In this episode of The TreppWire Podcast, we dive into economic data and headlines of the week, including manufacturing and job openings figures, the implications of tariffs on the CRE market, and the thought that lending standards for commercial real estate (CRE) may be tightening. We discuss the inflection point for the office market after seeing some increased optimism and signs of activity, especially in NYC. We talk Blackstone’s big Midtown Manhattan office buy, the largest office-to-residential conversion in the U.S., as well as recent stories at Manhattan’s MetLife Building. In retail, we cover Walmart’s mall purchase and Amazon’s physical store closures. We reflect on the narrative for apartments and the multifamily market at large, after the NMHC 2025 Annual Meeting. We wrap up the episode with our thoughts on the Super Bowl and highlight Kansas City, Philadelphia, and New Orleans market data from TreppCRE. Tune in now.

Episode Notes:

Economic Update (0:27)

Tariffs & Other Headwinds Impacting the Market (3:35)

Office Sector Activity (10:54)

Blackstone NYC Midtown Office Buy (13:16)

Largest Office to Resi Conversion in the U.S. (17:00)

Refinance at 3 Bryant Park (21:02)

Irvine Loan for Manhattan’s MetLife Building (25:24)

Walmart Pennsylvania Mall Purchase in Pennsylvania (28:07)

Amazon’s Physical Store Locations Closing (30:02)

Equinox is Becoming the Largest Retail Tenant in Manhattan (33:39)

NMHC 2025 Annual Meeting Recap (35:01)

Credit Stories in California & Texas (40:13)

Slice of Life: Kansas City vs. Philadelphia + Market Overview (42:37)

Trepp Connect (in NYC) on May 13-15, 2025 (46:31)

Shoutouts (49:16)

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