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From 2020 bust to 2024 boom.

Manhattans office market mounted a stirring recovery from its pandemic doldrums, with space so tight that tenants wanting to move or expand are out of luck.

Companies such as Singapore-based sovereign wealth fund Temasek, which has 27,000 square feet at the Seagram Building at 375 Park Ave., wanted to grow there — but no more space was available, sources told The Post.

Its happening all over Midtown. Available floors quickly are gobbled up before data-trackers even know about it, not only at newly constructed trophy towers but at sound older locations as well.

For example, although authoritative database Costar shows six floors available at 390 Park Ave., sources said two floors were already taken by Atarios Capital and CBRE Investors is close to a deal for the other four.

Law firm Baker Hostetler, based at 45 Rockefeller Plaza, is looking for more space than its current 90,000 square feet — but is similarly struggling to find it, according to sources.

Bryant Park Corporation president Dan Biederman said, Almost all of the landlords in our area are telling prospective tenants, Sorry, we have no space left.

Legendary CBRE dealmaker Mary Ann Tighe crystallized the situation on a recent podcast, saying, If you are a tenant of 100,000 square feet or greater, you should have done your deal already. By the time we get to 2027, youre going to have a problem.

Tighe added that of the mere 2.4 million square feet of new space to be completed by the end of 2026, 79% is already pre-leased.

Much-discussed residential conversions have little or nothing to do with the tightened commercial market, insiders agree, because the mostly older converted buildings were turned into apartments precisely because they were useless for modern offices.

Cushman & Wakefield broker Mark Weiss, who represents tenants such as Blue Owl Capital and law firm Ropes & Gray which recently signed leases for larger digs, said, Some tenants have the false perception that the markets open, theres nobody in the offices — but in fact its tighter than it was in 2019.

The demise of work-from-home helps boost demand, Weiss said.

At the beginning of 2024, most companies came to the  realization they must have their workforce together in their offices.

He said the trend occurred industry-by-industry — elite financial firms first, followed by commercial banks, law firms, and technology fourth. The only major industry not yet back is creative and were starting to see that happen too, he said.

Marc Holliday, CEO of SL Green, the citys largest commercial landlord,  said in an investors call this week, Vacancies will continue to fall as low as [12%] in midtown and [below 7% in the prime Park Avenue corridor — maybe the tightest conditions Ive ever seen for prime space in my career. Hybrid work is already baked in and demand continues to rise.

He added, Most importantly, because there is no new inventory, rents will rise … There are zero new ground-up office projects currently underway in core Midtown.

Data supports the individual and anecdotal impressions.

JLL reports that Novembers 2.7 million square feet of leasing brought the years total to Nov. 30 to 25.3 million square feet. That was already more than in all of 2023 with December often the busiest month for closings still to come.

The overall Manhattan availability rate — such as CBREs estimated 18.9%, about the same as 12 months ago — doesnt reflect the growing strength of the high-end mark or the crisis at the low end.

Availability on Park and Sixth Avenues, at the World Trade Center, Hudson Yards, Brookfield Place, Midtown West  and certain trophy towers such as the Empire State Building, SL Greens new One Vanderbilt and Brookfields older Grace Building is between near-zero and 10%. Such buildings are home to many more employees and generate much more tax revenue than older stock in locations such as the FiDi area and the Garment District, where vacancy runs above 20%.

Meanwhile, according to tracking service VTS, demand for office space in the city crested upward to 12.5 million square feet, up 50% over the prior three months.

Tighe attributed to scarcity of new product in part to the fact that, We never tore down our old buildings to make room for new ones.

She said, We need big-footprint sites, not only boutique-size ones. To get such a large footprint usually requires tearing down an existing skyscraper, as  JP Morgan Chase did to replace its old tower with a new one.

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US

Sean ‘Diddy’ Combs forced women into ‘freak offs’, jurors told – as hotel CCTV is played in court

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Sean 'Diddy' Combs forced women into 'freak offs', jurors told - as hotel CCTV is played in court

Sean “Diddy” Combs’s public persona was that of a “charismatic” hip-hop mogul – but behind the scenes he forced women into “freak off” sexual encounters with escorts and blackmailed them with videos, prosecutors alleged during the first day of his trial.

In the courtroom in Manhattan, New York, Combs blew a kiss to his mother and family members supporting him, before listening intently as opening statements from the prosecution and defence outlined the details of the high-profile case.

The hip-hop mogul, 55, has pleaded not guilty to charges of sex trafficking, racketeering conspiracy and transportation to engage in prostitution, and strenuously denied all allegations of sexual abuse.

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Sean Combs’s family arrive at court

His defence lawyers say all sexual encounters were consensual and that the case is really about nothing more than Combs’s sexual preferences, which they say should remain private. Combs is a “flawed individual”, they argue, but not a racketeer or a sex trafficker.

