BY GUS DELAPORTE

Cornell University has signed a 15-year, 35,000-square-foot expansion for its Weill Medical College at 575 Lexington Avenue, The Commercial Observer has learned. The tenant will now occupy more than 182,320 square feet at the base of the Plaza District tower.

Acquired by Normandy Real Estate Partners in 2012, 575 Lexington Avenue is currently undergoing an extensive repositioning and is set to be reintroduced to the market early next year following a major capital improvement plan, which includes a renovation of the building’s lobby.

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BY AL BARBARINO

An improving economy, strong employment growth and positive third quarter data are signaling more growth to come across the city’s commercial real estate market.

While the financial sector still lags and the third quarter may not have rivaled the second, a review of third quarter data by The Commercial Observer shows more than a few data points — and a few recent records — to be optimistic about.

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BY BILLY GRAY

The Department of Buildings recently approved plans for a 13-story dormitory on East Sixth Street near Cooper Square.

Developer Arun Bhatia submitted an application with the city in August of 2012 for what was then a projected 9-story student housing building. The paperwork reveals a property with 55 housing units and 3,517 square feet for commercial space.

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BY ROBERT SAMMONS

Third-quarter 2013 statistics are out, and all of the commercial real estate firms are clamoring to tell you the state of the market. Burned out on it yet? Let’s hope not, because I’d like to visit this topic once again from a slightly different viewpoint.

The primary reason Newmark Grubb Knight Frank Research is not acting like lemmings this latest quarter is because we’ve added several new properties to our inventory. Otherwise, we probably would be reporting right along (more or less) with the rest of our brethren in New York City. That’s not to say we’re completely contrarian, however, as we do see some similar trends.

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BY JOSH SIEGELMAN

Manhattan concepts and national tenants have finally realized what hipsters have known all along: Williamsburg is cool.

It’s not that operators didn’t notice Williamsburg before, but, as Manhattan became fully developed, these industrial plots across the river became attractive investment opportunities with minimal travel time to the main city (only one stop on the L). In their place, you’ll find new constructions like the Wythe Hotel and the sell-out Edge project on Kent Avenue, as well as the new Toll Brothers building that’s coming soon.

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