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Patagonia Opening First Brooklyn Outpost in Williamsburg

Patagonia is opening its first store in Brooklyn with a 12,000-square-foot lease at 70 North 6th Street in Williamsburg, Commercial Observer has learned. The outdoor apparel company will occupy the entire second floor of the property between Kent and Wythe Avenues, along with most of the ground level, in the long-term lease. Commercial Observer

Cities Need Office Workers. Do Office Workers Still Need Cities?

As the end of summer brings the potential for a more significant return to the office by workers, big cities like New York and London are facing one of the greatest ever challenges to their economic model — hybrid work. The idea that workers might only come to the office two or three days a… Read more »

600 New Affordable Housing Units Approved In Rezoned Inwood

Maddd Equities’ and Joy Construction’s plan to build two towers of commercial space and affordable housing in newly rezoned Inwood is moving forward. The development at 375 West 207th St., which would feature 611 affordable units as well as 60K SF of commercial space across the two buildings, was approved by the New York City… Read more »

Antonio Reynoso on his vision for the Borough Presidency

North Brooklyn Councilmember Antonio Reynoso campaigned for borough president on a platform of creating a “boombox for progressive values” and zeroing in on under-resourced communities across the borough. He was the beneficiary of a coalescence of progressive support, with endorsements from political clubs like the New Kings Democrats and heavy hitters like Senator Bernie Sanders…. Read more »

Tech Takes Over From Finance as Manhattan’s Office Leasing Driver

For decades, sure. Banks and ancillary industries, such as insurance and the real estate industry, itself, animated the borough’s commercial property. The acronym FIRE — finance, insurance and real estate — became literal shorthand to describe where most office leasing activity came from in Manhattan. That’s changing. Now, it’s technology companies driving the leasing market… Read more »

New York State Legislature appears set to enact into law a new tax on debt financing

The New York State Legislature appears set to enact into law a new tax on debt financing for commercial real estate transactions involving “mezzanine debt and preferred equity investments”[1] located solely in New York City, as part of the 2021-2022 budget. Although similar bills have failed previously, the current bills appear likely to become law…. Read more »

Retail and Hotels Stall CMBS Recovery

The CMBS delinquency rate has steadily improved since a peak in June, but some asset classes are keeping the overall rate high. A new report from DBRS Morningstar looks closely at the CMBS delinquency rates from the last year, and found that retail and hotel properties could be hindering a recovery. Overall, the CMBS delinquency… Read more »

Apple TV+ Soundstage to Open at Kaufman Astoria Studios in Queens

Apple will open a soundstage for its streaming service, Apple TV+, at Kaufman Astoria Studios in Queens. The tech giant signed a lease for 90,000 square feet in the recently built, six-story building at 34-11 36th Street, dubbed ONStage. Commercial Observer

KDA Thanks Our Staff and Brokers

“We are in the midst of a new chapter in the history of our country but it does have parallels in the past and it’s our aim to take you with us on this fantastic journey to not only survive the present but to conquer and expand your opportunities.  We have the insight, the hindsight… Read more »

Amazon Delivers Hope to Brooklyn Office Market

The coronavirus has slowed an already lagging Brooklyn office market, but Amazon Music has signed a lease in a new Williamsburg building that has local brokers feeling optimistic. Amazon’s music streaming service took 40,000 square feet of production space at Rubenstein Partners and Heritage Equity Partners’ 25 Kent. Commercial Observer  

For AI to Change Commercial Real Estate It Can’t Live in a Black Box

We have all bought into the promise that AI is coming to commercial real estate. Decisions are going to be made with orders of magnitude more sophisticated than they are today. We are going to look back on our valuation processes in a few years like doctors before the discovery of germs, like mathematicians before… Read more »

Think You Have the Leadership Gene? Answer These 6 Questions to Find Out

Leadership is both a gift from birth and a learned skill. For anyone who has led large teams in business, you know there are certain methods and best practices that are important. Over-communicating with employees, clearly setting expectations, leading by example–you can learn these things at any leadership seminar.  Yet, for anyone in leadership, you… Read more »

Brewery Property Sells for $22M

The Patchogue building that houses the Blue Point Brewery has been sold to a Brooklyn-based real estate investment firm. Terms of the deal were not disclosed, however, industry sources pegged the price at $22 million. The Blue Point Brewery, which has a long-term lease at the property, remains in operation. Bud and Brewery LLC, an… Read more »

Kalmon Dolgin Affiliates Arranges $16.5M Sale of Industrial Property @ 74-16 Grand Avenue in Elmhurst

Kalmon Dolgin Affiliates (KDA) has arranged the $16.5 million sale of a 70,000-SF, three-story industrial property at 74-16 Grand Avenue in the Queens neighborhood of Elmhurst, NY. Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, made the announcement.   KDA’s Neil Dolgin and Vice President Grant Dolgin negotiated on behalf of the seller, Monitor Holding Corp., and… Read more »

Amazon seeking to expand in Brooklyn

Amazon is seeking 1 million square feet of distribution space in Brooklyn, according to a report. Photo Credit: Getty Images/David McNew Amazon may be looking to expand its distribution operations in Brooklyn to as much as 1 million square feet, according to a published report. Earlier this year, the retail giant announced it had abandoned… Read more »

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