What a $660-psf gift shop lease says about Times Square’s recovery
Tourism may be down, but retailers are still making bets on Times Square. Most recently, a souvenir shop signed a lease for 1,000 square feet of ground-floor space at 566 Seventh Avenue. The store will be paying $55,000 a month for the space, next door to the newly opened Margaritaville Resort. On its face, a… Read more »
Massive Williamsburg Towers Get Approval From Council Sub-Committee
Two massive towers slated for the Williamsburg waterfront got one step closer to reality on Thursday, as the City Council’s Land Use Committee voted to approve the plan with slight modifications. The proposal, officially dubbed River Ring, now heads back to the City Planning Commission for review before a full council vote next week. If… Read more »
How warehouses are taking over the U.S.
For every Cyber Monday purchase, there is a warehouse employee packing up those soon-to-be presents. The big online shopping holiday comes amid a warehouse shortage across the United States as distribution center vacancy rates are at all-time lows. Nearly 96% of existing industrial space is in use, according to commercial real estate services company JLL…. Read more »
New York City Council Speaker Race Has Real Estate Holding Its Breath
When New York City’s power brokers descended on San Juan, Puerto Rico, hours after the November elections, some expected the next City Council speaker would emerge under the palm trees. New York lawmakers and their aides partied with lobbyists, labor leaders, nonprofit executives and other operatives over piña coladas at poolside hotel cabanas. But, by… Read more »
River Ring Moves Forward with City Planning Commission Approval, City Council Hearing
Two Trees’ massive new waterfront development, River Ring, received a thumbs-up from the City Planning Commission this week immediately before heading to the City Council for a public hearing. The CPC voted unanimously to approve the project on Wednesday, setting the stage for the council’s hearing on Thursday morning and a vote sometime before Jan…. Read more »
Brookfield Buys Amazon’s Red Hook Warehouse for $45M
Dov Hertz’s DH Property Holdings has sold a new Amazon distribution center at 55 Bay Street in Red Hook, Brooklyn, to Brookfield Properties for $45 million, two months after finishing construction, Commercial Observer has learned. Brookfield’s spokespeople declined to comment on the transaction, but the real estate investment firm closed on the acquisition of the… Read more »
Five Commercial Real Estate Trends to Watch in the Wake of COVID-19
It’s been a whirlwind 20 months for commercial real estate (CRE), which, like so many other areas, was hit particularly hard by COVID-19. According to a recent report, the pandemic created the worst recession the office sector has ever faced — leaving property owners to seek out new ways to entice tenants, navigate changing lease… Read more »
Kalmon Dolgin Affiliates Arranges the Sale of 301 Norman Avenue, a 66,000 Square Foot (SF) Industrial Building in Greenpoint, Brooklyn
Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of 301 Norman Avenue, a 66,618 SF industrial building with an additional 20,000 SF parking lot / logistics facility, in Greenpoint, Brooklyn. Kalmon Dolgin Affiliates’ brokers Jeffrey Unger and Bob Klein represented both the buyer and seller in this transaction. “We were pleased to assist CenterPoint… Read more »
NYC Commercial Real Estate Brokers Say They’ve Never Been More Confident
Even in light of the slew of existential threats facing the industry, commercial brokers’ confidence is on the rise. The Real Estate Board of New York’s quarterly real estate broker confidence report showed its Current Conditions Index for commercial brokers spiked to hit a record high of 36, up from 20 the quarter before and… Read more »
Tis the Season: Check Out Brooklyn’s Upcoming Holiday Lightings
The holiday season is in full swing in Brooklyn, starting off last week with the annual tree lighting at Downtown’s Albee Square. Don’t fret if you missed it — the next few weeks are chock-full of lights, singing, and cheer in every corner of the borough. Brooklyn Paper Photo by Reuben Teo on Unsplash
Challenges for New York City Tenants and Landlords in the Post-Pandemic Environment
By Neil A. Dolgin There has been considerable discussion about how commercial real estate has been transformed in the wake of the Covid-19 pandemic, along with impacts on tenants and landlords. Both have faced challenges that I have covered in my prior post, Factors Shaping the Future of Commercial Real Estate in NYC. Emerging Trends… Read more »