A wave of new development is poised to transform and enlarge the top end of Manhattan’s office market, even as many older and underperforming buildings undergo conversion to apartments. The new projects are in various stages of development. Some are already in early stages of construction, others with signed anchor tenants are poised to go vertical, and yet others are awaiting the magic cocktails of anchor tenants and financing to proceed. JLL’s New York chairman and president Peter Riguardi, a prolific dealmaker in his own right, put the picture together for Realty Check. Thanks to supply-and-demand cohesion, at least four projects are sure things in the wake of JPMorgan Chase’s construction of its new headquarters skyscraper. “There’s the Citadel tower nearby,” Riguardi said the Vornado-Rudin-en Griffin project known as 350 Park Ave. to break ground early next year. Two of Griffin’s Citadel companies will be anchor tenants. “Related is going to build 70 Hudson Yards for Deloitte,” he said a lease negotiated by JLL. And BXP, formerly known as Boston Properties, is teeing up 343 Madison Ave., where it has a tentative deal with CV Starr to be the anchor tenant. Extel, meanwhile, has started work on 570 Fifth Ave., another jumbo where Ikea will have its flagship store and where Extell chief Gary Barnett is close to a deal with law firm Simpson Thacher & Bartlett anchor the project’s 1 million square-foot office portion. Things get a little less certain after those, Riguardi said. “There are number of properties with lots of discussions going on but not underway yet,” he said. Most prominent among them is 175 Park Ave., for which Riguardi is the leasing agent. The cloudbuster on East 42nd Street to be developed by RXR and TF Cornerstone would consume the Grand Hyatt Hotel and rise to nearly 1, 600 feet. Tweaks are still being made to the design by architectural firm SOM. Also in play are a potential Vornado supertall on the now vacant site of the former Pennsylvania Hotel, where JLL is also the leasing agent, and a smaller, unspecified SL Green project at the former Brooks Brothers store location at 346 Madison Ave. Beyond those are major sites with giant question marks over them. Larry Silverstein and American Express are negotiating, under a veil of extreme secrecy, a possible deal for a new tower at Two World Trade Center. Even more mysterious is the fate of the former Roosevelt Hotel, where owner Pakistan International Airlines is evaluating options. Office demand is so strong, “Everyone’s trying to figure out a way to find a development site,” Riguardi said. All the projects, whether in construction or proposed, will require leases “in excess of $200 per square foot,” Riguardi said “due to land costs, hard and soft development costs, high interest rates and the builders’ desired yields,” he said. Lever House has hit 100% occupancy, owners Brookfield Properties and Waterman Interests announced. The leasing milestone coincides with completion of a $100 million renovation and restoration of the Midcentury masterpiece. The iconic, boutique-scale property at 390 Park Ave. had a troubled history after Lever parent Unilever moved to Connecticut in 1997 and before Brookfield and Waterman acquired it near-empty in May 2020. After the new landlords conducted extensive improvements under the watchful eye of the Landmarks Preservation Commission, the building flooded with light due to the small tower’s narrow form on the avenue is now home to hedge funds, private equity firms and what the landlords call “distinguished family offices.” Expansions are nibbling away at what remaining available space there is at SL Green’s 245 Park Ave. In the latest deal, longtime financial tenant EQT Partners added 38, 358 square feet in an expansion lease, bringing the firm’s total commitment to 114, 562 square feet and the building’s occupancy to 95. 7%. The asking rent was $190 per square foot. It was swift growth for EQT, which became a tenant only in December 2024. The 1. 8 million square-foot tower is undergoing what SL Green leasing head Steven Durels called a “transformative redevelopment” that includes a new plaza, storefronts and lobby overseen by KPF Architects. There are also a large new wellness center and a terra cotta overclad of the facade. SL Green took control of 245 Park, which is now about 90% leased, in 2022.
https://nypost.com/2025/11/23/business/new-projects-set-to-transform-top-end-of-manhattan-end-office-market/
Tag: underperforming
Carl Icahn returns to a familiar sector — auto repair — as he builds a 15% stake in Monro
**Carl Icahn Takes Significant Stake in Monro: What It Means for Shareholders**
**Activist**: Carl Icahn
**Ownership**: 14.79%
**Average Cost**: $19.08
**Background on Carl Icahn**
Carl Icahn is widely regarded as the grandfather of shareholder activism and a true pioneer of the strategy. Passionate about shareholder rights and good corporate governance, Icahn is known for going to extreme lengths to challenge incompetent boards and over-compensated managers. Over his more than six-decade-long career, he has invested across all sectors and has substantial experience in the automotive parts and services industry. Notably, Icahn has been involved in several mergers and acquisitions in this space through Icahn Automotive, a segment of his conglomerate, Icahn Enterprises. This includes the acquisition of Pep Boys–Manny Moe and Jack in 2016 and Federal Mogul in 2017.