The court also heard evidence from two witnesses – a former hotel security guard and a male escort.

But first, prosecutor Emily Johnson gave her opening statement.

“To the public, he was Puff Daddy or Diddy,” she told the court, describing Combs as a “business icon” and “larger than life”.

However, there was another side to the rapper, she says – a side that “ran a criminal enterprise”, she said. He sometimes “called himself the king”, Ms Johnson said, and expected to be treated like one.

“This is Sean Combs,” Ms Johnson told jurors as she pointed at Combs, who leaned back in his chair. “During this trial you are going to hear about 20 years of the defendant’s crimes.”

Those crimes, she said, included kidnapping, arson, drugs, sex crimes, bribery and obstruction.

U.S. Marshalls sit behind Sean "Diddy" Combs as he sits at the defense table alongside lawyer Marc Agnifilo in the courtroom during his sex trafficking trial in New York City, New York, U.S., May 9, 2025 in this courtroom sketch. REUTERS/Jane Rosenberg
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There are no cameras in the court building, so court artists capture the scenes inside. Sketch: Reuters/Jane Rosenberg

Ms Johnson said Combs beat and sexually exploited his former long-term girlfriend Cassie, who was named in court, and compelled the singer and other women to take drugs and have sex with male escorts.

He threatened to ruin Cassie’s career by publicly releasing videos of these sexual encounters, which were dubbed “freak offs”, jurors heard.

“Her livelihood depended on keeping him happy,” the prosecutor said.

Jurors will hear testimonies from alleged victims who will talk about “some of the most painful experiences of their lives”, Ms Johnson continued. “The days they spent in hotel rooms, high on drugs, dressed in costumes to perform the defendant’s sexual fantasies.”

Sean 'Diddy' Combs and Cassie Ventura at the 2017 Costume Institute Benefit Gala ub 2017. Pic: zz/XPX/STAR MAX/IPx 2017/AP
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Combs and Cassie pictured in 2017. Pic: zz/XPX/STAR MAX/IPx 2017/AP

‘This is not a complicated case’

But Teny Geragos, who is on Combs’s defence team, painted a very different picture.

“Sean Combs is a complicated man,” she told the court. “But this is not a complicated case. This case is about love, jealousy, infidelity and money.”

Ms Geragos conceded that Combs could be violent and said she understood some jurors might not condone this, nor his “kinky sex”. But the rapper is “not charged with being mean”, she said, and his lifestyle may have been indulgent, but it was not illegal.

She also claimed Combs’s accusers were motivated by money.

Cassie hotel footage shown in court

Pic: CNN via AP
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Pic: CNN via AP May 2024

After the opening statements, the first witness, Israel Florez, was called to the stand.

Now a police officer in LA, in March 2016, Mr Florez worked as a security guard at a hotel in Los Angeles, where Combs was filmed on CCTV seemingly attacking R&B singer and model Cassie, whose full name is Casandra Ventura.

After CNN aired video of the attack last year, the rapper apologised in a video on social media and said he was “disgusted” by his actions.

Video footage of this incident was shown in court as Mr Florez gave his testimony.

He told the court he recognised Combs after responding to a call of a woman in distress on the sixth floor of the hotel. The rapper was wearing only a towel and socks, Mr Florez told the court, and had “a blank stare, like a devilish stare, just looking at me”.

He said that as he was escorting Ms Ventura and Combs to their room, she indicated she wanted to leave and the rapper told her: “You’re not going to leave.”

Combs then offered him money and told him “don’t tell nobody”, Mr Florez said.

Read more:
The rise and fall of Sean Combs

Diddy – a timeline of allegations
Everything you need to know about the trial

The second witness, Daniel Phillip, used to work as a male escort, the court was told. He said he met Ms Ventura at a hotel in Manhattan, where he thought he was attending a bachelorette party.

However, he said he ended up having sex with Ms Ventura as Combs watched and masturbated, and that he was paid several thousand dollars.

Mr Phillip said he had several subsequent encounters with the then couple, which lasted between an hour and 10 hours, and that he witnessed or heard the rapper being violent on two occasions.

He told the court he did not intervene as Combs was powerful, and that he feared for his life. His evidence will continue tomorrow.

The trial is expected to last about eight weeks. Combs faces up to life in prison if he is convicted.

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UK

Police investigating fire at Sir Keir Starmer’s house – and possible links with two other blazes

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Police investigating fire at Sir Keir Starmer's house - and possible links with two other blazes

Police investigating a fire at a north London house owned by Prime Minister Sir Keir Starmer are also looking into whether it is linked to two other recent blazes.

The Metropolitan Police said on Monday evening that detectives are checking a vehicle fire in NW5 last week and a fire at the entrance of a property in N7 on Sunday to see whether they are connected to the fire at Sir Keir Starmer’s house in the early hours of Monday morning.

