REBNY Recognized Top New York City Retail Deals
The trade group awarded brokers and developers for high-profile leases and projects changing the Manhattan skyline.
Updated on Sept. 24, 2026 in Commercial
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The Real Estate Board of New York honored three major retail projects for 2026 at a ceremony held on September 23. These awards highlight significant commercial leasing activity and high-value property developments across the city.
Why it matters
These deals provide a window into the current state of Manhattan's commercial real estate market and the scale of investment required for luxury retail and residential transformation. Large-scale projects like these often dictate shifts in commercial foot traffic and local property values.
The awarded deals include a 15,345-square-foot lease at 575 Fifth Avenue and a 12,000-square-foot lease at 785 Fifth Avenue. These properties command significant rents, with asking prices reaching $625 per square foot for ground floor space at 575 Fifth Avenue.
The players
Real Estate Board of New York
A prominent trade association that tracks commercial property trends and represents industry professionals in New York City.
Cushman & Wakefield
A global commercial real estate services firm that facilitates large-scale office and retail leasing transactions.
Dajia US
An investment firm that oversees major property holdings and large-scale redevelopment projects.
Newmark
A commercial real estate advisory firm known for brokering significant retail and office space deals.
Jeffrey Kleiner
A real estate professional recognized for leading major development projects on behalf of Dajia US.
The details
The awards recognized complex leasing strategies, such as a Cushman & Wakefield deal that combined ground floor and lower-level space to accommodate a large anchor tenant. Meanwhile, the development award highlighted the massive repositioning of the Waldorf Astoria, which reduced hotel rooms from over 1,400 to 375 while adding 372 private residences after a $2 billion renovation project. Dajia US has since put the historic property up for sale as of February 2026.
Timeline
2014: The Waldorf Astoria property was sold for $1.95 billion.
March 2025: Audemars Piguet signed a lease at 785 Fifth Avenue.
February 2026: Dajia US placed the Waldorf Astoria on the market.
April 2026: Urban Outfitters finalized a lease at 575 Fifth Avenue.
September 23, 2026: REBNY held the annual retail deal awards ceremony.
Money Landscape
These projects sit against the backdrop of the 2014 sale of the Waldorf Astoria for $1.95 billion, which remains a historic benchmark for luxury assets. The recent awards mark a continued effort to reposition high-value Manhattan properties through significant capital investment.
Readers monitoring property markets should note that large retail leases often signal shifting demographics and spending power in surrounding neighborhoods. If you are a commercial tenant or local investor, review property trends in the Fifth Avenue corridor to understand how shifts in anchor tenants affect long-term commercial lease valuations.
The takeaway
Large-scale retail and residential developments indicate significant shifts in commercial property strategy throughout major urban centers. Keep an eye on local property tax assessments and zoning news, which often follow high-profile renovations and major anchor store arrivals.
Further reading
For broader trends in the local market, explore the latest Commercial analysis.
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