Mayor Unveils Plan to Prop Up Crumbling BQE Until 2040
It’s been five years since the last fight over New York City’s most controversial development tax break — 421a — and developers are already preparing for the worst when the current version of the tax exemption expires in June 2022. No one in the real estate industry knows what the state legislature will do. Will… Read more »
The 2021 Brooklyn Power 100
Brooklyn is bursting at the seams with political power. The current mayor – and all but certainly the next mayor – hail from the borough. So too does the majority leader of the U.S. Senate and, perhaps, the next speaker of the House of Representatives. Brooklyn is also home to the state attorney general, a… Read more »
Here’s How CRE Sales Can Truly Return to Pre-Pandemic Levels
by Neil A. Dolgin The Wall Street Journal (WSJ) recently reported on investors who are diving back into commercial real estate and driving this year’s sales volume to pre-pandemic levels. Combined with lower interest rates, they are reporting a renewed optimism that the worst of the pandemic may be behind us. Driving that conclusion is… Read more »
New York City’s small businesses are facing a pandemic-altered commercial real estate landscape
Despite the uncertainty surrounding the ongoing spread of the COVID-19 delta variant, certain opportunistic retailers in New York City have been able to take advantage of tenant-favorable market conditions, successfully negotiating free rent, flexibility on term length and percentage-rent deal structures, and other previously unthinkable extras. As the COVID-19 pandemic has turned New York City’s… Read more »
Food & beverage fortifying commercial NYC real estate market
Shrugging off the pandemic’s impact on sales, supply and hiring, food-and-beverage uses continue to lead all retail-leasing categories in the Big Apple – and the lead even grew larger over last year. We had a look at some not-yet-released data which show the extraordinary resilience of edibles and drinkables in today’s historically challenged retail-leasing market…. Read more »
New York City’s Building Sales Volume Up Almost 40% From Q1
New York City’s volume of buildings sold reached $4.8 billion in the second quarter, up 38.9 percent from the first quarter, according to a report shared exclusively with Commercial Observer. The second quarter brought offices back as the reigning asset class in the city, recording $1.6 billion in deal volume, about 23 times higher than… Read more »
New York’s Cannabis Cultivation Space Race Stuck At Starting Block
As dozens of would-be cannabis retailers are looking to set up shop in New York City storefronts once licenses are approved, their suppliers are planning to grow their businesses outside of the Big Apple. But exact locations for most of these prospective cultivators are still up in the air, experts say, as the state government delays its… Read more »
Better Infrastructure Could Goose Return To Downtowns
The Federal Aviation Administration Tuesday approved the $2.1B LaGuardia AirTrain proposal, which is set to bring 3,000 construction jobs and add over $50M in local infrastructure improvements to the Queens airport’s surrounding neighborhoods, according to the Port Authority of New York and New Jersey’s proposal. The project, first proposed by Gov. Andrew Cuomo in 2015,… Read more »
What might development look like with Eric Adams as Mayor?
With Borough President Eric Adams almost certainly becoming New York’s next mayor in January, real estate developers and community advocates alike are rushing to understand the future of land use policies under the city’s self-described “complex” next chief executive. While Gotham deals with a severe housing shortage, and ranks as the most expensive city in… Read more »
Construction to start this summer on 80 Flatbush, City’s First All-Electric Residential Tower
The first phase of Boerum Hill’s 80 Flatbush development is set to begin construction this summer, with a new school and the city’s “first all-electric residential tower” expected to be complete by 2024. Phase one of 80 Flatbush, which has been renamed “The Alloy Block” after the project’s developer, will include a 480-foot, 44-story mixed-use… Read more »