canvas togler

Archive

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 »

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 »

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 »

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 »

NYC Emissions Law Discourages Dense Office Buildings, Lacks Clarity: Report


A new report from the Citizens Budget Commission (CBC) found several issues with the city’s new emissions reduction law for buildings, including a lack of clear guidance from the New York City Department of Buildings ahead of the law’s first deadline in 2024, no realistic framework for landlords to purchase renewable energy credits, and rules that discourage densely populated office and… Read more »

Mayor Unveils Plan to Prop Up Crumbling BQE Until 2040


It’s been five years since the last fight over New York City’s most controversial development tax break — 421a — and developers are already preparing for the worst when the current version of the tax exemption expires in June 2022. No one in the real estate industry knows what the state legislature will do. Will… Read more »

The 2021 Brooklyn Power 100


Brooklyn is bursting at the seams with political power. The current mayor – and all but certainly the next mayor – hail from the borough. So too does the majority leader of the U.S. Senate and, perhaps, the next speaker of the House of Representatives. Brooklyn is also home to the state attorney general, a… Read more »

Here’s How CRE Sales Can Truly Return to Pre-Pandemic Levels


by Neil A. Dolgin The Wall Street Journal (WSJ) recently reported on investors who are diving back into commercial real estate and driving this year’s sales volume to pre-pandemic levels. Combined with lower interest rates, they are reporting a renewed optimism that the worst of the pandemic may be behind us. Driving that conclusion is… Read more »

Food & beverage fortifying commercial NYC real estate market


Shrugging off the pandemic’s impact on sales, supply and hiring, food-and-beverage uses continue to lead all retail-leasing categories in the Big Apple – and the lead even grew larger over last year. We had a look at some not-yet-released data which show the extraordinary resilience of edibles and drinkables in today’s historically challenged retail-leasing market…. Read more »

New York’s Cannabis Cultivation Space Race Stuck At Starting Block


As dozens of would-be cannabis retailers are looking to set up shop in New York City storefronts once licenses are approved, their suppliers are planning to grow their businesses outside of the Big Apple. But exact locations for most of these prospective cultivators are still up in the air, experts say, as the state government delays its… Read more »

What might development look like with Eric Adams as Mayor?


With Borough President Eric Adams almost certainly becoming New York’s next mayor in January, real estate developers and community advocates alike are rushing to understand the future of land use policies under the city’s self-described “complex” next chief executive. While Gotham deals with a severe housing shortage, and ranks as the most expensive city in… Read more »

New York Releases Zoning Plan for Gowanus Manufacturing Area


As New York inches forward with the controversial Gowanus neighborhood rezoning in Brooklyn, the Department of City Planning (DCP) has released a plan for the industrial area along the polluted Gowanus Canal, which calls for denser commercial development, relaxed parking rules, and infrastructure and street upgrades. The Gowanus Industrial Business Zone includes a diverse array… Read more »

Join Our Email List


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact