5 World Trade Center, With More Affordable Housing, Gets Signoff From Hochul
400 new affordable apartments were announced for the Financial District this past week. Roughly a third of the new buildings at 5 World Trade Center, will be set aside for middle- and working-class New Yorkers, with 80 of those apartments earmarked for people who lived and worked near the old World Trade Center as well… Read more »
Retail sales rose 0.4% in April, less than expected as consumers struggle with inflation
Miscellaneous store retailers led gainers with a 2.4% increase, while online sales rose 1.2% and health and personal care retailers saw a 0.9% rise. Food and drink sales climbed 0.6% and were up 9.4% on a 12-month basis. Read More
Consumer debt passes $17 trillion for the first time despite slide in mortgage demand
“The mortgage refinancing boom is over, but its impact will be seen for decades to come”. Fed data shows that about 14 million mortgages were refinanced during the pandemic period starting in March 2020. Some 64% were considered “rate refinances,” or homeowners looking to take advantage of lower borrowing costs. Average savings totaled about $220… Read more »
Despite The Banking Turmoil, It Doesn’t Look Like There Is a Lending Crisis
Challenges in the banking system help the Fed achieve its goals if it means consumers and businesses have a more difficult time getting financing from banks. Read More
Brooklyn Racked Over $1Billion Commercial Sales In First Quarter
TerraCRG reports a total of 245 commercial transactions in the first quarter of 2023, amounting to $1.054 billion. Residential development was the asset class with the highest dollar volume, totaling $294 million. Multifamily and mixed-use building sales combined had 142 trades, totaling over $490 million. Retail transactions accounted for $106 million of total sales, while… Read more »
JPMorgan To Pay FDIC $10.6 Billion For First Republic, This is What It Gets
JPMorgan Chase & Co. will pay $10.6 billion to the Federal Deposit Insurance Corporation (FDIC) to buy First Republic Bank As a part of this deal, JPMorgan will take on all $92 billion of First Republic’s $103.9 billion deposits. It will also buy the bulk of the failed bank’s assets, which include about $173 billion… Read more »
Globest Presents Real Estate Forum’s Picks For Best Bosses in 2023
KALMON DOLGIN & NEIL A. DOLGIN As a fourth-generation family business, Kalmon Dolgin Affiliates boasts a company culture that values honesty, respect, hard work and fair-ness. As a teenager, Kalmon Dolgin helped his dad, brothers and other agents before officially joining the firm, which was founded in 1904, in 1968. He was then joined by… Read more »
Housing Is So Unaffordable That Banks Are Losing Money For Each Mortgage They Finance For The First Time Ever
“The rapid rise in mortgage rates over a relatively short period of time, combined with extremely low housing inventory and affordability challenges, meant that both purchase and refinance volume plummeted,” Walsh said. “The stellar profits of the previous two years dissipated because of the confluence of declining volume, lower revenues, and higher costs per loan…. Read more »
The Coming Commercial Real Estate Crash That May Never Happen
This year’s refinancing cliff is the real rub, says Scott Rechler, CEO of RXR, a closely-held Manhattan development firm. Loans that come due will have to be financed at higher interest rates, which will mean higher payments even as vacancy rates rise or remain high. Higher vacancies mean some buildings are worth less, so banks… Read more »
Buckeye Partners Sells Bronx Petroleum Storage Site for $74M
Petroleum distributor Buckeye Partners sold its Bronx gas storage site at 1020 and 1040 East 149th Street for $73.5 million, having purchased it for just $10 million in 2013 from energy firm Hess, according to property records. An entity that shares an address with energy supplier Sprague Energy bought the three buildings, used to store… Read more »
Meet the New Normal in Commercial Real Estate Investment
In 2022, the real estate and real estate capital markets suffered their third major disruption in just 15 years. The real estate market has benefited from crisis management, responded to by the Federal Reserve. Mezzanine loans and preferred equity have been the go-to subordinate financing for owners in need of additional funds to restructure and/or… Read more »
Permits Filed For 2136 And 2138 Bedford Avenue In Flatbush, Brooklyn
Permits have been filed for two four-story rental buildings, with 7 residences at 2136 and 2138 Bedford Avenue in Flatbush, Brooklyn. Located between Linden Boulevard and Martense Street, the lot is four blocks from the Church Avenue subway station, serviced by the 2 and 5 trains. Joel Waldman of Monroe Holdings NY LLC is listed… Read more »
New Construction Permits Filed For 52-Story Skyscraper At 589 Fulton Street In Downtown Brooklyn
The Witkoff Group has filed permits for a 52-story mixed-use skyscraper at 589 Fulton Street in Downtown Brooklyn. Bound by Fulton Street, DeKalb Avenue, and Flatbush Avenue, the lot is steps from the Dekalb Avenue subway station, serviced by the B, Q, and R trains. The proposed 575-foot-tall development will yield 557,973 square feet, with 489,280… Read more »
One Wall Street Serves as Test Case for Other Office Conversions Post-COVID
Built in the 1930s, One Wall Street, once an office building, has been transformed to a mixed use building thanks to rezoning laws. The amenities include AC, a pool, & a 6,500-square-foot private coworking space. Residents get complimentary memberships to Life Time’s 74,000-square-foot fitness center at the base of the building, plus easy access to… Read more »
What to Look for in a Property Management Company
Hiring a residential property management company is an excellent way to take some of the burden of rental ownership off of your shoulders. For starters, you will want to ensure that the company you select makes communication with you a priority. This means that when you call them, they will have a well-trained professional eager… Read more »
This Season In Commercial Real Estate
From The Desk Of Neil A. Dolgin Over the last 50 years New York has gone through many roller coaster rides. New York has always been able to bounce back from a recession, when the rest of the nation was still tied up. I believe we are seeing a market that we have never seen… Read more »