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How COVID-19 Could Bring New Opportunities for Commercial Real Estate in 2021


by Neil A. Dolgin  It’s no secret that the collateral damage to virtually every industry wrought by the pandemic over the past year has been swift and unprecedented.  Commercial real estate (CRE) hasn’t been spared. Following the nationwide lockdown last spring, CRE firms both large and small have been forced to downsize, digitize operations and… Read more »

Design dynamos take 55,000 s/f at BNY


The Brooklyn Navy Yard Development Corporation (BNYDC) has signed leases with two design and manufacturing companies at the newly renovated Building 127, the last of the Yard’s historic buildings to be restored. Smart Design, one of the country’s leading strategic design consulting firms, and Daedalus Design & Production have signed long-term leases to relocate to… Read more »

Massive, Mixed-Use Project Revealed in Red Hook


A large industrial site at 145 Wolcott Street in Red Hook, Brooklyn, is set to become apartments, manufacturing space, retail and office. The commercial portion will include restaurants, shops and creative office space. The manufacturing will be geared toward artisan “maker” uses, such as computer numerical control milling, woodworking, coffee roasting, beer brewing, furniture making, clothing production,… Read more »

Distressed Commercial Property Sales Seen Surpassing Last Crisis


An estimated $126 billion in commercial real estate will be forced to sell at distressed prices through 2022, more than the first two years after the global financial crisis, according to CoStar Group Inc. Distressed hotel, retail, office and other properties will continue to flow to the market over the coming five years, potentially reaching… Read more »

CubeSmart closes three deals in Brooklyn and Queens in year-end splurge


Self-storage giant CubeSmart purchased two buildings in Brooklyn and Queens for a combined $125 million and secured a new ground lease valued at $50 million. The self-storage sector has proven to be among the most resilient to the pandemic, as economic headwinds tend to bolster demand for storage space. The Real Deal

Brooklyn Army Terminal Renews With Guggenheim, Military Electronics Manufacturer


The Guggenheim inked the largest of the recent deals at Brooklyn’s Sunset Park industrial complex, renewing 31,200 square feet of storage space at Brooklyn Army Terminal’s Building B. IEH Corporation, which manufactures electronic parts for aerospace and military technologies, re-upped its 20,400-square-foot space in the building at 140 58th Street. Other deals were announced. Commercial Observer Photo: NYC… Read more »

Optimizing Building Performance During a Crisis Requires Finding the Right Baseline


33 Nassau Ave, Brooklyn. Buildings are big, complicated structures. They have hundreds of pieces of equipment that work together in a symphony of heating and cooling, exhausts and intakes, switches and controllers, all firing up and shutting down in an intertwined daily rhythm. Normally, a building can count on the predictable consistency of its occupants… Read more »

It’s a Broker’s Market


We will talk more about the commercial and industrial marketplace in additional posts over the next weeks. Right now we think this is a terrific marketplace for brokers. So we’d like to welcome the newest member of the KDA broker team, Max Duclos. As Max and our brokers canvas neighborhoods, we’re seeing an influx of… Read more »

City Planning Commission Greenlights Industry City Rezoning


Despite the opposition of the local city councilmember, the City Planning Commission today approved the controversial rezoning of Industry City in Sunset Park, Brooklyn, which is expected to generate several hundred thousand square feet of new commercial space. Commissioner David Burney was the only member of the planning board to vote against the proposal, which… Read more »

Amazon Delivers Hope to Brooklyn Office Market


The coronavirus has slowed an already lagging Brooklyn office market, but Amazon Music has signed a lease in a new Williamsburg building that has local brokers feeling optimistic. Amazon’s music streaming service took 40,000 square feet of production space at Rubenstein Partners and Heritage Equity Partners’ 25 Kent. Commercial Observer  

Lessons from Tesla’s Approach to Innovation


As technology and innovation scholars, we’ve studied how innovators commercialize new technologies and we’ve interviewed Elon Musk, his co-founder J.B. Straubel, and other important members of the team. What we’ve found is that beneath the turbulent surface, Tesla’s innovation strategy — which focuses on transforming the auto industry as a whole — offers enduring lessons… Read more »

Not In My Back Highway: Inside the Fight to Rebuild the BQE in Brooklyn Heights


As the Brookyn-Queens Expressway (BQE) approaches 80 years old, the city has to decide what to do with the triple cantilever. DOT recently determined that, within five years, the cantilever will become structurally unsound and unable to carry the current amount of traffic. The agency is mulling whether it should be repaired in stages, rebuilt… Read more »

The 50 biggest NYC office sales of 2019


2019 turned into a pretty good year for New York City’s investment sales sector. Rising rents stoked investors appetite not only in Manhattan, but in Brooklyn, Queens and the Bronx. And tech giants Amazon, Google and Facebook continue to expand their presence in the city, signaling to investors that the industry is thriving in the… Read more »

Resident and Tenant Retention Strategies for 2020


For managers of commercial and residential buildings, retaining tenants and residents is a perennial item on the to-do list. Whether it’s adding new high-tech features or fine-tuning procedures, the time is right to take a hard look at retention strategies for 2020. Owners and property managers must continuously ask themselves a crucial question: What’s the… Read more »

Real estate seeks changes to city’s green buildings bill


In four years, tens of thousands of buildings in New York City will need to meet strict carbon emission caps. But landlords are hopeful that key changes will be made before then. Local Law 97, enacted in May 2019, is part of a push for a 40 percent reduction in citywide emissions by 2030 and… Read more »

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