2025 Year in Review: Nicole De Bare, HSF Kramer

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? 

The long-term master lease between Vornado Realty Trust and NYU for more than 1 million s/f at 770 Bdwy. reflects an important market signal. The 70-year structure, paired with a significant upfront payment, shows continued institutional confidence in high-quality office assets despite market uncertainty. It also highlights how traditional office buildings are being repositioned to meet evolving educational, research and civic needs. From a legal perspective, the transaction underscores the increasing complexity of large-scale lease, purchase-option, and capital structuring arrangements.

What accomplishment, milestone, project or transaction stood out for you or your firm in 2025? 

HSF Kramer’s work on the Willets Point redevelopment – representing the JV between Related Companies and Sterling Equities – was a defining accomplishment. The project involves complex condo structuring to support one of NYC’s most ambitious mixed-use undertakings. When complete, it will deliver 2,500 affordable housing units and the city’s first soccer stadium, creating a transformative anchor for the borough. Advising on a project of this magnitude required navigating complex regulatory considerations and the anticipation of future governance, maintenance, and infrastructure responsibility.