Hudson Bay Capital Refis Microsoft-Aanchored SoHo Building With $85M Loan
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 264th New York story tracked on the wire in September 2026. All New York coverage →
- Disclosed office deal value tracked in September 2026: $10.8B across 51 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
InterVest Capital Partners has sealed an $85 million loan to refinance an mixed-use office and retail property leased largely to Microsoft in Manhattan’s SoHo neighborhood, Commercial Observer has learned. Hudson Bay…
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