The prime minister is understood to still own the home and used to live there before he and his family moved into 10 Downing Street after Labour won last year’s general election. It is believed the property is being rented out.

Counter-terrorism police are leading the investigation as a precaution, the Met said.

The blaze damaged the entrance to the house, but there were no injuries, the force said.

Politics latest: Starmer announces migration crackdown

Sir Keir Starmer house
Metropolitan Police
Fire 
Pic: LNP
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The entrance to the house was damaged by the fire. Pic: LNP

Sir Keir Starmer house
Metropolitan Police
Fire Pic: LNP
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Counter-terror police are leading the investigation. Pic: LNP

A statement from the Metropolitan Police said: “On Monday 12 May at 1.35am, police were alerted by the London Fire Brigade to reports of a fire at a residential address.

More on Sir Keir Starmer

“Officers attended the scene. Damage was caused to the property’s entrance, nobody was hurt.

“As a precaution and due to the property having previous connections with a high-profile public figure, officers from the Met’s Counter Terrorism Command are leading the investigation into this fire. Enquiries are ongoing to establish the potential cause of the fire.”

A police cordon and officers, as well as investigators from London Fire Brigade, could be seen outside and at one point, part of the street was cordoned off to all vehicles.

London Fire Brigade said firefighters were called just after 1am, and the blaze was out within half an hour. It described the incident as “a small fire outside a property”.

A forensics officer is seen in Kentish Town, north London. Police are investigating a fire at Sir Keir Starmer's house in north London. Picture date: Monday May 12, 2025.
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Pic: PA

A police officer is seen in Kentish Town, north London. Police are investigating a fire at Sir Keir Starmer's house in north London. Picture date: Monday May 12, 2025.
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Emergency services were deployed to the scene in north London. Pic: PA

Read more:
What are Mr Starmer’s new immigration rules?
Why movie line reflects public mood on prisons

How PM sealed Trump trade deal

Sir Keir expressed his gratitude to the police and fire services via his official spokesman, who said: “I can only say that the prime minister thanks the emergency services for their work, and it is subject to a live investigation. So I can’t comment any further.”

On Monday, Sir Keir made a major policy speech on immigration, promising to bring down net migration by the end of this parliament with a system that is “controlled, selective and fair”.

He did not clarify how far he wants figures to fall, only saying numbers will come down “substantially” as he set out plans in the government’s Immigration White Paper, including banning care homes from hiring overseas.

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Politics

Top TRUMP whales hold $174M in tokens ahead of dinner with US president

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Top TRUMP whales hold 4M in tokens ahead of dinner with US president

Top TRUMP whales hold 4M in tokens ahead of dinner with US president

The list of the top holders of US President Donald Trump’s memecoin has been finalized ahead of background checks to apply for a dinner and “VIP tour” with the president on May 22.

In a May 12 X post, the TRUMP memecoin project said it would stop considering additional purchases for a dinner with the president, adding that the top tokenholders had been notified to apply for background checks if they wanted to attend.

According to data provided on the project’s leaderboard, the top 220 wallets held more than 13.7 million tokens as of May 12, worth roughly $174 million at the time of publication.

White House, Donald Trump, Corruption, Memecoin
Top 10 TRUMP memecoin holders as of May 12. Source: TRUMP memecoin project

It’s unclear who, if any, of the wallet holders will choose to apply for and attend the dinner with Trump, or the “exclusive reception” expected to be in the White House for the top 25 holders, on May 22. A May 7 Bloomberg report suggested that the majority of tokenholders were based outside of the United States, leading to potential security concerns and conflicts of interest.

Many US lawmakers and figures in the crypto industry criticized the president for launching the memecoin just days before taking office on Jan. 20. In the wake of his dinner announcement on April 23, the calls for congressional oversight and allegations of corruption have intensified, with one senator calling for Trump’s impeachment and other representatives refusing to consider crypto-related legislation until their concerns were addressed.

Related: FT report suggests advance knowledge of Melania Trump memecoin launch

Companies also apparently seeking influence over Trump’s policies have invested in the memecoin. In April, Freight Technologies said it would invest $20 million in the token, suggesting that it could affect the president’s trade war between the US and Mexico, where the firm conducts some of its business. As of May 12, the company had not announced whether it qualified to send a representative to the dinner.

Not Trump’s first appeal to crypto users

During his 2024 campaign, Trump hosted a dinner with supporters who purchased his “mugshot” non-fungible tokens, which featured a picture of the then-presidential candidate at his surrender to authorities on charges he attempted to overturn the 2020 election.

Many of the “mugshot” attendees publicly shared their identities on social media ahead of and during the event, but at the time of publication, no one appeared to be claiming they would apply for the memecoin dinner. Wallets with the usernames “Sun” and “elon” have led to speculation that Tron founder Justin Sun and Tesla CEO Elon Musk — both Trump supporters who have financial interests tied to Trump’s presidency — could be among the attendees.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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