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Marx Realty launches speakeasy at 10 Grand Central – 6,000 s/f
April 13, 2026
Manhattan, NY Marx Realty (MNPP) has entered a partnership with the downtown speakeasy Please Don’t Tell (PDT), to introduce Highball Ltd. at its 10 Grand Central office tower in Midtown. The new bar – grounded in the glamour of the era of Jazz Age New York and Art Deco skyscrapers – will further elevate the building’s hospitality-infused repositioning while introducing a food and beverage destination to Midtown. Highball Ltd. is the newest project from Jeff Bell, managing partner of the East Village speakeasy PDT, and his partners, Apres Cru Hospitality.
“Highball Ltd. represents the next chapter in our mission to provide an exceptional experience that blurs the lines between workplace and luxury hotel,” said Craig Deitelzweig, CEO of Marx Realty. “By partnering with Jeff Bell and ApresCru, we are creating an authentic, design-forward speakeasy experience that pays homage to the architectural history of the building and its location near Grand Central Terminal. We are not only setting new benchmarks in workplace design, but transforming 10 Grand Central into a true social destination – and our tenants are already enamored with the concept.”
Highball Ltd. will be within The Meeting Galleries space, an amenity suite featuring four spaces: Highball Ltd. (formerly known as The Bar Car), a pre-function space appointed with Baccarat barware, artwork and a floor-to-ceiling bronze fireplace; The Grand Gallery, a 200-person town hall space; The Podcast Gallery, a recording studio equipped with technology; and, The Screening Gallery, a theater with stadium seating and a 150-inch screen beneath a constellation-inspired ceiling reminiscent of Grand Central’s celestial dome.
“The proximity to Grand Central is an exciting entry to Midtown for us,” said Jeff Bell, managing partner of PDT. “The beautiful space reminds me of a luxury pullman car and provided a lot of inspiration for the menu. There is such a rich history to draw from with the overlap in the golden age of cocktails and the golden age of train travel.”
After finding the hidden entrance on Third Ave. (look for the red light), layered wayfinding, and the freight elevator, guests are transported to a cocktail oasis on the 11th floor. Highball Ltd. fuses the timeless glamour of the building’s 1930s-era Beaux Arts design with distinct design nods to the golden age of luxury train travel. Highball Ltd. will tap the demand for a simple, yet upscale, cocktail experience in a part of Midtown long defined by office towers and now increasingly energized by new food and beverage openings.
Beginning with a repositioning at 10 Grand Central that added a sophisticated lounge and terrace amenity in 2018 – marking the early expression of Marx Realty’s now widely recognized hospitality-infused workplace strategy – the firm recently added an 11,000 s/f space known as The Meeting Galleries. Located on the 11th floor at 10 Grand Central, Highball Ltd. is now part of that space and celebrates craft cocktails and elevated food. While some seats will be held for walk-ins nightly, reservations are encouraged.
The name, Highball Ltd., has a double meaning: a nod to the classic whiskey cocktail and the historic “highball” railroad signal, by which a ball raised to the top of a pole indicated that the track ahead was clear, allowing the train to proceed at full speed. The concept complements the luxury train-inspired design of the space and will appeal to a diverse audience while addressing the rising demand for social experiences combining a food menu with crafted cocktails. The beverage menu includes Dom Perignon Champagne alongside vintage spirits, Japanese whiskey and a mix of house highballs, signature cocktails and classics like a martini and negroni.
The partnership with Marx Realty brings the PDT team to Midtown for the first time in a reimagined experience tailored to appeal to the diverse mix of Midtown professionals, residents and visitors. PDT pioneered the modern speakeasy movement in 2007 when it opened its original location hidden behind a telephone booth inside Crif Dogs in the East Village. Bell and PDT have been behind numerous bar and hotel experiences including the Waldorf Astoria in New York, the Mandarin Oriental Hong Kong, and the new jetBlue lounge at JFK. Bell has also developed a line of cocktail mixers, currently served in jetBlue’s Mint Class. In July 2025 he opened Mixteca, an agave-focused bar in the West Village, and six months later Kees, a sophisticated cocktail lounge that channels the glamour of mid-century New York, located downstairs from Mixteca.
“High quality cocktail ingredients are now mainstream,” said Bell. “Guests are focused on better spirits and mixers even for simple cocktails like a Gin + Tonic. With our version, we stay true to the formula but add a layer of complexity with kabosu and shiso. It’s still a refreshing and sessionable drink.”
