Joe Moinian, known for his role in New York's real estate industry, recently shared insights in an interview. Interesting findings from this discussion include his previous career in fashion before transitioning to real estate. Furthermore, negotiations are underway regarding an anchor lease for the 3 Hudson Boulevard project. Moinian also emphasises that he has no retail vacancies.
The developments related to Moinian in Hudson Yards are particularly significant. He plans to bring 1.9 million square feet of prime Class A office space to market at a time when the city urgently needs new inventory. The industry is keenly watching for the announcement of a potential anchor tenant.
Quarterly Results and Personnel
The first quarterly reports for the last quarter have already been released. Prologis, a leading company in industrial real estate, presented positive figures as expected. The occupancy rate stands at 95.1 percent, compared to 94.8 percent in the previous year. The company signed leases for 60 million square feet last quarter and generated revenue of US$2.39 billion, which is approximately US$180 million above the third quarter of 2025. With an expected new development volume of US$5 billion to US$5.75 billion this year, and an additional US$2.1 billion to US$2.3 billion in acquisitions, expansion is anticipated to continue.
There were also changes in personnel. At RXR, Whitney Arcaro was promoted to Chief Operating Officer of the residential property division. In addition, Gerard Norcia was recruited from Olmstead Properties as CEO for this business segment. At CBRE, Doug Middleton and Jack Stillwagon moved to Cushman & Wakefield. Yanni Marmarou, previously with Investment Property Realty Group, joined Arrow Real Estate Advisors.
Leasing Activities and Brooklyn Boom
Office leasing in New York City remains dynamic. The World Economic Forum leased over three floors totalling 58,131 square feet in The Durst Organization's 825 Third Avenue building. Garnett Station Partners, a private equity investment firm, secured an additional 10,392 square feet at SL Green Realty's 450 Park Avenue. A notable retail lease was concluded by South Korean luxury eyewear designer Gentle Monster, who moved into 28,500 square feet in the former REI space of Kushner Companies’ Puck Building. The remaining space will be occupied by Italian restaurant Torrisi.
In Southern California, Cohen Brothers Realty reported over a dozen deals for the Pacific Design Center complex in West Hollywood, totalling 76,100 square feet, including a contract for Brooklinen. Rents in Brooklyn remain high; according to Corcoran Group, the average rent is US$4,300 per month, representing an annual increase of 10 percent in September. Double U Development secured US$23 million in construction loans from Colorado Federal Bank to convert the former Polonaise Terrace, most recently Brooklyn Bazaar, into apartments. Furthermore, the Brooklyn Nets and the New York Liberty (NBA/WNBA) have acquired three new training facilities in Bushwick, Gowanus, and Greenpoint.
