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 »
New York City’s small businesses are facing a pandemic-altered commercial real estate landscape
Despite the uncertainty surrounding the ongoing spread of the COVID-19 delta variant, certain opportunistic retailers in New York City have been able to take advantage of tenant-favorable market conditions, successfully negotiating free rent, flexibility on term length and percentage-rent deal structures, and other previously unthinkable extras. As the COVID-19 pandemic has turned New York City’s… 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 City’s Building Sales Volume Up Almost 40% From Q1
New York City’s volume of buildings sold reached $4.8 billion in the second quarter, up 38.9 percent from the first quarter, according to a report shared exclusively with Commercial Observer. The second quarter brought offices back as the reigning asset class in the city, recording $1.6 billion in deal volume, about 23 times higher than… Read more »
The City is Coming Back
by Neil A. Dolgin Since the beginning of the COVID-19 outbreak eighteen months ago, New Yorkers have become all too familiar with empty office buildings and store fronts on practically every block. It’s also true that the economic fallout has heightened some already-existing trends as companies and retailers continue to grapple with how to best… Read more »
Industry gets behind city’s cultural reawakening
New York’s Real Estate and Construction Council is throwing its weight behind the rebuilding of the city’s cultural landscape. The group hosted the first in-person, live performance celebration at Lincoln Center since it was forced to cancel its programs and close its doors to the public last March. Jonathan L. Mechanic, chairman of Fried Frank’s… Read more »
Developer Seeks Rezoning to Replace Greenpoint Warehouse with Apartments
A new, nine-story building is being planned a block away from the waterfront in Greenpoint. The developer is asking for a rezoning in order to construct the building, located at 79 Quay St. The building will have a total of 83 apartments, 25 of which will be affordable, according to Einhorn. Parking in the cellar… Read more »
Construction Begins on Amazon Warehouse in Red Hook
Construction has started at the future Red Hook warehouse that will soon be home to an Amazon distribution center. Located at the former site of the Revere Sugar Factory at 280 Richards St., on a pier sandwiched between IKEA and the former location of Fairway, it was long planned to be the home of a… Read more »
This major pandemic protection for commercial tenants is coming to an end
After more than a year of pandemic-related tenant protections being enacted and extended, one of the major measures from the city is to expire on Wednesday–and this time it will not be renewed. The legislation set to expire June 30, and known as Intro. 1932, suspended personal liability provisions in leases, which allow landlords to… Read more »