Velvet seating, brushed brass accents and softly arched architectural details evoke 1930s luxury railcars throughout the space, while mood lighting, bespoke millwork and a signature scent deliver Marx Realty’s well-known hospitality-infused ambiance. The result is a swanky and refined members-only atmosphere that feels both clandestine and glamorous, an unexpected counterpoint to Midtown’s corporate core.
When Every Bar Is a ‘Speakeasy,’ What Actually Is a Speakeasy?
April 14, 2026
Long after Prohibition, a few high-end cocktail bars show it’s still possible to retain their speakeasy forebears’ air of mystery and adventure.
Inside Highball Ltd., a speakeasy-style bar in a Midtown Manhattan skyscraper. Elizabeth Arvelos Coetzee/WSJ
By Mark Ellwood
April 14, 2026 11:45 am ET
Just off a busy sidewalk in Midtown Manhattan, a red carpet leads to a freight elevator. You might not even notice it unless you first saw the red light shining on the sidewalk above a pair of nondescript black doors. Nearby, a discreet, retro-inflected brass plaque reads Highball Ltd. Step in and ride to the 11th floor and the confusion clears.
The brand new, 65-person cocktail bar is the brainchild of celebrated bartender Jeff Bell, known for his work at the pioneering Please Don’t Tell, or PDT, in New York’s East Village. When Bell was given the task of turning the tiny, nondescript room in Midtown into a buzzy destination, he immediately thought “speakeasy.”
To enter Highball Ltd., guests ride a freight elevator up to the 11th floor.
Elizabeth Arvelos Coetzee/WSJ
“People love when they’ve discovered a place, when it’s a journey to get to it,” he said. But a century after the term first emerged to describe the clandestine drinking dens of Prohibition, its meaning has blurred. When passwords are posted to Instagram and tables booked on an app, what is a speakeasy—and can it be anything more than a gimmick? A few places around the world offer some clues.
To be in-the-know
In the 1920s, at the height of Prohibition, speakeasies were far from elitist, according to Charlotte Voisey, who runs the New Orleans-based hospitality nonprofit Tales of the Cocktail. “They didn’t care who was there as long as they could keep selling liquor and having a good time.”
The 1990s cocktail revival introduced a layer of snobbery to speakeasy-style bars, long after any subterfuge was necessary. New spots were intended to cater to in-the-know drinkers of a different kind. “It was about dedication to cocktail culture, not just speakeasy mechanisms,” Voisey said. In other words, picky bartenders wanted to ensure their clientele consisted of drinkers primed to appreciate their efforts.
The epitome of this approach was New York’s Milk & Honey, which the late Sasha Petraske opened on the eve of the millennium in 1999 behind a facade that resembled a tailor’s shop (another, similarly craft-focused operation, Attaboy, still occupies the site). Long before likes and shares, there wasn’t a door policy exactly, but you could be subject to an unspoken, discreet screening at the host table.
Like many high-end bars, Highball focuses on reviving and riffing on classic cocktails.Elizabeth Arvelos Coetzee/WSJ
Reservations only—and a not-so-grand entrance
The arrival of social media forced operators to reimagine the word-of-mouth approach. Today, the places that call themselves speakeasies are about intentionality. Instead of texting the bartender, as you might have done 20 years ago, you’re expected to plan ahead enough to book a two-top on Resy.
That doesn’t mean there isn’t room for a little mystery. Famously, PDT is accessed via a phone booth which sits in the brightly lit Crif Dogs fast food joint next door.
Bell said the decision to create an alternative entrance was driven more by practicalities than theatricalities. By being attached to Crif Dogs, PDT could piggyback on the restaurant’s liquor license. But ask anyone who has been and they’re likely to lead with the thrill of picking up the receiver in the booth to enter.
This theatricality has become another earmark of the speakeasy genre. Raised by Wolves in San Diego sits behind a liquor store, accessible via a rotating seating area. The award-winning Florería Atlántico in Buenos Aires—which expanded to Washington, D.C. last fall—sits beneath a working florist, accessed via a staircase concealed by a fridge.
“It’s giving you permission to escape your day, because you’re walking through a literal or physical portal,” said David Kaplan, co-owner of New York’s Death & Co, where bowtie-clad bartenders serve elaborate cocktails behind a barely marked door.
YONKERS — New stores, electronics retailer and restaurants have expressed interest in leasing space in the new retail area planned for Cross County Center.
The $90 million expansion, slated for the center’s north lot, includes two new buildings totaling 58,000 square feet of retail space, along with a four-acre park, boardwalk and underground parking garage.
Prospective tenants, from an international fashion brand to an electronics retailer and restaurants, have already shown interest in the space even though construction is not expected to be completed for another 18 months, project officials said.
Craig Deitelzweig, CEO of Marx Realty that owns the center, said the vision is to create a new front door to the center, with new stores, green space and sitting areas leading to a boardwalk lined with dining places.
“We want this to be the town center,” Deitelzweig said. “Our goal is to have people who want to come to the center starting in the morning and staying all the way through the evening.”
Cross County Center expansion to create community space, drive foot traffic
Opened in 1954, the center has grown from 30 stores to more than 100 tenants spanning retail, dining, education, entertainment and hospitality. Branded as the nation’s first open-air shopping mall, Cross County Center attracts about 14 million visitors annually and is now 97% leased.
The center is home to a mix of about 83 tenants ranging from national brands to local businesses. It is anchored by Target and Macy’s, along with SUNY Westchester Yonkers and a Hyatt Place hotel. New stores have consistently been added over the years.
The expansion reflects strong demand for retail space. About 88% of the 58,000 square feet of retail space has already been accounted for, with plans being finalized for a “world-class retailer” interested in occupying an entire two-story, 44,000-square-foot-building, Deitelzweig said.
The goal is to host a diverse tenant mix to attract a broad range of customers. Most visitors come from Westchester County and New York City, with a large share made up of young adults ages 16 to 23 and families.
The center also hosts year-round events, including holiday celebrations, summer festivals, yoga and Zumba classes. The new park will create space for new events such as concerts, picnics, farmers markets and soccer games or expanding existing programs.
“I always wanted to add a new park here,” Deitelzweig said. “It’s another way for us to connect with the community. We’ll make sure this space is really activated.”
The expansion will replace a portion of the north parking lot. An underground parking garage with elevator access will be built beneath the site. Construction will be carried out in phases, with the goal of minimizing disruption to operations while maintaining access to nearby businesses.
Why does demand remain strong at Cross County Center?
While e-commerce and the pandemic have taken a toll on some Westchester malls, shuttering the former Galleria at White Plains and the former White Plains Mall, other retail centers have rebounded. Cross County Center, for example, is thriving with nearly full occupancy and strong demand for additional space.
In 2024, Westchester’s mall vacancy rate dropped to 1%, far below the national average of 8.7%, according to CoStar.
Deitelzweig said sales revenues have continued to grow, attributing Cross County Center’s success to ongoing efforts to meet evolving customer needs. Those efforts include attracting and retaining trending, high-performing tenants and reinvesting in capital improvements, including upgrades to sidewalks, landscaping, lighting and storefronts.
The center is home to the first Zara, Shake Shack and Raising Cane’s locations in Westchester, as well as one of the best-performing Target and Macy’s stores in the country, Deitelzweig said. Four additional stores are slated to open, including Coach, Crocs, Crumble Cookies and Elite Nails & Spa.
He added that the center has also benefited from younger generations’ growing preference for in-person experiences and post-pandemic hybrid work schedules.
“The way we’ve succeeded for 70 years is by understanding your customers,” Deitelzweig said. “Sometimes it’s about understanding them before they even understand what they want.”
Selective on tenants as customer preferences evolve
Businesses are drawn to Cross County Center by the high foot traffic that is largely generated through events and the spillover effect of neighboring brands, although securing a spot is competitive.
Deitelzweig said the center is selective about its tenants and continues to adapt based on store performance and a commitment to maintaining well-kept storefronts. The shift toward experiential retail has prompted tenants to lease larger spaces, with more businesses focusing on experiences.
Build-A-Bear, a toy store that opened in September, offers customers the chance to design their own stuffed animals. At the center of the store, a large wheel of plush white stuffing slowly rotates as customers bring their toys to life by choosing a shell, outfit and accessories, adding a heartbeat and even recording a personalized sound bite.
Porsha Soto, the store’s manager, said the Cross County location is the company’s sixth in New York and was drawn to the center’s strong base of family-oriented customers. She hopes the expansion will bring more foot traffic and provide a better experience.