**What’s Happening at Monro**
On November 5, Carl Icahn filed a 13D with the U.S. Securities and Exchange Commission, disclosing a 14.79% position in Monro. Monro is a leading provider of automotive undercar repair and tire services in the United States, operating more than 1,100 repair shops and tire dealers in 32 states under multiple regional brands.
The company has faced several challenges in recent years. These include macroeconomic factors such as lower consumer demand, higher material and labor costs, and a trend toward consumers choosing lower-margin tire products. These pressures led to a 4.9% decrease in sales for fiscal year 2025, marking the second consecutive year of meaningful revenue decline. In response, Monro announced plans to close approximately 145 underperforming locations.
Most recently, Monro’s third-quarter earnings report disappointed investors, with weaker-than-expected revenue results and no specific financial guidance for the upcoming fiscal year. Shares fell 16.7% the next day. Many shareholders have also questioned the company’s sizable dividend payout ratio, which has remained relatively high despite ongoing struggles.
**Share Performance and Icahn’s Opportunity**
Taking these challenges together, it’s little surprise that Monro’s shares have significantly underperformed: down 44.73%, 66.73%, and 63.25% over the past 1-, 3-, and 5-year periods, respectively, prior to Icahn’s announcement. Perhaps this depressed valuation is what caught Icahn’s attention. He disclosed his stake shortly after a major stock downturn on October 29, acquiring 67% of his position in that period—immediately sending the stock up over 15%.
This isn’t Icahn simply taking a chance on the automotive industry. With his rich history in automotive parts and services, he likely sees Monro as a great business significantly undervalued.
**A Pivotal Moment for Governance**
The timing of Icahn’s engagement is also highly significant. Monro recently agreed to collapse its dual-class share structure, previously granting its sole Class C shareholder, Peter Solomon, veto power over any shareholder vote and effectively making Monro a controlled company. With approval granted in 2023, this collapse will occur before the 2026 annual meeting, expected next August.
For shareholders, this means Monro will shift from being a privately run company to a publicly governed one, for the benefit of all shareholders. A reconstituted board, focused on collaboration and productivity, can now become a reality—and there are few better or more experienced candidates for leading this effort than Carl Icahn.
Peter Solomon, an 87-year-old renowned investment banker, and Carl Icahn are contemporaries, though there’s no evidence they’ve interacted directly. Nevertheless, their shared experience and likely mutual respect create the possibility for a civil and constructive partnership. Ideally, both will work together to establish a board that will oversee management, hold them accountable, and guide the company into its next phase as a truly public entity.
**Potential for Acquisition**
Yet, there remains the possibility Icahn may have greater ambitions. Icahn has a track record of launching activist campaigns at automotive companies that he later acquired, including Pep Boys and Federal Mogul. Upon acquiring Pep Boys, Icahn stated:
> “We believe that with our abundant resources and knowledge of the industry we will be able to grow this business and take advantage of consolidation opportunities, thereby benefiting customers, manufacturing partners and employees, as well as our shareholders.”
While the primary motivation for this investment may be Icahn’s belief that Monro is at an inflection point and undervalued, the potential for a full acquisition cannot be ruled out. Although the current stake is relatively small and a good return alone may not be significant for him, a synergistic integration with Icahn Enterprises’ automotive business could have substantial strategic benefits. Both scenarios are possible.
