REBNY Recognized Top New York City Retail Deals

The trade board honored recent high-profile commercial leases and a major hotel redevelopment project.

Updated on Sept. 24, 2026 in Commercial

Isometric editorial illustration showing stylized architectural models of skyscrapers and retail building masses, representing commercial development in New York City. — The Real Estate Board of New York honored top commercial retail leases and the significant residential conversion of the Waldorf Astoria this week. AI Illustration. Upload story photo >

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The Real Estate Board of New York (REBNY) held its 2026 retail deal awards ceremony to celebrate three significant projects. The winners include major new commercial leases on Fifth Avenue and the massive renovation of a historic hotel property.

Why it matters

These awards highlight shifts in the New York City commercial real estate market as landlords and retailers focus on significant square-footage commitments and luxury residential conversions.

Award-winning projects include a 15,345-square-foot Urban Outfitters lease at 575 Fifth Avenue and a 12,000-square-foot Audemars Piguet lease at 785 Fifth Avenue. The Waldorf Astoria development added 372 private residences following a $2 billion renovation.

The players

Real Estate Board of New York

A prominent trade association that represents New York City real estate professionals and tracks local market developments.

Jeffrey Kleiner

A representative of Dajia US recognized for managing the complex redevelopment of the Waldorf Astoria.

The details

The Cushman & Wakefield team earned honors by integrating 2,771 square feet of ground-floor space with 12,574 square feet of lower-level area. Meanwhile, the Waldorf Astoria renovation transformed the historic site by reducing its hotel room inventory from over 1,400 to 375 units to accommodate the new private residences.

March 2025: Audemars Piguet signed its lease at 785 Fifth Avenue.
February 2026: Dajia put the Waldorf Astoria up for sale.
April 2026: Urban Outfitters signed its lease at 575 Fifth Avenue.
September 23, 2026: REBNY held the retail deal awards ceremony.

The Home Front

The Waldorf Astoria redevelopment represents a major shift toward luxury residential conversion in historic New York City properties. This project follows the hotel's 2014 sale and serves as a benchmark for the scale of current high-end renovation costs.

Residents should track how major renovations like the Waldorf Astoria affect local property values and neighborhood density in their immediate vicinity. Homeowners interested in the commercial landscape can monitor future zoning adjustments or retail lease announcements in their district.

The takeaway

Commercial real estate activity on Fifth Avenue continues to reflect strong demand for large-format retail spaces. Local investors may consider reviewing public records on large-scale mixed-use project completions to assess shifting market conditions in their neighborhood.