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NYC Pushes Through Massive Overhaul of Construction Codes

The New York City Department of Buildings today marked the official passage of major legislation in the City Council to update the city’s Construction Codes. The revision to the Codes contains over 600 major updates, and thousands of smaller changes, intended to improve safety for New Yorkers, and incorporate the latest in building technologies. The… Read more »

Why Commercial Rent Controls Are a Bad Choice for New York City

by Neil A. Dolgin In my last post, Factors Shaping the Future of Commercial Real Estate in NY, I made the point that commercial real estate throughout the city is at risk as the climate for doing business is becoming increasingly difficult. While landlords are trying to recover from mounting losses due to the pandemic… Read more »

Value of NYC Office Buildings Drops by $29B During Pandemic

The pandemic’s impact on New York City’s office market might be worse than anyone thought. The coronavirus erased years of growth in the city’s office sector, and, along with it, $28.6 billion in market value and more than $850 million in property taxes in the city’s 2022 fiscal year, according to a report from New… Read more »

BP Adams Talks Climate Resiliency, Flood Mitigation

In response to the growing climate crisis, Brooklyn Borough President and Democratic nominee for mayor Eric Adams on Friday unveiled his new Climate Resiliency Plan in Coney Island — a month after the remnants of Hurricane Ida flooded swaths of the city. “Let’s face it, we screwed up the planet. Folks, climate change is here,”… Read more »

5 Findings From New Study About the Value of the Office

One of the biggest remote work studies ever conducted recently released findings that show the office isn’t going anywhere. The study, conducted by UC Berkley scientists, looks at over 61,000 Microsoft employees. Microsoft’s rapid shift to a work-from-model presented a unique opportunity for researchers, a natural experiment that can help shed light on the value… Read more »

Retailers jostle over cut-price space as Brooklyn market looks for solid ground

The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today released its Summer 2021 Brooklyn Retail Report which highlights steady leasing in the Brooklyn retail market as tenants capitalize on market opportunities in select trade areas. According to the report, demand is being driven primarily by retailers taking fully… Read more »

Google buys NYC campus for $2.1 B, one of biggest office deals in history

Who said the office is dead? Google is paying $2.1 billion for a New York City building in the largest American office deal since 2018. The deal is for a 1.3 million-square-foot waterfront building at Hudson Square in Manhattan that is set to be completed in 2023. Google had already signed an agreement to lease… Read more »

Brooklyn Navy Yard to use Cityzenith platform for sustainability, cost cutting

Chicago-based Cityzenith is launching a pilot project using its SmartWorldOS Digital Twin platform to help New York’s Brooklyn Navy Yard cut operating costs and achieve sustainability objectives. Cityzenith said its platform enables buildings of any size, type or age to make significant savings. These include 35% in operating costs, 20% in productivity and 50% to… Read more »

New Yorkers brought NYC back despite hysteria over the Delta variant

If New York City is to be saved from COVID-19, it will be no thanks to the politicians, bureaucrats and big-business leaders who once upon a time we might have turned to for leadership. Instead, it will be entirely due to Big Apple residents and visitors who are loving the place with their growing presence… Read more »

Factors Shaping the Future of Commercial Real Estate in NYC

Local Law 97 is considered to be among the most ambitious plans for reducing carbon emissions in the nation. It is included in the Climate Mobilization Act which passed the City Council in April 2019 as part of NYC’s Green New Deal.  The aim is a dramatic reduction in carbon emissions produced by the city’s… Read more »

Developer to break ground on first brand-new Dumbo office building in 100 years

Anyone can boldly announce plans for future office buildings that have no official groundbreaking dates. It’s another to actually start construction amid the lingering pandemic when the city’s overall office market continues to see record-high vacancy rates. On Sept. 14, developer Edward J. Minskoff and JP Morgan Global Alternatives will take the plunge on 29… Read more »

Patagonia Opening First Brooklyn Outpost in Williamsburg

Patagonia is opening its first store in Brooklyn with a 12,000-square-foot lease at 70 North 6th Street in Williamsburg, Commercial Observer has learned. The outdoor apparel company will occupy the entire second floor of the property between Kent and Wythe Avenues, along with most of the ground level, in the long-term lease. Commercial Observer

Cities Need Office Workers. Do Office Workers Still Need Cities?

As the end of summer brings the potential for a more significant return to the office by workers, big cities like New York and London are facing one of the greatest ever challenges to their economic model — hybrid work. The idea that workers might only come to the office two or three days a… Read more »

600 New Affordable Housing Units Approved In Rezoned Inwood

Maddd Equities’ and Joy Construction’s plan to build two towers of commercial space and affordable housing in newly rezoned Inwood is moving forward. The development at 375 West 207th St., which would feature 611 affordable units as well as 60K SF of commercial space across the two buildings, was approved by the New York City… Read more »

Antonio Reynoso on his vision for the Borough Presidency

North Brooklyn Councilmember Antonio Reynoso campaigned for borough president on a platform of creating a “boombox for progressive values” and zeroing in on under-resourced communities across the borough. He was the beneficiary of a coalescence of progressive support, with endorsements from political clubs like the New Kings Democrats and heavy hitters like Senator Bernie Sanders…. Read more »

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