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 »
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 »
Better Infrastructure Could Goose Return To Downtowns
The Federal Aviation Administration Tuesday approved the $2.1B LaGuardia AirTrain proposal, which is set to bring 3,000 construction jobs and add over $50M in local infrastructure improvements to the Queens airport’s surrounding neighborhoods, according to the Port Authority of New York and New Jersey’s proposal. The project, first proposed by Gov. Andrew Cuomo in 2015,… 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 »
Cannabis Retailers In A ‘Feeding Frenzy’ To Lock Up Space Before Applications Open
Although the regulations for New York’s now-legal recreational cannabis market are still months from being announced, the race for cannabis retail real estate has already begun. Even though the rules around operating a recreational dispensary have yet to be set, would-be cannabis retailers are already securing deals for space, in some cases paying cash upfront,… 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 »
Mall Landlords Look to Charter Schools to Fill Vacant Space
Time for a field trip to the food court. The coronavirus pandemic pushed malls — already struggling to survive a “retail apocalypse” — to the breaking point. But the children, specifically schoolchildren, might be the future, as more malls begin hosting public charter schools in need of more space. Dozens of charter and public schools… Read more »
As New York City Pushes Ahead With Reopening, The Restaurant Industry Remains Imperiled
New York City’s reopening plans have provided a lifeline for the city’s pummeled restaurant industry. But the slow return of patrons and now major staffing problems continue to vex operators still battling to make enough for expenses, including rent. “Many restaurants haven’t been able to pay rent or only paid partial rent over the past… Read more »
Judge Lifts Gowanus Rezoning Pause, Approves June Hybrid Public Hearing
The Gowanus rezoning can once again move ahead after a Brooklyn Supreme Court Judge accepted the city’s plans for a hybrid hearing on the proposal Tuesday, according to officials. Justice Katherine Levine on May 11 lifted her five-day pause on the rezoning’s Uniform Land Use Review Procedure and gave her thumbs up to the Department… Read more »
It’s starting to look like New York City will be just fine
As the wealthy fled for the Hamptons, local restaurants shuttered their doors, and Times Square went quiet during the onset of the pandemic, many declared the city dead. But a year after it became the coronavirus epicenter of the world, NYC is starting to shine once again. Despite a seeming exodus of the city’s richest,… Read more »
Have empty New York hotels and offices turned into ‘perfect targets’ for commercial real estate developers?
Commercial real estate may have been hit hard this past year due to spikes in remote working and the emergence of “post-COVID ghost towns.” However, has the opportunity for converting empty offices and hotels turned into a feeding ground for developers? Must the solution always result in some form of housing option? In a recent… Read more »
5 Key Medium-Term Factors Shaping Commercial Real Estate in NYC
For those of us invested in New York City’s commercial real estate (CRE) — either financially or emotionally — getting through 2020 was like processing the five stages of grief: First came denial, followed by anger, then bargaining, onto depression and, finally, acceptance. After all, one in seven chain stores permanently closed in 2020, along… 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 »
Navigating New York’s new TCO process
The pinnacle of any construction project is the issuance of the Certificate of Occupancy (CO), albeit temporary or final. These documents, distributed by the NYC Department of Buildings (DOB), grant the legal occupation of a new development or an existing building under construction in NYC. The process can be daunting and lengthy, but extremely necessary… Read more »