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*Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments.*
https://www.cnbc.com/2025/11/08/carl-icahn-returns-to-a-familiar-sector-auto-repair-as-he-builds-a-15percent-stake-in-monro.html
BNB Tests Lower Bollinger Band at $943 as Bearish Momentum Builds Despite Long-Term Uptrend
**Binance Coin (BNB) Price Analysis: Testing Support as Bearish Momentum Builds**
**Quick Take**
– **Price**: $942.86 (down 1.3% in 24h)
– **Technical**: Testing lower Bollinger Band support with bearish signals
– **RSI**: 33.68, suggesting oversold conditions
– **Market Context**: Reflects broader crypto weakness as Bitcoin declines
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### Market Events Driving Binance Coin Price Movement
Binance Coin is currently trading lower, with no major news events directly impacting BNB in the past 48 hours. The price decline mainly follows the broader cryptocurrency market’s downturn, led by weakness in Bitcoin. This is in line with typical correlations during periods of technical consolidation, where altcoins often follow Bitcoin’s direction.
Despite the recent pullback, Binance spot market volume remains robust at $893.7 million. This indicates sustained institutional interest and suggests the current drop is likely a temporary correction rather than a shift in long-term sentiment.
—
### Binance Coin Technical Analysis: Oversold Bounce Setup
#### Price Action Context
BNB price is trading well below all short and medium-term moving averages:
– **7-day SMA**: $1,031.26
– **20-day SMA**: $1,078.10
– **50-day SMA**: $1,092.16
However, BNB remains above the **critical 200-day moving average** at $815.31—preserving its long-term bullish structure. The current price has slipped outside the lower Bollinger Band (-0.1087 %B reading), historically a sign that a short-term bounce may be forming.
#### Key Technical Indicators
– **RSI (33.68)**: In neutral-to-oversold territory, approaching levels that have marked local bottoms in the past.
– **MACD Histogram (-21.57)**: Confirms ongoing bearish momentum, but such an extreme reading suggests possible exhaustion ahead.
– **Stochastic Oscillator (%K: 20.54, %D: 18.03)**: Deep in oversold territory, often associated with imminent reversal attempts when combined with support level tests.
—
### Critical Price Levels for Binance Coin Traders
**Immediate Levels (24–48 hours):**
– **Resistance:** $967.02 (Lower Bollinger Band, now acting as resistance)
– **Support:** $880.80 (24-hour low and key support zone)
**Breakout/Breakdown Scenarios**
– A break **below $880.80 support** could trigger further selling, with the next strong support at $860.11 testing buyers’ commitment.
– Conversely, reclaiming the **$967** lower Bollinger Band level would signal the start of a mean reversion move, potentially targeting the 20-day MA near $1,078.
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### BNB Correlation Analysis
– **Bitcoin**: BNB is closely tracking Bitcoin, with a 0.8–0.9 correlation during risk-off periods.
– **Traditional Markets**: Little direct correlation to S&P 500 movements in the current session.
– **Sector Peers**: BNB is underperforming compared to some exchange tokens, mainly due to BNB-specific technical pressures.
—
### Trading Outlook: Binance Coin Near-Term Prospects
**Bullish Case**
– If BNB holds the $880.80 support and shows RSI divergence, a relief rally toward the $1,000–$1,030 resistance area is plausible.
– Historical behavior after closing outside the lower Bollinger Band often results in mean reversion over 3–7 days.
**Bearish Case**
– Failure to hold the $880.80 support could open downside risk toward $860.11, and perhaps even the 200-day MA at $815 if crypto market weakness intensifies.
– Negative MACD momentum suggests limited buying interest at current levels.
—
### Risk Management
– **Stop-loss recommendation:** Below $860 for long positions.
– **Position sizing:** Recommended at 2–3% due to the elevated ATR ($70.42) and ongoing volatility. This helps manage risk during uncertain technical conditions.
—
*Image source: Shutterstock.*
https://Blockchain.News/news/20251105-bnb-tests-lower-bollinger-band-at-943-as-bearish-momentum
Kurtenbach: The ‘urgent’ 49ers passed a key test against the Giants with ruthless execution
Sunday’s 49ers win over the Giants shouldn’t be considered a significant accomplishment. This was hardly a seismic victory that proves San Francisco is destined for postseason glory and is poised to play in a Super Bowl the Bay is hosting come February.
No, Sunday’s win was merely the Niners doing what every playoff-worthy outfit should do when facing a pathetic, bottom-feeding opponent: take its lunch money and walk away.
Make no mistake about it: Sunday’s 34-24 win in the swamps of New Jersey against the New York Giants was the ultimate referendum on the 49ers’ season. Why? Because the Giants are a disaster. Tactically, philosophically, and politically, that franchise is a mess.
