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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 »

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’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 »

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 »

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 »

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 »

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 »

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 »

How COVID-19 Could Bring New Opportunities for Commercial Real Estate in 2021


by Neil A. Dolgin  It’s no secret that the collateral damage to virtually every industry wrought by the pandemic over the past year has been swift and unprecedented.  Commercial real estate (CRE) hasn’t been spared. Following the nationwide lockdown last spring, CRE firms both large and small have been forced to downsize, digitize operations and… Read more »

$2B Flushing Waterfront District Approved By City Council


Rendering of the Flushing Waterfront District via Jeff Stikeman Architectural Art After a year filled with political resistance to new developments, the New York City Council approved the Flushing waterfront development Thursday afternoon after several delays. Developers United Construction & Development Group, F&T Group and Young Nian Group are set to create a new district… Read more »

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