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 »
LeFrak City to Host 150-Station Electric Vehicle Charging Hub
LeFrak City, that sprawling example of workforce high-rise housing in the Corona section of Queens, is to become the scene of an experiment to convert the electric car from curiosity to as common as your basic gas-powered Chevy. The 4,605-unit, 20-building complex off the Long Island Expressway is to house one of the the largest,… 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 »
Economic Experts Predict Uptick In Commercial Real Estate Activity In 2021
As states and cities across the U.S. ease pandemic-induced restrictions, economists believe much of the pent-up demand and consumer savings during the pandemic will be pumped into the economy in 2021. As a result, a commercial economic boom may also be on the horizon, according to reports from speakers at the Commercial Economic Issues and… Read more »
Legal Marijuana May Not Be NYC’s Retail Real Estate Savior
When Gov. Andrew Cuomo signed a bill in late March to legalize recreational marijuana in New York state, many in the cannabis and real estate industries thought dispensaries and on-site consumption lounges might save New York City retail. But the reality will be much more complicated. New York’s adult-use marijuana program will be one of… Read more »
De Blasio to End Remote Working for NYC’s 80,000 Municipal Workers
The nation’s biggest municipal workforce is being called back from remote working a year after the coronavirus pandemic shut office doors. According to The New York Times, Mayor Bill de Blasio has decided that the 80,000 municipal office employees who have been working from home since last March will have to report back to the… Read more »
With Federal Help On The Way, Commercial Rent Relief Is Real Estate’s Next Big Focus
Check out BisNow’s Podcast, “Make Yourself at Home,” which examines the effects of the American Rescue Plan, a $1.9 trillion stimulus package signed into law last week, on New York City commercial real estate. New Yorkers are hoping the funds will go a long way to easing the city’s woes and those of the real… Read more »
Amazon Opening 20K SF Delivery Station in Long Island City
Amazon is moving into the former Green Apple Supermarket. (photo: Google Maps) Amazon can’t quit Long Island City, Queens. The e-commerce giant signed a lease to open up a 20,000-square-foot delivery station at 38-50 21st Street in the neighborhood where it almost built its second headquarters, Crain’s New York Business first reported. It plans to… Read more »
New REBNY Report Shows Broker Confidence in Real Estate Market Experiences an Uptick After Record Lows
The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today reported that broker confidence rebounded in the last quarter of 2020, after three consecutive record lows, as the COVID-19 vaccine continues to roll out throughout the City and State. According to REBNY’s Q4 2020 Quarterly Real Estate Broker Confidence… Read more »
Foreign Investors Target US Core Assets
Since the Federal Reserve reduced rates at the beginning of the COVID-19 pandemic, hedging costs have come down for foreign investors. Leading the way were investors from South Korea, Singapore, Germany (through open-ended funds) and the Middle East. GLOBE St. Photo by Andrea Piacquadio from Pexels
Women getting it done in commercial real estate
Is real estate still a man’s world? From architecture to brokerage to property management and everything in between, women continue to make strides in CRE, occupying top roles throughout the field. That’s not to say, however, that the experiences of women in commercial real estate are fully equitable or that we don’t still have some… 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 »
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 »
Hear KDA’s Kalmon Dolgin at the Real Estate Executives Outlook for Long Island in 2021 Webinar
We’re delighted to announce that Kalmon Dolgin, KDA co-president, is a panelist in the Real Estate Executives Outlook for Long Island in 2021 Webinar taking place on January 13th at 02:00 PM EST, presented by Marks Paneth. ” Long Island real estate has experienced drastic market shifts as a result of the ongoing COVID-19 pandemic,… Read more »
The Coffee Bean & Tea Leaf Expands to New York Area, Starting With Store in Fort Greene
The Los Angeles-based specialty beverage brand The Coffee Bean & Tea Leaf is expanding to New York, with the first store having opened Aug. 28 in the Brooklyn neighborhood of Fort Greene. Franchisee Hudson River Coffee & Tea plans to open a number of stores across the New York metro area, including a second Brooklyn… Read more »