It's shaping up to be a busy real estate year in New York, as some elite firms in the city, including Cravath, Swaine & Moore and Debevoise & Plimpton, have zeroed in on new offices, while others are starting their real estate search.

Cravath is in serious discussions with Brookfield Property Partners for office space at Two Manhattan West, a tower not yet built at 31st Street and 9th Avenue but expected to be completed by 2023, according to two sources. The firm's office lease at 825 Eighth Ave. expires in 2024.

The deal is far from being finalized and Cravath could be months away from completing a lease. Still, one source familiar with the matter said Brookfield and Cravath have completed a term sheet, while another source said Cravath's discussions with the landlord at Two Manhattan West are further along than with any other place. The firm is expected to announce its next office location later this year.