New Tenant for the Former Times Square Red Lobster
By Manhattan Real Estate Tracker, September 2, 2026
A former Red Lobster at West 41st Street, 582 Seventh Ave., is about to be converted into a large new restaurant complex. Corner Table Restaurants has signed a 17,000 square foot lease for the fifth restaurant of the popular American bistro.The Smith and a slice shop called Parla, Corner Table’s pizza brand on the Upper West Side. The new restaurant is slated to open in 2028.
New York is the First State to Place a Moratorium on New AI Data Centers
By Manhattan Real Estate Tracker, July 15, 2026
Governor Kathy Hochul signed the country’s first moratorium on new hyperscale data centers today, along with the strongest regulations for data center development and a plan to support local communities. The governor is temporarily suspending state environmental permits for a maximum of one year in order to establish a nation-leading regulatory framework that protects ratepayers, the environment, the energy system, and communities throughout the state.
According to Coresite, they presently operate three data centers in the NYC metro area, with two in Secaucus, New Jersey, and the other one in Manhattan at 32 Avenue of the Americas.
“As data center development threatens to hike up utility bills, deplete our natural resources, and create uncertainty for New Yorkers, it’s my responsibility to take action and lead,” said New York Governor Kathy Hochul. Hochul also said that she would pursue legislation to repeal sales tax exemptions for large data centers.
The construction moratorium will apply to data centers that use 50 megawatts or more of power according to the governor’s office. The state’s Department of Environmental Conservation will not issue any discretionary permits not already deemed complete during the moratorium, the governor’s office said.
Google: Coresite data center at 32 Avenue of the Americas in Manhattan
Former ABC Lincoln Center Complex to be Developed by Extell
By Manhattan Real Estate Tracker, April 27, 2026
Manhattan Real Estate Tracker, 2026
The ten-story structure at 147 Columbus Avenue, which was once a part of the ABC/Disney campus, is currently being demolished by Extell Development to make way for a significant residential project. Plans for an 86-story, 1,198-foot residential supertall skyscraper at 80 West 67th Street, which is a component of the same block-wide, multi-phase premium residential transformation project, were submitted by Extell Development as of April 2026. The building at 147 Columbus Avenue, which formerly housed the local ABC-7 news studio on the ground floor where pedestrians could watch the live newscast from the street, has already been demolished.
In addition to 147 Columbus Avenue, the 2.4-acre old ABC/Disney site includes 149 Columbus Avenue and a number of 66th and 67th Street residences. The demolition that began last year will continue this year. The project’s height has drawn criticism from the community as possible proposals call for 25-story structures, luxury homes, and some reasonably priced apartments. The building will be close to the height of the Empire State Building.
The construction is anticipated to take place between 2027 and 2030. The NYC Department of Transportation has approved the maintenance of pedestrian, bicycle, and vehicle routes surrounding the building site. Flagmen will man the entry and departure points for construction trucks.
Gary Barnett of Extell, provided neighborhood members with information during a community board meeting last year. The structure is 1,200 feet tall. We want to do that,” he informed the community board. A structure of such height would be over twice the size of 200 Amsterdam Ave. and around one-third the height of 50 West 66th St., the two highest structures in the area.
There is a limit on the square footage of properties that can be constructed in the city. If that amount is not reached, the remaining portion may be transferred among properties owned by the same developer or sold as air rights, according to city regulations. In order to optimize the height of the possible residential building, Extell is merging the unutilized air rights for six structures.
The former ABC properties are not included in the Special Lincoln Square District, which has building regulations, in contrast to the remainder of this area of the Upper West Side. Guidelines for height are part of that.
The proposed Caesars Palace Times Square casino was struck down by the Community Advisory Committee having rejected it 4-2 in September 2025. The community citied traffic issues and the economic impact on the theater district. This resulted in ending , therefore halting SL Green Realty, Caesars Entertainment, and Roc Nation’s bid for a state gaming license. A large casino was proposed at 1515 Broadway, which is currently home to the Minskoff Theatre and owned by SL Green Realty. The New York State Gaming Commission approved three casinos, Bally’s Bronx at Ferry Point near Throgs Neck, Hard Rock Metropolitan Park in Willets Point, Queens and Resorts World New York City at Aqueduct Racetrack. These casinos are going to open by 2030.
