Office at Related’s 625 Madison Avenue
New York-based hedge fund manager Castle Hook Partners has landed the penthouse office lease at Related Companies ’ upcoming 625 Madison Avenue tower. According to a memorandum of lease filed in city records Monday ,…
New York Life Provides $386M Loan for Refinancing of Midtown Manhattan Office Building
NEW YORK CITY — New York Life Insurance has provided a $386 million loan for the refinancing of 200 Madison Avenue, a 750,000-square-foot office building in Midtown Manhattan. The 26-story building was originally cons…