Brooklyn’s MetroTech to get $50MM makeover, new name
MetroTech Center, the 1980s-era superblock of office towers and open space that is practically walled off from its Downtown Brooklyn location, is getting a new name and $50 million makeover. According to the Architect’s Newspaper and other published reports, three of the 12 buildings at the newly christened “Brooklyn Commons” will get a facelift while… Read more »
New York’s power companies want to expand the meaning of ‘zero emissions’
Last June, in the tumult of the final days of New York’s legislative session, the state Senate passed a bill that almost no one – outside of the power industry lobbyists who crafted it – paid much attention to. The bill’s one-sentence summary said it would create a program to support “zero emissions energy systems.”… Read more »
City Kicks Off $109MM in Renovations for Brooklyn Parks
The city kicked off over $100 million in repairs, renovations, and upgrades for Brooklyn parks over the weekend, in what Mayor Eric Adams is calling a “major milestone in our recovery” from the COVID-19 pandemic. A whopping 104 projects citywide, totaling $417 million in capital investment, got the ball rolling on construction after having stalled… Read more »
New York gives Robert De Niro-backed movie studio the green light
A sprawling $600-million movie studio led by Hollywood star Robert De Niro has been given the go-ahead by New York planning authorities, according to the architects behind the complex. More than two years since plans were first unveiled, construction work on the 775,000-square-foot Wildflower Studios can now begin after the project won approval from the… Read more »
How Owners Can Benefit in Today’s Marketplace
by Neil A. Dolgin Looking back at the ten largest industrial projects underway in the US last year, Amazon accounted for eight of them, according to CommercialEdge. Over the last few years Amazon, other leading brands, Real Estate Investment Trusts (REITs) and investors have paid top dollar for secure, well-located, modern industrial buildings throughout the… Read more »
What is Midtown’s post-pandemic recovery playbook?
The much-hyped return to in-person work office in New York City has not gone as planned. Despite high COVID-19 vaccination rates among adults in New York City and cases currently decreasing, the emergence of the delta and omicron variants postponed some companies’ timelines for returning to the office. Plus, some workers and companies aren’t sure… Read more »
City Council takes step to making open restaurants permanent
New York City is one step closer to making outdoor dining permanent. The City Council on Thursday passed a zoning amendment that will remove geographic restrictions on where sidewalk cafés can be set up in New York City. While sidewalk cafes are just one aspect of the kind of outdoor dining that has flourished in… Read more »
NYC commercial properties kept 92% of value despite pandemic: city
Commercial real estate in New York City kept 92% of its value despite economic turbulence caused by the COVID-19 pandemic, according to the mayor’s office. Mayor Eric Adams presented a preliminary budget for fiscal year 2022-2023 which estimated that the value of commercial properties in the city is around $301 billion. Before the COVID-19 pandemic… Read more »
How To Diversify Investments In Commercial Real Estate
Commercial real estate is among those asset classes that have the potential to offer stability of investment and competitive returns over the long term. While the general rule of thumb for any prudent investor is to stay invested for a longer duration, especially in commercial real estate, sometimes your goals might require you to invest… Read more »