MTA to study ‘Interborough Express’ on old freight lines from Brooklyn to Queens
Governor Kathy Hochul wants to revive a proposal to repurpose miles freight rail lines between southern Brooklyn and Queens for a new public transit dubbed the “Interborough Express.” “Today I’m announcing a bold idea: take an old unused, 14-mile-long right-of-way and create what we’re calling the Interborough Express, a new rail service that will connect… Read more »
From A Perfect Storm To Hitting Its Stride: What 2022’s Buyers Can Expect In New York City’s Real Estate Market
This past year was remarkable for its deal volume, but below the surface, several trends emerged which may be instructional heading into the new year. From a growing divide of luxury coops and condos, to townhouses finding a bid, to New York City investment metrics, the prodigious deal volume in 2021 backlit these trends with… Read more »
Looming end of tax break triggers real estate “hunger games”
Developers made a gamble in Gowanus in November, likely to avoid an even bigger risk: paying real estate taxes for the next 25 years. More than three weeks before the city approved a contentious rezoning in the Brooklyn neighborhood, Domain Companies and the Vorea Group filed plans for two projects totaling 628 apartments. Both sites… Read more »
Here are Brooklyn’s top retail leases of 2021
Retailers in Brooklyn signed massive leases this year, going above and beyond last year’s numbers. Retailers committed to some major square footage, notching three top deals surpassing last year’s biggest lease of just 62,000 square feet. But the type of retailer that made the list varied. Some were traditional, like Target, but gyms, sports clubs,… Read more »
NYC Hospitality Alliance Urges Leaders to Act Swiftly Amid Covid Resurgence
With rising COVID-19 infections impacting everything in New York from the Rockettes, to the cancellation of reservations and holiday parties, to when employees will return to the office, the city’s leading restaurant and nightlife advocacy group is urging government officials to swiftly act and prevent further economic disaster for the industry. The NYC Hospitality Alliance… Read more »
Who’s Who in Eric Adams Administration
Yes, New York City Mayor-elect Eric Adams is thinking about “emotional intelligence” as he fills out his administration, but he’s also thinking about demographic representation. He said for months that he would appoint a woman to lead the New York City Police Department and he did, setting up Keechant Sewell to be the first female… Read more »
What Does 2022 Have to Offer Investors?
by Neil A. Dolgin As we enter the new year, the commercial real estate industry is in transformation and that’s creating unique opportunities for investors. As the New York City metro area continues to recover from the Covid-19 pandemic, we are seeing improvements in several commercial real estate market segments. The industrial segment remains strong…. Read more »
Placemaking Matters More Than Ever for Offices. Here’s Why.
New York City office space is being stress-tested by pandemic shock waves, remote employees, and unpredictable work patterns. It is clear that these challenges are daunting, but by no means eclipse the value of having a place to be together. We believe in placemaking. As the nonprofit Project for Public Spaces has said: “Placemaking strengthens… Read more »
On the Death of Brick-and-Mortar Retail: Not So Fast, CRE Experts Say
With all the recent talk about how industrial has prospered throughout the pandemic while other sectors have fallen, brick-and-mortar retail has exhibited a thoroughly unexpected recovery in recent months. This was one of the significant trends discussed during “CRE 2022 — Real Estate Trends to Track,” a Dec. 8 webinar hosted by Commercial Observer’s Partner… Read more »
Dollar General to open 1,110 stores in 2022; plans international expansion
Dollar General unveiled aggressive expansion plans that includes its first stores outside of the U.S. and the acceleration of the rollout of its more upscale Popshelf store concept. The discounter’s 2022 real estate plans include 1,110 new stores — including its first stores in Idaho, its 47th state — and 1,750 remodels. Dollar General will… Read more »