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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 »

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 »

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 »

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 »

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 »

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