“It’s really exciting to have this space that feels welcoming and warm,” Soto said, referring to the park.
What could come next at Cross County Center?
As the center continues to grow, both the property owner and customers see potential for future developments.
Ive Lisse, of Yonkers, who visits the center about twice a month and attends some of its events, said she enjoys stores such as Old Navy, Zara, H&M, Foot Locker and Shake & Shack and hopes to see more children’s entertainment options like Sky Zone.
That sentiment echoed Deitelzweig’s vision to add businesses that offer immersive, family-friendly experiences. He said he is also open to residential development where there is a need, provided it fits into the fabric of the center.
“Customers’ desires change constantly,” Deitelzweig said. “You always have to be mindful of what customers need.”
Just a few weeks after revered longtime PDT bartender Jeff Bell announced the opening of Kees, his new subterranean lounge at 1 Cornelia Street, the cocktail guru has revealed yet another project. In partnership with Marx Realty, Bell is opening a new speakeasy-style concept, this one complete with a hidden entrance and a “complex entry process.” Highball Ltd. is officially open for business—if you can only find it inside the office tower at 10 Grand Central.
Photograph: Eric Medsker
Before we get to how you can actually get in, a bit about the space, which is carved out of the building’s 11th-floor Meeting Galleries amenity, a new 11,000-square-foot hub. The entire project is essentially an homage to Grand Central Terminal: the design draws inspiration from all things train, specifically honoring the “golden age of luxury train travel,” according to an official description. The idea is that you’ll feel as though you’re sipping a very good cocktail in the bar car of a train.
The name of the destination is also on theme—doubly so. The moniker nods both to the classic whiskey cocktail and the “highball” railroad signal, when a ball raised to the top of a pole indicated that the track ahead was clear and the running train could proceed.
Photograph: Eric Medsker
Highball Ltd. is actually just one quarter of the four distinct spaces that will make up the Meeting Galleries complex, which will also include a 200-person town hall venue called the Grand Gallery, a recording studio featuring state-of-the-art technology dubbed the Podcast Gallery, and the Screening Gallery—a “plush theater with stadium seating and a 150-inch screen beneath a constellation-inspired ceiling reminiscent of Grand Central’s celestial dome.”
But back to the secrecy of it all: you’ll want to look for a red light on Third Avenue near 44th Street. That’s the hidden entrance. Step inside, hop into the freight elevator and head up to the 11th floor. Perfect cocktails await… once you find the red light, of course.
58,000 square feet of new retail underway at Cross County Center
Two new buildings plus a 4-acre public park planned
Expansion reinforces one of Westchester’s top lifestyle retail hubs
What 58K SF of New Retail Means for Yonkers’ Leasing Momentum
Marx Realty is underway on a 58,000-square-foot retail expansion at Cross County Center in Yonkers, New York. The project includes two new buildings, one spanning 14,000 square feet on a single level and another totaling 44,000 square feet across two floors. Cross County Center already spans 1.2 million square feet and hosts more than 100 retail, dining, education, and entertainment tenants. Originally opened in 1954 with just 30 stores, the property has evolved into one of the dominant open-air retail destinations just north of New York City. For retail landlords, this move signals confidence in brick-and-mortar demand in high-density suburban corridors with strong commuter access.
What the 4-Acre Park Strategy Says About Experiential Retail
Beyond retail square footage, Marx Realty is investing in a 4-acre park that will host farmers’ markets, SummerFest events, wellness programming, and seasonal activities. An adjacent boardwalk with café-style seating and shaded umbrellas will serve as the new front entrance to the center. This is not just an expansion. It is repositioning. Lifestyle centers are increasingly competing on experience rather than pure retail mix. Creating programmed public space drives repeat foot traffic and increases dwell time, which translates into higher tenant sales productivity. For owners of open-air centers, placemaking is becoming a core leasing tool rather than an afterthought.
What This Means for Westchester Retail Fundamentals
Cross County Center’s tenant roster includes national brands such as H&M, Foot Locker, Bath & Body Works, Hollister, Crocs, and Chase Bank. The expansion reinforces the center’s role as a regional draw in Westchester County. Suburban retail in the New York metro area has remained resilient, especially in open-air formats with strong parking access and convenience. Expansions at stabilized centers typically signal healthy occupancy and retailer demand rather than speculative risk. For investors tracking New York retail outside Manhattan, Yonkers continues to benefit from population density, commuter traffic, and limited competing large-scale developments. Marx Realty’s investment suggests long-term confidence in experiential suburban retail as a durable asset class in the current cycle.
