Archdiocese offloads Lotte New York Palace ground lease to fund abuse settlements

December 12, 2025 / no comments

The Archdiocese of New York is cashing in one of its crown-jewel sites as it scrambles to cover mounting payouts to survivors of clergy sexual abuse. Cardinal Timothy Dolan told parishioners this week that the Church would keep liquidating real estate to fill a widening financial hole tied to settlements, according to the Commercial Observer. The latest move is a big one: selling the ground lease under the Lotte New York Palace for $490 million to the luxury hotel operator.  Lotte already owns the building but has long leased the ground. Roughly $200 million of the proceeds will go toward […]

This article originally appeared on The Real Deal. Click here to read the full story.

Blackstone refinances Stuy Town with $3B loan

December 12, 2025 / no comments

Blackstone locked in a ten-figure loan to refinance its largest rental property in New York City. Wells Fargo provided $3.15 billion in debt to refinance Stuyvesant Town-Peter Cooper Village, Crain’s reported. A $3 billion debt from Fannie Mae backing Manhattan’s largest apartment complex was nearing maturity. Since purchasing the complex alongside a Canadian pension fund for $5.5 billion in 2015, Blackstone has invested $460 million into the property. That includes renovations, expansions and the installation of 9,600 solar panels. Blackstone also added a Whole Foods and a restaurant to the retail portfolio. Notably, all of the units in Stuy Town […]

This article originally appeared on The Real Deal. Click here to read the full story.

Luxury gyms lead Manhattan’s 2025 retail leases

December 12, 2025 / no comments

There have never been more high-end places to work out in Manhattan.  If one type of retail location dominated The Real Deal’s list of biggest leases this year, it was the gym. Chelsea Piers, Life Time and Equinox all gobbled up tens of thousands of square feet for Big Apple expansions. They were joined by another wellness player, Neko Health.  It’s a stark contrast from last year’s rankings, when not one wellness location cracked the top ten retail leases. But big, luxury health clubs are making a bet that Manhattanites will pay top dollar for resort-like amenities and whole-body services, […]

This article originally appeared on The Real Deal. Click here to read the full story.