Fix property taxes to stimulate business, former city officials say
??Three experts have called on the Adams administration and the City Council to revamp property taxes to a more transparent system to aid small-business owners, whose leases bear the brunt of mixed-use and commercial building costs. “The existing system of business owners needs more transparency,” said Gregg Bishop, a former commissioner of the Department of… Read more »
NYC Warehouse Buyers Put Premium on Ceiling Height
Sure, location matters for warehouses. But what about ceiling height? In New York City, it turns out it matters quite a bit. During the second half of 2021, industrial warehouse properties in the Bronx, Brooklyn and Queens with ceiling heights of at least 20 feet traded for $567 a square foot vs. $366 a foot… Read more »
Commercial real estate investment rose 86% last year
Commercial real estate investors spent $53 billion on properties in Los Angeles, $49 billion in New York and $41 billion in Dallas last year, powering an 86 percent national increase from 2020. The total came to $746 billion, according to a report from CBRE. Investment in multifamily and industrial properties drove the surge, and Austin… Read more »
How Inflation Is Affecting Commercial Real Estate
by Neil A. Dolgin The U.S. economy is seeing the highest growth in decades. But, inflation is also running at its highest level since the 1980’s. Both are outcomes of the pandemic, the unexpected halt and restart of the economy and the massive financial stimulus provided by the federal government. “As cities eased lockdowns in… Read more »
Kamillah Hanks is ‘encouraged’ by mayor’s safety plan
The release of New York City Mayor Eric Adams’ plan for ending gun violence earlier this week triggered a raft of responses, from enthusiasm to concern. But among the most watched of those reactions is that of Kamillah Hanks, a new City Council member from the North Shore of Staten Island who was recently appointed… Read more »
New York Governor Releases Updated 421-a Program
Earlier this month, New York Governor Hochul’s executive budget introduced a proposal for an updated 421-a Real Estate Tax Exemption Program. Referred to as “Affordable Neighborhoods for New Yorkers” and proposed under a different section of the State’s Real Property Tax Law (485-w), the Governor’s proposal follows the existing 421-a/Affordable New York program, with a… Read more »
Top 2021 legal developments affecting New York’s commercial real estate industry
My year end article last year started with: “2020 will be remembered for COVID-19 and more COVID-19.” 2021 has most definitely not been a return to normal and the pandemic continues to influence the industry but courts returned to action and legislatures continued to address the pandemic. Moratorium on Certain Evictions and Foreclosures; Tenants Must… Read more »
Commercial Real Estate and Eric Adams Build Each Other Up in New York
“Brooklyn is in the house,” MaryAnne Gilmartin, head of MAG Partners, said of the newly elected mayor, who like her hails from Brooklyn. While working at Brooklyn-based Forest City Ratner Companies (later acquired by Brookfield Asset Management) and building some of the most transformational projects in Kings County, Gilmartin recalls receiving great support from then-Brooklyn Borough… Read more »
Industry City’s Kathe Chase On Transforming NYC’s Industrial Space
Kathe Chase has been at the forefront of New York City industrial conversions for 30 years. She was involved in the renovation of a former Nabisco factory into Chelsea Market in the 1990s, and with the conversion of the Falchi Building in Long Island City, Queens, into office and retail even before that. In recent… Read more »