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n February, Ivanhoe Cambridge secured a $1.25 billion refinancing for its 1.2‑million‑square‑foot tower at 3 Bryant Park, a move that not only benefited the owner but also signaled a revival in the high‑end lending arena. Drew Isaacson of JLL’s capital‑markets division, who helped arrange the deal with Wells Fargo, Bank of America and Bank of Montreal, said the transaction “re‑ignited the high‑end lending market,” which had largely stayed on the sidelines as the office sector struggled post‑pandemic.
The 3 Bryant Park refi, Isaacson noted, proved that lenders were ready to re‑engage, and Manhattan followed with a string of significant investment‑sale deals. The most headline‑grabbing was the $1.08 billion acquisition of 590 Madison Avenue by RXR and Elliott Investment Management, the highest price paid for an office tower in more than three years. Eastdil Secured represented the Ohio pension fund seller, while Newmark advised RXR. Other brokerage firms also found work; for instance, Isaacson and JLL’s David Giancola closed a $160 million sale of the former Brooks Brothers site on Madison Avenue and an adjacent property to SL Green just last week.
Quarter three delivered nearly $5 billion in Manhattan property sales, the strongest single‑quarter total since early 2022. JLL reported that $3.3 billion of that volume was in office assets—almost double the second‑quarter figure and a 74 % year‑over‑year jump from the $1.9 billion seen in Q3 2024. Year‑to‑date office sales reached $7.1 billion. Isaacson said investor confidence in high‑quality office space has surged, with traditional banks, insurers and pension funds returning to the market and lending directly.
He observed that the largest recent purchases now come from publicly traded firms such as SL Green and Vornado, a shift from the private‑capital dominance of 12–24 months ago. Isaacson remains optimistic about the investment‑sale market’s momentum and is unconcerned about potential regulatory changes, arguing that the city’s underlying strength outweighs politics.
In a separate piece on Canal Street, I reported that an ICE raid last week temporarily removed sidewalk hustlers, but the problem resurfaced almost immediately. The block between Lafayette and Centre streets, once cleared, became congested again with inexpensive clothing and counterfeit “designer” watches. ICE agents surrounded a suspect near Church Street during the raid. Until the city takes decisive action to clean up Canal, legitimate retailers will likely avoid the western portion of the street, leaving landlords short of the rental income needed to redevelop aging buildings.
