Despite Looming Fines For Building Emissions, NYC’s Green Financing Program Struggles To Take Off
New York City’s real estate industry will soon have to comply with legislation designed to help the city meet its ambitious climate goals. But there’s a problem: Developers and lenders don’t understand the city-run financing program in place to help landlords reduce their buildings’ carbon emissions. The program called C-PACE, which stands for Commercial Property Assessed Clean Energy, is intended to provide… Read more »
Developers look to develop Broadway Junction with 24-story towers, hundreds of affordable housing units
A developer is seeking to build an affordable housing and commercial hub, including residential towers up to 24-stories tall, at Broadway Junction, a major transit hub in East New York long recognized as blighted and underutilized. But some long-time residents are sounding an alarm at what they see as a ploy to turn the Junction… Read more »
Mayor Eric Adams Interview: His first 100 days
I have covered Mayor Eric Adams for roughly 15 years since he was a state senator and through his borough presidency to his election of mayor. Anecdotally, I would characterize the mayor to be politically shrewd, and inspirational as a person, friend and orator. He has shared qualities of three previous mayors that he looks… Read more »
How the pandemic gave commercial real estate tenants the upper hand
“The COVID-19 pandemic has changed the nature of commercial real estate negotiations, shifting some of landlords’ long-held leverage to tenants as cities across the U.S. experience a reshuffling of where business activities take place. It’s also created opportunities for some small businesses to take a chance on brick-and-mortar properties, while other smaller shops that long… Read more »
NYC Investment Veterans Launch Firm To Buy Up CRE’s New Ugly Ducklings
Two veterans in New York City’s commercial real estate market have stepped out on their own, in the hopes of scooping up properties where owners have given up hope. Neil Helman and Gerry Davis have banded together to launch Collins Realty Partners, which they say will specialize in buying value-add properties for $10M or more… Read more »
NY’s End of Some Pandemic Restrictions Sparks Optimism in Real Estate
When Gov. Kathy Hochul lifted New York’s state mask mandate earlier last month as coronavirus cases in the state began to decline, she called the move a sign of “tremendous progress after two long years” of the pandemic. As Mayor Eric Adams plans to drop the vaccination requirement for indoor dining, gyms and entertainment venues… Read more »
National Association of Realtors: Why Industrial Spaces Lead Commercial Real Estate in Bouncing Back From COVID
Commercial real estate took a hit during the COVID-19 pandemic, as did many industries. But the market is starting to bounce back this year, largely due to increased investments in industrial properties. According to research by the National Association of Realtors (NAR), commercial real estate transactions of less than $2.5 million fell by 1% in… Read more »
Signs of stress deepen in the office real estate market
More than two years after COVID-19 upended the world of work, signs of a slow-motion crackup in office real estate are emerging. Why it matters: Fresh commercial real estate data suggest that working from home (WFH) is becoming a permanent feature of the American economy, a development that has major implications for everything from housing… Read more »