Skyscraper Triage & Data Center Power Struggle

This week, we ride up a rickety construction elevator to the 21st floor of the Pfizer Building, where a major scare threatens to consume New York’s signature office-resi conversion project. We do a 360-degree analysis, from the bricks n’ sticks to the financials and the all-important narrative, looking at the stakes for developers Nathan Berman & David Werner, lender Madison Realty Capital and city & state stakeholders. Then, we check in on a battle of hearts and minds in Virginia, where Blackstone has walked away from a data-center megaproject. The behemoth and many of its peers are grappling with a growing national discontent that has to be putting some investment question marks on this emerging asset class. Plus, our Punch List rundown of the newsiest industry happenings: Airbnb's NYC buy; Norges' retail JV'; SF developers walk; Charles Cohen gets off the mat.Sponsors:1) This episode is supported by Real Property Captive, the first group captive insurance for mid-market owners. Check out their platform to tap into the same insurance framework used by the market’s biggest players and get dividends from unused premiums. 2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors.3) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!Further Reading/ListeningAby & SonsCharles Cohen revives West Palm office project   Dead mall back on market: Buyers walk away from distressed sale of San Francisco CentreIn San Francisco’s hot-again office market, you need a glow-up to succeedAnatomy of a BucklePfizer’s Bitter PillApartments for Rent in a Former Office, but You Have to Live in MidtownDeveloper of Troubled Midtown High-Rise Had Tried to Avoid the SpotlightBlackstone’s QTS Abandons Massive Data Center in VirginiaBrookfield Bets on AI at Scale Never Tested Before in $50 Billion PushBrookfield’s Compass Bails on Massive Virginia Data CenterAI’s Unlikely Benefactor: Blackstone’s 77-Year-Old CEO Steve SchwarzmanJon and Mindy Gray Bet on AI Science Research to Prevent Cancer