Marx Realty Launches Expansion at Yonkers’ Cross County Center
Marx Realty has begun construction on a two-building, 58,000-square-foot retail expansion at Cross County Center in Yonkers, NY. The 1.15-million-square-foot retail center, originally housing 30 stores when it opened in 1954, is now home to more than 100 retail, dining, educational and entertainment outposts across several buildings.
“The incredible demand for space at Cross County Center created the need to bring new physical space to the property,” said Craig Deitelzweig, CEO of Marx Realty. “We are also excited to introduce a new four-acre park and boardwalk which will act as the ‘front door’ to Cross County Center.”
Two new buildings – one single-story building comprising 14,000 square feet and one two-story building comprising 44,000 square feet — will rise on the north lot. Plans call for a 44,000-square-foot build-out for a national apparel retailer’s super flagship location, while Marx Realty will restack existing tenants to best accommodate new and existing retailers at the Center.
Highball Ltd. will occupy a 6,000-square-foot space on the 11th floor of 10 Grand Central.
An office building near Grand Central Terminal that offers its tenants a smorgasbord of amenities is getting a new one: a speakeasy.
East Village speakeasy Please Don’t Tell (PDT), along with Apres Cru Hospitality, is partnering with Marx Realty to bring Highball Ltd. to the 36-story Midtown office building. It’s set to open March 13.
“We want it to be different from anything that exists in the Grand Central neighborhood,” said Craig Deitzelweig, president and CEO of Marx Realty. “We want it to be a really elevated space where people can have conversations. You can celebrate your company’s success or someone’s birthday. I think Highball takes our amenities to the next level.”
The bar for amenities is already pretty high at 10 Grand Central.
Tenants have access to a luxury car that can take them to meetings. They can watch an independent film on a 150-inch screen in a theater on the 11th floor. Nearby, a gelato machine dispenses five flavors.
Highball will occupy a 6,000-square-foot space that is part of Marx Realty’s 11,000-square-foot amenity suite on the 11th floor. The suite has a meeting lounge that fits 200 participants, a sound-attenuated space equipped with technology needed to produce and record podcasts, and the aforementioned theater, with plush stadium seating.
Highball’s space will include a kitchen and seat 65 people. There is a hidden entrance on Third Avenue, with a red light to signal to guests that they are in the right place. Patrons then walk over a red carpet to a freight elevator, and press the H button for Highball.
The name of the speakeasy is a double entendre. A highball is a simple, tall mixed drink made with a spirit and two or more non-alcoholic mixers served over ice. The word is also a 19th-century railroading term referring to a signal that authorizes a train to move at full speed.
“The space kind of feels like a really nice Pullman car,” said Jeff Bell, PDT’s managing partner. “There is a train feel to it with a cove ceiling.”
The speakeasy’s menu will offer house highballs, signature and classic cocktails, including an Aperol spritz and a Manhattan. Pricing will start between $20 and $23. For the food, Marx Realty is bringing in Michelin-starred Chef Marc Forgione.
The lease is long-term. Marx Realty’s Henry Henderson represented his firm in the deal.
PDT, which is tucked behind a phone booth in the hotdog shop Crifs Dogs, opened at 113 St. Marks Pl. in 2007. The speakeasy topped World’s 50 Best Bars list in 2011, and won the inaugural James Beard Award for Outstanding Bar Program in 2012.
Bell said that opening Highball will broaden the company’s customer base beyond New York residents.
“There are so many office workers who live in Connecticut, Westchester and Long Island who only have time to get a quick drink nearby before hopping on the train,” Bell said. “Its a whole new target audience than what we have at PDT.”
BIG Announcement Made at Business Council of Westchester and Fordham Real Estate Institute Event: Marx Realty Begins Construction on Retail Expansion and 4-Acre Park at Cross County Center in Yonkers
In big news on the retail front, announced at Wednesday’s Business Council of Westchester and Fordham University Real Estate Institute event, BCW Member Marx Realty announced this week it has begun construction on a two-building, 58,000-square-foot retail expansion at Cross County Center in Yonkers. The 1.15 million-square-foot retail center is now home to over 100 retail, dining, educational and entertainment outposts across several buildings and serves as the heart of the Westchester community.
