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Manhattan Investment Sales Surge 26% Amid Office Conversions

1/20/2026

50 6 Full Breakdown

Summary

Story summary

In 2025, Manhattan investment sales rose over 26% to $11 billion, per JLL.
RXR Realty and Elliott Investment Management completed a $1.08B purchase of 590 Madison Avenue.
The report notes 75 office-to-apartment conversions potentially affecting 34 million square feet of office space.
Union Square retail occupancy rose to 91% as 16 new businesses opened, including Uniqlo.
Storefront rents rose to about $300 per square foot at 41 Union Square West.

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Story summary

In 2025, Manhattan investment sales rose over 26% to $11 billion, per JLL.
RXR Realty and Elliott Investment Management completed a $1.08B purchase of 590 Madison Avenue.
The report notes 75 office-to-apartment conversions potentially affecting 34 million square feet of office space.
Union Square retail occupancy rose to 91% as 16 new businesses opened, including Uniqlo.
Storefront rents rose to about $300 per square foot at 41 Union Square West.