$2B Flushing Waterfront District Approved By City Council
Rendering of the Flushing Waterfront District via Jeff Stikeman Architectural Art After a year filled with political resistance to new developments, the New York City Council approved the Flushing waterfront development Thursday afternoon after several delays. Developers United Construction & Development Group, F&T Group and Young Nian Group are set to create a new district… Read more »
Distressed Commercial Property Sales Seen Surpassing Last Crisis
An estimated $126 billion in commercial real estate will be forced to sell at distressed prices through 2022, more than the first two years after the global financial crisis, according to CoStar Group Inc. Distressed hotel, retail, office and other properties will continue to flow to the market over the coming five years, potentially reaching… Read more »
What to expect from commercial real estate in 2021
Hotels, offices and retail storefronts are expected to trail a broader economic recovery next year; so investors are pinning their hopes on a COVID-19 vaccine in 2021. More commercial properties will go belly-up during the first half of 2021 before commercial real estate begins to stabilize in the second half of the year, experts say…. Read more »
Here Are Four Accelerated Technology Trends Impacting The 2021 Commercial Real Estate Market
Four accelerated trends in CRE Tech: Rise of digital twins. The CRE industry creates and has a lot of data. D’Angelo says that by capturing and using data about the building itself as well as Internet of Things (IoT) data about how the building operates to make [..] operations more efficient, improve occupant (shopper, resident… Read more »
CubeSmart closes three deals in Brooklyn and Queens in year-end splurge
Self-storage giant CubeSmart purchased two buildings in Brooklyn and Queens for a combined $125 million and secured a new ground lease valued at $50 million. The self-storage sector has proven to be among the most resilient to the pandemic, as economic headwinds tend to bolster demand for storage space. The Real Deal
The Wealthy Are Leaving New York As City Undergoes Monumental Demographic Shift
The New York metropolitan area lost 70,000 people during the coronavirus pandemic, equating to tens of billions in lost income for the city. In total, about 3.57 million people left the city from Jan. 1 through Dec. 7, Reuters reported, citing data from Unacast. Around 3.5 million people moved in during that time; however, they… Read more »
Second Lockdown Lessons From World Cities That Just Went Through It
As New York leaders warn that the state will likely return to the harsh lockdown measures of the spring — and other parts of the country face a similar fate as coronavirus cases and deaths reach new records — business owners abroad who have gone through multiple shutdowns help paint a picture of what may… Read more »
Our 12 most 2020 COVID-19 stories reveal a year like no other
Here are a dozen of the best pandemic stories compiled by City&StateNY to highlight some of the lessons worth remembering in 2021 begins. City&StateNY
A long road ahead for office landlords
The availability of office space in the biggest markets around the country hit new highs in recent months, as a growing number of tenants look to weather the pandemic and economic fallout by subleasing space. At the same time, struggling hotels and retail assets are being converted into new offices, adding to a potential oversupply… Read more »
NYC’s biggest real estate finance deals of 2020
New York’s commercial real estate market took a beating in 2020. In one indicator, the 10 largest investment sales of the year totaled $5 billion, a 37 percent drop-off from the $8 billion the previous year. Not surprisingly, finance deals dropped off considerably this year, as well. The 10 largest loans in New York totaled… Read more »
Are doc’ shops the new high street staple?
High street stores are set to be overtaken by doc shops as phenomena known as “medtail’ becomes the new retail norm. That’s according to the 2021 Retail Healthcare Outlook released by retail consultants, Tether Advisors, which predicts an acceleration of the trend in high street medical retail as a result of the COVID pandemic. Real… Read more »
Brooklyn Army Terminal Renews With Guggenheim, Military Electronics Manufacturer
The Guggenheim inked the largest of the recent deals at Brooklyn’s Sunset Park industrial complex, renewing 31,200 square feet of storage space at Brooklyn Army Terminal’s Building B. IEH Corporation, which manufactures electronic parts for aerospace and military technologies, re-upped its 20,400-square-foot space in the building at 140 58th Street. Other deals were announced. Commercial Observer Photo: NYC… Read more »
Hear KDA’s Kalmon Dolgin at the Real Estate Executives Outlook for Long Island in 2021 Webinar
We’re delighted to announce that Kalmon Dolgin, KDA co-president, is a panelist in the Real Estate Executives Outlook for Long Island in 2021 Webinar taking place on January 13th at 02:00 PM EST, presented by Marks Paneth. ” Long Island real estate has experienced drastic market shifts as a result of the ongoing COVID-19 pandemic,… Read more »