“The incredible demand for space at Cross County Center created the need to bring new physical space to the property,” said Craig Deitelzweig, CEO of Marx Realty. “The country’s leading retail and dining destinations want to plant their flags at Cross County Center due in large part to our special mix of tenants and uses as well as our beautiful green spaces, hands on management and our ongoing reinvestment in maintaining its place as the northeast region’s preeminent retail center. We also are excited to introduce a new 4-acre park and boardwalk which will act as the new “front door” to Cross County Center.”
Two new buildings — one single-story building comprising 14,000 square feet and one two-story building comprising 44,000 square feet — will rise on the north lot at Cross County Center and infrastructure-related construction for the new development is currently underway. Plans call for a 44,000-square-foot build out for a national apparel retailer’s super flagship location while Marx Realty will restack existing tenants to best accommodate new and existing retailers at the Center.
Marx Realty will also develop a beautiful 4-acre green park with an allée of trees, creating an oasis to accommodate seasonal programming and serve as the heart, and new “front door,” of this iconic lifestyle center. The park will include a variety of seating options while the space will accommodate farmer’s markets, Summer Fest events and many wellness programs. An adjacent boardwalk will offer café-style seating and umbrella shaded areas.
“Cross County Center provides a vibrant and welcoming space for visitors whether they visit to shop and dine or just to unwind with family and friends,” continued Deitelzweig a former honoree of the BCW’’s Business Hall of Fame. “Green spaces, a beautiful new park, seating areas and year-round programming provide ample opportunity to spend a day at the center enjoying all it has to offer. Current and prospective tenants understand the value of our efforts and the placemaking power of real estate.”
Rendering of Cross County expansion, courtesy of TPG Architecture.
Construction is underway on a two-building, 58,000-square-foot retail expansion of Cross County Center, an open-air shopping complex at 8000 Mall Walk in Yonkers, Westchester County. The 1.15 million-square-foot property opened in 1954 with 30 stores. The expansion was designed by TPG Architecture and is being developed by Marx Realty.
Rendering of Cross County expansion, courtesy of TPG Architecture.
The expansion will rise on the property’s north lot and consist of a 14,000-square-foot single-story building and a 44,000-square-foot two-story structure. Plans call for the larger building to house a super-flagship location for a national apparel retailer. The development will also include underground parking, new vertical transportation systems, and the repositioning of existing tenants to accommodate both new and current retailers. Infrastructure work related to the expansion is currently in progress.
Rendering of Cross County expansion, courtesy of TPG Architecture.
In addition to the retail component, Marx Realty will create a 4-acre park designed to function as a central gathering space within the complex. The park will feature an allée of trees, varied seating areas, and flexible space for seasonal programming such as farmers’ markets, summer events, and wellness activities. An adjacent boardwalk with café-style seating and shaded areas will serve as a new primary entrance to the center, marked by prominent signage and enhanced landscaping.
Cross County Center is located at the intersection of Cross County Parkway and Interstate 87. The property is accessible via the Metro-North Railroad’s Yonkers Station, which connects to Grand Central Terminal.
Andrew Werner accepts the Architecture Team of the Year Award for KPF. PHOTO: Greg Morris
Downtown’s splashiest new retail destination and one of the nation’s top real estate financiers scored multiple awards at Commercial Observer’s third annual Breakthrough Awards breakfast, held Tuesday at 7 World TradeCenter.
One Wall Street, a tower in Manhattan’s Financial District, came away with two Tech & Innovation awards in the Residential and Retail categories. The office-to-residential project was also nominated for Adaptive Reuse Project of the Year, Retail Transaction of the Year and Marketing Team of the Year.
But One Wall’s crown jewel is its historic ruby-colored Red Room at the base of the 654-foot skyscraper, which welcomed the first American branch of the famed Parisian department store Printemps. The French luxury retailer has attracted throngs of chic shoppers and influencers since opening its doors in March while offering perks to building residents such as invitations to private events, VIP previews and private shopping experiences.
Brian Lichter accepts the Law Firm of the Year award for Davis Polk & Wardwell.
PHOTO: Greg Morris
“I think I speak on behalf of everyone here when I say we’d all like to get on that short list of VIPs able to cut the line,” said Marc Norman, associate dean of the Schack Institute of Real Estate at New York University and emcee for the event.
