How Brookfield Turned a Derelict Tower Into NYC’s Top Asset

• Devil in the details: Brookfield’s overhaul of 666 Fifth shows why bold reinventions still win in New York’s office market.

• Premium parking: A mall in New Jersey tried charing for closer parking spots but faced significant backlash over the move.

• TV time: A new show on A&E is putting commercial real estate brokers, and their commissions, in the spotlight.

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Editor’s Pick

How Brookfield Turned a Derelict Tower Into NYC’s Top Asset

There are retrofits, and then there are reinventions. Brookfield’s transformation of the infamous 666 Fifth Avenue falls squarely into the latter category. After acquiring the long-troubled tower’s leasehold in 2018, the firm committed hundreds of millions to gut the 1950s structure down to its bones. The aluminum façade came off, floor-to-ceiling glass went in, mechanical systems were replaced, terraces were carved out, and the lobby was completely reimagined. It was one of the most disruptive and expensive office overhauls New York has seen in recent memory.

Why take on that kind of risk when Manhattan vacancy hovers above 20 percent? Because New York has always had a bifurcated office market. Tenants might be giving back space in older Class B and C buildings, but they still compete fiercely for the very best Class A addresses. That was Brookfield’s wager at 666 Fifth Avenue. Reintroduced to the market as 660 Fifth, the tower quickly proved the bet right: tenants like Citadel, Scotiabank, and Viking Global rushed in, signing deals at rents averaging around $135 per square foot. In a market where many landlords are slashing rents just to keep the lights on, Brookfield was able to create scarcity and command a premium.

One reason this retrofit carried such a hefty price tag was the decision to replace the entire façade. Ripping off a skin and rewrapping a building can add tens or even hundreds of millions to a project, but it also redefines the building’s identity. In this case, it turned a dated aluminum box into a glassy, light-filled workplace with vastly improved energy performance. For a landlord, the new façade is more than an aesthetic statement—it makes the building competitive on sustainability metrics, a growing priority for institutional tenants.

That ties directly into Brookfield’s broader climate goals. The company has pledged to cut carbon intensity across its portfolio and reach net zero by 2050. Rebuilding 660 Fifth rather than tearing it down fits into that strategy. Adaptive reuse preserves the embodied carbon of the steel structure, avoids the waste and emissions of demolition, and lowers the project’s overall footprint compared to ground-up construction. The result is a building that isn’t just market-ready, but one that meets the environmental expectations of global tenants and investors alike.

The success of projects like this also reframes how we think about “oversupply” in the office market. Yes, there is too much commodity space, but there is far too little high-end, modernized inventory. The downturn isn’t being felt equally; landlords who can deliver best-in-class assets are writing a very different story than those who can’t. For investors, that means separating the wheat from the chaff—betting on prime locations and transformative renovations, while remaining wary of middling retrofits that will struggle to justify their costs. New York has always rewarded bold bets, and this one shows how reinvention, not demolition, may be the city’s most sustainable path forward.

Overheard

Shoppers Push Back on Premium Parking Fees

Deptford Mall in New Jersey has rolled out a “Premier Parking” option. It allows patrons to pay $10 to park closer to the mall entrances via QR-coded spaces. On its face, it’s a small experiment, roughly 40 of the mall’s 5,000 spots, less than 1%. The free lots remain, so this is optional, but as shoppers pointed out, the principle of paying for what’s always been free feels like a shift.

It’s not the first mall to try charging for parking, especially premium spaces. Cherry Creek Mall in Colorado faced backlash years ago when paid parking was introduced. Sales reportedly dropped and many said they simply stopped coming in. And in Deptford’s case, some of the premium spots are sitting empty, suggesting shoppers aren’t buying the value proposition yet. From what we’ve seen, the success of paid parking depends heavily on context: the density of competition, the walk from free lots, whether customers perceive the fee as reasonable for convenience, and local consumer sentiment.

For mall owners, the Deptford experiment highlights both opportunity and risk. When foot traffic is soft and rent revenue is squeezed, charging for premium parking can seem like free money. But it only works when people see enough value in the “premium” and when it doesn’t feel like nickel-and-diming. If shoppers feel alienated, they’ll take their business elsewhere or just park farther away. Savvy landlords will test modest paid spots, closely monitor usage, and be ready to withdraw or adjust if the backlash or vacancy outweighs the margin. Because in many retail markets, goodwill is as valuable as square footage.

A&E’s ‘The Real Estate Commission’ Brings Commercial Deals to Reality TV

A&E’s new series The Real Estate Commission follows Albany-based broker Todd Drowlette as he makes the commercial side of real estate—strip malls, offices, warehouses—feel as dramatic as luxury-home TV. The eight-episode run, premiering October 12, aims to hook the same audience captivated by side hustles and DIY investing, but through deals typically reserved for corporate giants and billionaire developers.

The show leans into real-world uncertainty: Drowlette alternates between leasing assignments (like placing a national discount retailer) and sales efforts (from a Syracuse-area apartment building to a troubled Albany office). Cameras roll through wins and stalls, including a fully scouted owner-occupied office purchase that collapses late, forcing a fresh search and storyline. As Drowlette puts it, “A good deal falls apart three times before it actually happens.”

For the broader CRE community, the show signals something bigger than one broker’s story: commercial real estate itself may be stepping into the cultural spotlight. Residential has long dominated reality TV, but a network like A&E betting on commercial deals suggests a new public curiosity about the sector. That exposure could reshape how investors, tenants, and even future professionals view CRE—less as a niche trade and more as a dynamic industry full of drama, high stakes, and opportunity.

Office-to-Residential Playbook

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