REBNY Recognized Top New York City Retail Deals
The Real Estate Board of New York honored three major transactions during its annual awards ceremony.
Updated on Sept. 24, 2026 in Commercial
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The Real Estate Board of New York (REBNY) recognized three winning projects for its 2026 retail deal awards on September 23. The honors highlighted significant leasing activity and redevelopment efforts across prime Manhattan locations.
Why it matters
These awards recognize the strategic complexity and market impact of commercial real estate transactions in a competitive retail landscape. The honors underscore how brokerage innovation and large-scale renovations shape the city's high-end corridor.
Award-winning deals 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 redevelopment features 372 new residences and 375 hotel rooms.
The players
Real Estate Board of New York
This is a trade association representing commercial and residential real estate professionals throughout New York City.
Cushman & Wakefield
This is a global commercial real estate services firm that provides property management, leasing, and advisory services.
Newmark
This is a commercial real estate advisory firm that provides services to owners, investors, and occupiers.
Dajia US
This is a real estate investment and development firm that has managed the renovation of the Waldorf Astoria.
The details
Cushman & Wakefield brokers won for an ingenious deal at 575 Fifth Avenue, combining ground-level and lower-level space. Newmark brokers took the impact award for the 785 Fifth Avenue lease, while Dajia US was recognized for the $2 billion Waldorf Astoria transformation.
Timeline
The Waldorf Astoria property sold for $1.95 billion in 2014.
Audemars Piguet signed a lease at 785 Fifth Avenue in March 2025.
Dajia put the Waldorf Astoria up for sale in February 2026.
Urban Outfitters signed a lease at 575 Fifth Avenue in April 2026.
REBNY held the retail deal awards ceremony on September 23, 2026.
Culture Shift
The redevelopment of the Waldorf Astoria follows a pattern set by the 2014 sale of the Waldorf Astoria. This luxury pivot reflects a broader shift toward high-end residential conversion in historic New York City hotel assets.
These high-profile leases influence the mix of luxury retailers available to residents and visitors along Fifth Avenue. The redevelopment of landmark properties like the Waldorf Astoria changes the long-term density and character of Midtown neighborhoods.
The takeaway
Retail real estate professionals continue to prioritize creative space utilization to secure marquee tenants in competitive corridors. These awards highlight how complex redevelopment and leasing strategies define the evolution of the city's most famous shopping districts.
Further reading
Explore more industry trends on the Commercial section page.
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