One Wall Street, which received its Innovation In Retail award with Printemps and Newmark, beat out Kushner’s $500 million redevelopment of Monmouth Mall, and Blackstone and RXR’s retail concepts inside the Starrett Lehigh Building. The company split the Innovation In Residential category with Domain Companies, which developed 420 Carroll Street, the first building that opened after the 2021 Gowanus, Brooklyn, rezoning.
Not to be outdone, Blackstone Real Estate Partners tallied four awards in the five categories in which they were nominated, earning the coveted Financier of the Year (Non-Bank) award, as well as the year’s top Office, Retail and Industrial transactions.
The investment firm’s real estate branch, which has $77 billion in assets under management and celebrated the close of its most recent real estate debt fund with $8 billion of capital commitments, also financed several winners in this year’s Innovation categories.
Blackstone’s $1.4 billion acquisition of a 46 percent joint-control interest with Fisher Brothers in 1345 Avenue of the Americas picked up the Office Transaction of the Year in a competitive category that also included RXR and Elliott Investment’s $1.1 billion expansion of 590 Madison Avenue, New York University’s 70-year master lease of a Vornado building at 770 Broadway, Amazon’s lease expansion at L&L Holding’sWynwood Plaza, Rosenberg & Estis’ restructuring of a credit facility for the Durst Organization, and Nuveen and JLL Capital Markets’ sale of 701 Brickell in Miami. Fried Frank, Blackstone’s counsel on the 1345 Avenue of the Americas deal, and Morgan Stanley, J.P. Morgan Chase and Citibank, which facilitated $850 million in CMBS refinancing in the deal, were also recognized.
Blackstone’s $4 billion acquisition of Retail Opportunity Investment Corporation, whose portfolio consists of 93 shopping center properties with grocery anchors in major West Coast cities, picked up the retail award. The firm was also nominated with RXR in the Innovation in Retail category for its work opening The Yacht Club and Level 10 within the 10th floor of the Starrett Lehigh Building.
Finally, Blackstone Mortgage Trust — whose $189 million loan to Alterra IOS, with an assist from Cooper Horowitz, secured a 49-property portfolio across 22 states — was recognized as Industrial Transaction of the Year. The firm was also nominated in the industrial category for its acquisition of a 95 percent stake in Crow Holdings’ $718 million portfolio of 25 buildings.
Mauricio Amal Prieto accepts the Top Financier of the Year award for Wells Fargo. PHOTO: Greg Morris
Plenty of other boldface winners shared the spotlight among the Team & Leadership categories.
Wells Fargo fended off J.P. Morgan’s Commercial Real Estate Lending Solutions, Bank of America, Bank OZK and Centennial Bank to earn Top Financier of the Year (Banks) on the strength of its $3.5 billion refinancing of Rockefeller Center as well as $15.4 billion in balance sheet originations and $28 billion in construction loans.
But J.P. Morgan Commercial Real Estate Lending Solutions didn’t come away empty-handed, winning the Breakthrough Financier of the Year award for originating $11 billion across 14 loans in the first half of this year with a focus on large-scale construction and data center developments.
Davis Polk & Wardwelledged powerhouse competitors Fried Frank, HSF Kramer, Polsinelli, Rosenberg & Estis, and King & Spalding in the Law Firm of the Year category. The firm was responsible for helping RXR recapitalize 5 Times Square with Apollo Global Management and worked with Legion Investment Group and Gindi Capital to develop a 20-story condo near Gramercy Park.
The Architecture Team of the Year award went to KPF, the firm behind SL Green Realty’s One Madison office tower and T. Rowe Price’s new Baltimore headquarters. Gensler, HTM Architects + Engineers and ThreeStudio were also nominated.
And Silverstein Properties, which hosted the 2025 Breakthrough Awards, claimed Marketing Team of the Year, in a category that included Corcoran Sunshine, Elad Group and Douglas Elliman Development, Good Company and One Wall Street’s marketing teams. The Silverstein team’s role reimagining Lower Manhattan as a vibrant neighborhood to work and live and its efforts in securing a tenant for 2 World Trade helped win its crystal trophy.
Silverstein also scored another win in the Healthcare & Life Sciences Transaction of the Year category for its work with University Place Associates to build a 250,000-square-foot life sciences and office building on Philadelphia’s Market Street, a few blocks from the University of Pennsylvania campus. Other nominees in the category included Biogen, Alexandria Real Estate Equities, Novartis, the SPARC Kips Bay Master Plan, Cresilon, and the New York Cancer and Blood Specialist’s 10-year lease involving Avison Young, Savills and Radio Tower & Hotel.
