*** Owners ditch conversion at 745 Fifth as Plaza District office bets revive Rithm Capital, von Finck family double down on trophy offices with $275M refi The owners of 745 Fifth Avenue have decided to abandon their residential conversion plans, refocusing instead on the office market, reflecting the recovery of Manhattan’s premier office sector. Rithm Capital and the von Finck family halted their plan to transform the Plaza District tower into apartments and are pursuing a

*** Cohen asks court for more time to repay $187M debt as Fortress pushes for receiver In 1970, the Chairmen of the Board's "Give Me Just a Little More Time" resonates with developer Charles Cohen's current plight. Cohen is seeking court permission for additional time to settle a $187 million debt to Fortress Investment Group, citing efforts made over the past 18 months, including selling two properties for $52 million. In a court affidavit, he expressed a need for more time

*** Benefit Street Partners Amasses $10 Billion for Real-Estate Credit Deals The lender cites rising investor appetite for funds that back nonbank loans for multifamily properties Benefit Street Partners has raised $3 billion for its latest real-estate focused fund, the Benefit Street Partners Real Estate Opportunistic Debt Fund II, which includes co-investment vehicles and provides $10 billion in investable capital with leverage. This represents a significant increase from t

*** Office rents at Manhattan skyscrapers set to reach new heights in 2026 Manhattan's office rents surged in 2025, with a record 313 leases starting at $100 per square foot, raising speculation that rents could reach $250. This trend reflects a strong demand for premium spaces, as availability decreased from nearly 20% to 13.2%. One-third of lease signings exceeded $100, with tech and media firms comprising 31% of transactions. High-floor views and premium locations remained