Eric Adams’ Top Challenges as New York Mayor Include Real Estate
Hours after Eric Adams trampled his Republican rival on Nov. 2, the presumptive mayor was already setting his sights on a new target — Mayor Bill de Blasio and the “dysfunctional” bureaucrats who work for him. Adams castigated city officials for failing to provide city services in a timely manner despite collecting billions of dollars… Read more »
For Commercial Real Estate Entrepreneurs, Pandemic Proving To Be The Right Time For Innovation
The pandemic has left many small businesses battered and bruised. Others were killed off entirely by the impact of the Covid-19 virus. But for many emerging proptech firms in the commercial real estate space, the Covid era has been a boon to business. During the course of the pandemic, many in the commercial real estate… Read more »
Falling in Love, A New Way to Think About Commercial Real Estate
In the wake of COVID-19, many sophisticated commercial real estate advisors and investors are rejecting the old industry adage to “never fall in love with your real estate.” That’s because commercial real estate — like so many investment decisions — is influenced by basic human emotions. And unlike stocks or bonds, office buildings, shopping malls… Read more »
Padel (it’s a sport!) club to open in Brooklyn warehouse
The city’s first “padel” club will open in a 30,000-square-foot Williamsburg warehouse next year. No, it’s not spelled wrong. And padel is not paddle tennis or pickleball. It is, however, a fast-growing sport that fans say is fun and easy to play. But in case that’s not enough to make the Brooklyn business viable at… Read more »
KDA Negotiates 3 of 5 Top Industrial Leasing Deals in the Co-Star Power Brokers Quarterly List for NYC Outer-boroughs and Long Island
Prominent industrial leases signed by Kalmon Dolgin Affiliates (KDA) are among the top industrial leases recognized by CoStar for the third quarter 2021. As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar recognizes the largest leases completed each quarter and the dealmakers who made them… Read more »
City wants to convert vacant offices into affordable housing
The City Council is zeroing in on how it can convert empty office space to address the city’s affordable housing shortage even as the office market shows signs of a slow recovery. Experts say there could be some challenges including whether there will be enough funding to cover costly conversions, what zoning restrictions would have… Read more »
Leisure and Hospitality Industry Bore the Biggest Brunt of NYC Pandemic Unemployment
The leisure and hospitality industry may have seen nationwide employment improvements this spring, but it’s still reeling from the pandemic. Leisure and hospitality bore the biggest brunt of year-to-year job loss in New York City, with a 53.1 percent decline between March 2020 and March 2021, according to a new report issued by U.S. Bureau… Read more »
City Council Hearing Digs Into Gowanus Rezoning
The New York City Council held its hearing on the Gowanus Neighborhood Plan on Tuesday, questioning developers and heeding testimony from neighbors and stakeholders in a five-hour meeting as members prepared to take the first binding vote on the rezoning. Activists, community members, and local government have been engaged in a months-long Uniform Land Use… Read more »
Construction spending in the city continues its downward trend
Construction spending in New York City is being taken for a roller-coaster ride, with spending projected to increase this year by 26% from 2020, then dip by $4 billion by 2023, according to an analysis by the New York Building Congress. Much of the decline in construction investment is because of a retraction in government… Read more »
Forrester: Physical stores to account for 72% of U.S. retail sales in 2024
Physical retail continues to drive the bulk of retail sales — and will for quite some time. Despite all the attention given to e-commerce, 72% of U.S. retail sales will still occur in brick-and-mortar stores in 2024, according to new research from Forrester. Even during pandemic-induced mandatory shutdowns and with additional safety concerns, consumers have… Read more »