In the Investment & Transaction Awards group, Greystone’s work arranging $525 million in construction financing for Charney Companies and Tavros’ development of a 55-story condo tower in Long Island City, Queens, received the Residential/Multifamily Transaction of the Year. Incoco Capital, Madison Realty Capital, Kushner and OneIM were also recognized for their roles financing the deal. Others nominated in this category included Aurora Capital and Corcoran Sunshine Marketing Group, HKS Real Estate Advisors, Fetner Properties, MCB Real Estate and Farallon Capital Management, the Naftali Group, Nuveen Green Capital, and JEM Private Residences.
One of the city’s most closely watched redevelopment sites, Phase One ofWillets Point in Queens, won Mixed-Use Transaction of the Year. The project, developed by Related Companies, Sterling Equities and the New York City Economic Development Corporation, is expected to deliver 880 units of affordable housing, spurring the transformation of a new northeast Queens neighborhood. Others nominated included Igloo, The Domain Companies, LMXD, Vorea Group and Bridge Investment Group, Centennial Bank, Immocorp Ventures, Property Markets Group, Ares Real Estate Fund and Monarch Alternative Capital.
Several forward-looking properties claimed victories in the Project and Development categories.
Lone Star PACE, Nuveen Green Capital and VivaVerse Solutions won the Sustainability Project of the Year award for its 2.3 million-square-foot technology hub with a 74,000-square-foot data center called ViVa Center in Tomball, Texas. Other sustainable projects recognized included Needham Ranch in Santa Clarita, Calif., HSBC’s New York headquarters, Greenpoint Central in Brooklyn, and 570 Lexington Avenue.
L&L Holding Company, Columbia Property Trust and Cannon Hill Capital Partners’ restoration of West Chelsea’s Terminal Warehouse, the former home of Tunnel nightclub, was recognized as Adaptive Reuse Project of the Year. The other adaptive reuse projects in contention included SoMA at 25 Water Street, 214 East Hallandale Beach Boulevard in Hallandale Beach, Fla., Terminal Warehouse, One Wall Street and 1701 Market Street Philadelphia.
RXR’s transformation of a defunct White Plains, N.Y., mall into Hamilton Green, a model of transit-oriented suburban redevelopment, won Design and Development Project of the Year. Other nominated designs included 420 Carroll in Brooklyn, 1428 Brickell in Miami, Greenpoint Central, and 72 Park by Lefferts in Miami Beach.
Madison Realty Capital also took home the Public-Private Partnership of the Year Award for its Greenpoint Central residential complex on a former brownfield and Superfund site on DuPont Street in Brooklyn. Other public-private partnerships in the running included Samuel Madden Homes in Alexandria, Va., The Peninsula in New York, Hibiscus Grove in Fort Lauderdale, and NoMi Square in North Miami.
Finally, in the Tech & Innovation group, Marx Realty’s co-branding partnership with Baccarat, a luxury French brand, at 545 Madison Avenue and its new 11,000-square-foot amenity floor at 10 Grand Central helped secure a win in the Innovation in Office category. Other nominees included Alchemy-ABR Investment Partners and Cain International, Nuveen and Industrious, Spectorgroup and Ted Moudis.
Dara McQuillan accepts the Marketing Team of the Year award for Silverstein Properties. PHOTO: Greg Morris
Basis Industrial and BaySpace claimed the Innovation in Industrial award for its repositioning of a 133,000-square-foot flex industrial property in Deerfield Beach, Fla. Other contenders for the award included STAG Industrial, PredictAI and Link Logistics.
And proptech start-up DialdAI won Tech Advance of the Year for its launch of Diald Memo, an AI-written investment tool that includes property analysis from 1.7 million quantitative and qualitative data sources, and a new partnership with Moody’s. Other tech companies recognized in the category included Keyway, Trepp, Altus Group, Measurabl, Colliers’ Portfolio AI and Kinexio.
On Tuesday, the day of the awards, the company launched Diald 5.0, what it describes as its strongest AI tool ever.
“Our dream is to finally let industry leaders do site analysis without three overpriced subscriptions, two site visits and a small prayer,” one executive said while accepting the award.