Barbetta, the Oldest Italian Restaurant in Manhattan Closes Friday, February 27, 2026
By Manhattan Real Estate Tracker, 2026
The oldest Italian restaurant in Manhattan is closing tomorrow after 120 years on Restaurant Row at 321 West 46th Street. The owner, Laura Maioglio passed away last month.
By Manhattan Real Estate Tracker, October 24, 2025
Troubled NYC REIT Reaches Settlement on Foreclosure at 1140 Broadway
In September 2025, American Strategic Investment Company (previously NYC REIT) reached a settlement to resolve a loan foreclosure of $99 million on its office building located at 1140 Sixth Avenue in Midtown Manhattan. A notable illustration of the broader financial difficulties that New York City’s commercial real estate investment trusts (REITs) and other property owners are encountering is the foreclosure. Following a mortgage payment default in April 2025, American Strategic Investment Company (ASIC) collaborated with Wilmington Trust, the lender, to return the property after indicating a lack of cash. According to an ASIC filing, the 22-story, 250,000-square-foot office skyscraper has a 26% vacancy rate in June 2025. As far back as 2022, the company—which was known as New York City REIT until 2021—cited early lease expirations and tenant “financial difficulties” as justifications for violating covenants at this and other properties.
Manhattan Real Estate Tracker has spoken with a former investor in what had been known as NYC REIT and he had lost tens of thousands of dollars. Any type of non-publicly traded investment is very risky. Due your own diligence and beware of scams.
In a July 2019 complaint, the Securities and Exchange Commission (SEC) accused AR Capital LLC, its founder Nicholas S. Schorsch, and its former CFO Brian S. Block of improperly obtaining millions of dollars through two separate mergers involving REITs that AR Capital externally managed between late 2012 and early January 2014. The lawsuit specifically claims that the defendants obtained approximately 2.9 million more operating partnership units (OP units) than they were entitled to as a result of exaggerated incentive fee computations and unsubstantiated asset purchase/sale transactions. Without acknowledging or disputing the accusations, AR Capital, Schorsch, and Block consented to disgorgement, prejudgment interest, and civil penalties totaling more than $60 million.
Tim Ho Wan Has Closed on 9th Avenue in Hell’s Kitchen
By Manhattan Real Estate Tracker, August 23, 2025
Manhattan Real Estate Tracker, 2025
After eight years, the last day open for the Tim Ho Wan restaurant was August 10, 2025. They will continue to operate at 85 4th Avenue in the East Village. A great article on the closing can be found at W42ST.nyc.
Elephant and Castle Closing in the West Village After 52 Years
After 52 years of operation, the Elephant & Castle restaurant located at 68 Greenwich Avenue will close its doors for good this Sunday, August 17. Dr. George Schwarz started the restaurant in 1973 . Here is a great article on the closing by Eater.
One Times Square Renovation Nearly Complete, Opening Fall 2025
By Manhattan Real Estate Tracker, August 12, 2025
Manhattan Real Estate Tracker, August 11, 2025
The building at One Times Square is located at 1475 Broadway right off West 42nd Street in Times Square. Built in 1904, it was formerly known as the New York Times Building, the New York Times Tower or the Allied Chemical Tower. The building is 25 stories with a relatively small footprint. The tower building was originally built as the headquarters of The New York Times
One Times Square is one of the most valuable advertising venues in the world because of the significant cash generated by its signage. The annual New Year’s Eve “ball drop” is atop of the tower. The building has been owned by Jamestown L.P. since 1997.
The building formerly was the site of Walgreens which closed around 2021. A $500 million renovation of the building began in 2022. The newly renovated building will feature an observation deck, a museum space, and a glass exterior, and is scheduled to be completed in 2025. The website for the new project is onetimessquare.com.