They have a rookie quarterback, a receiver room that looks like a community college roster, an underperforming defensive line, and a secondary that couldn’t stop a grandma with a walker. If the 49ers, even with their prodigious, perpetually growing injury list, failed to handle this business, the whole season was over. Finished. They don’t even make flags that red.
But the Niners did handle business, controlling every aspect of this eminently forgettable game. Special teams had flash plays, the defense played better than its personnel would have suggested, and the offense was a machine of efficiency. The Niners passed the test with ease. Literally.
Quarterback Mac Jones was perfect in the first half Sunday, completing 14-of-14 for 143 yards and two touchdowns. It was a ruthlessly executed start that provided the Niners the upper hand in the second half, despite some defensive woes. It also established a blueprint for how the Niners can continue to win games despite what is clearly a curse or some paranormal phenomenon that has left the Niners as the league’s most-injured team yet again.
Because here is the brutal, undeniable truth: The dreams of the 49ers playing a Super Bowl at home are out of reach. Nobody can suspend enough disbelief to say a team without Fred Warner and Nick Bosa is going to win multiple playoff games against the elites. It’s an impossibility.
But this squad still has every reason to expect to be playing on the second weekend in January, provided they adhere to the single, most basic, most unglamorous blueprint they have left: They must be a run-first team.
The Niners are playing with off-the-street free agents, rookies, and dollar-store pickups up and down their defensive line, and they might be adding a few more before Tuesday’s NFL trade deadline, particularly after rookie defensive tackle Mykel Williams’ knee injury, suffered in the fourth quarter Sunday.
Pair a line that is last in the NFL in pressure rate with a secondary that has shown clear breakdowns in both communication and coverage all season — Sunday’s game being no exception — and the Niners know they have to score roughly 30 points per game to win moving forward.
Moreso, they’ll have to do it with the ground game leading the way.
We saw what happened in Houston last week, when the Niners fell behind early and abandoned the run; a bad situation became worse. Control the ball by running the ball, and that brings a time-of-possession advantage and typically cleaner windows in which to throw the ball.
None of this is advanced-level football theory. In fact, it might be considered elementary. But this Niners team is in no position to reinvent modern offense. Elementary will do for now.
Sunday, it worked quite well.
On the fourth-quarter drive that gave San Francisco a 27-10 lead, the Niners threw the ball on first down, gained 13 yards, and then didn’t throw the ball again. Eight straight runs, 63 yards, complete domination.
Shanahan was practically giggling about it postgame: “It’s very fun. It’s awesome,” Shanahan said of the drive. “It’s so tempting the whole time you’re like ‘man, can you do it again and get away with it? Maybe we should do a play action or something off of it. No, screw it, we’ll just keep running it.’”
“The guys came through, and that’s one of the most enjoyable drives you can go on. All run plays.”
So expect McCaffrey to touch the ball 33 times, like he did Sunday, every game from this point onwards. Brian Robinson, McCaffrey’s backup, is going to have a role in this offense, too. He ran the ball five times for 53 yards and a touchdown Sunday.
The Niners’ offensive line is going to have to continue to find ways to merge gap and zone blocking — they’ve done a great job of that in two of the last three weeks.
And whichever quarterback is under the center — be that backup Mac Jones, who started his seventh game Sunday, or Brock Purdy, whose return is considered imminent (next week or the following), as he recovers from a turf-toe injury — needs to be precise and timely with their throws, like Jones was on Sunday.
“This is a big one for us. You really have to look at this game like a playoff game, almost,” Jones said. “We definitely answered the bell.”
“This team’s pretty urgent right now,” McCaffrey, the team’s bellcow back, said. “It’s been good to come back from losses with big wins.”
The Niners’ dreams of playing in the Super Bowl at their home field might be out of reach given the battered and bruised state of their roster. No one can suspend enough disbelief to say a team without Fred Warner and Nick Bosa is going to win multiple playoff games.
But Sunday was a reminder that this squad has a long way to go before reaching rock-bottom. And if this team can keep carrying the rock, they have every reason to believe — or rather expect — to be playing in real playoff games, not just ones imagined.
https://www.mercurynews.com/2025/11/02/kurtenbach-the-urgent-49ers-passed-a-key-test-against-the-giants-with-ruthless-execution/