How C-PACE Evolved Into CRE’s Most Innovative Financing Option New York Construction & Dev
The commercial real estate finance industry is at the vanguard of what has the potential to be an enormous transformation, similar to the rise of CMBS lending in the early 2000s. A relatively nascent form of financing known as Commercial Property Assessed Clean Energy — or C-PACE — has been rapidly evolving from an inexpensive… Read more »
Brooklyn Navy Yard to use Cityzenith platform for sustainability, cost cutting
Chicago-based Cityzenith is launching a pilot project using its SmartWorldOS Digital Twin platform to help New York’s Brooklyn Navy Yard cut operating costs and achieve sustainability objectives. Cityzenith said its platform enables buildings of any size, type or age to make significant savings. These include 35% in operating costs, 20% in productivity and 50% to… Read more »
New Yorkers brought NYC back despite hysteria over the Delta variant
If New York City is to be saved from COVID-19, it will be no thanks to the politicians, bureaucrats and big-business leaders who once upon a time we might have turned to for leadership. Instead, it will be entirely due to Big Apple residents and visitors who are loving the place with their growing presence… Read more »
Factors Shaping the Future of Commercial Real Estate in NYC
Local Law 97 is considered to be among the most ambitious plans for reducing carbon emissions in the nation. It is included in the Climate Mobilization Act which passed the City Council in April 2019 as part of NYC’s Green New Deal. The aim is a dramatic reduction in carbon emissions produced by the city’s… Read more »
Developer to break ground on first brand-new Dumbo office building in 100 years
Anyone can boldly announce plans for future office buildings that have no official groundbreaking dates. It’s another to actually start construction amid the lingering pandemic when the city’s overall office market continues to see record-high vacancy rates. On Sept. 14, developer Edward J. Minskoff and JP Morgan Global Alternatives will take the plunge on 29… Read more »
Patagonia Opening First Brooklyn Outpost in Williamsburg
Patagonia is opening its first store in Brooklyn with a 12,000-square-foot lease at 70 North 6th Street in Williamsburg, Commercial Observer has learned. The outdoor apparel company will occupy the entire second floor of the property between Kent and Wythe Avenues, along with most of the ground level, in the long-term lease. Commercial Observer
Cities Need Office Workers. Do Office Workers Still Need Cities?
As the end of summer brings the potential for a more significant return to the office by workers, big cities like New York and London are facing one of the greatest ever challenges to their economic model — hybrid work. The idea that workers might only come to the office two or three days a… Read more »
600 New Affordable Housing Units Approved In Rezoned Inwood
Maddd Equities’ and Joy Construction’s plan to build two towers of commercial space and affordable housing in newly rezoned Inwood is moving forward. The development at 375 West 207th St., which would feature 611 affordable units as well as 60K SF of commercial space across the two buildings, was approved by the New York City… Read more »
Antonio Reynoso on his vision for the Borough Presidency
North Brooklyn Councilmember Antonio Reynoso campaigned for borough president on a platform of creating a “boombox for progressive values” and zeroing in on under-resourced communities across the borough. He was the beneficiary of a coalescence of progressive support, with endorsements from political clubs like the New Kings Democrats and heavy hitters like Senator Bernie Sanders…. Read more »
NYC Emissions Law Discourages Dense Office Buildings, Lacks Clarity: Report
A new report from the Citizens Budget Commission (CBC) found several issues with the city’s new emissions reduction law for buildings, including a lack of clear guidance from the New York City Department of Buildings ahead of the law’s first deadline in 2024, no realistic framework for landlords to purchase renewable energy credits, and rules that discourage densely populated office and… Read more »