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Looming end of tax break triggers real estate “hunger games”

Developers made a gamble in Gowanus in November, likely to avoid an even bigger risk: paying real estate taxes for the next 25 years. More than three weeks before the city approved a contentious rezoning in the Brooklyn neighborhood, Domain Companies and the Vorea Group filed plans for two projects totaling 628 apartments. Both sites… Read more »

Here are Brooklyn’s top retail leases of 2021

Retailers in Brooklyn signed massive leases this year, going above and beyond last year’s numbers. Retailers committed to some major square footage, notching three top deals surpassing last year’s biggest lease of just 62,000 square feet. But the type of retailer that made the list varied. Some were traditional, like Target, but gyms, sports clubs,… Read more »

NYC Hospitality Alliance Urges Leaders to Act Swiftly Amid Covid Resurgence

With rising COVID-19 infections impacting everything in New York from the Rockettes, to the cancellation of reservations and holiday parties, to when employees will return to the office, the city’s leading restaurant and nightlife advocacy group is urging government officials to swiftly act and prevent further economic disaster for the industry. The NYC Hospitality Alliance… Read more »

Who’s Who in Eric Adams Administration

Yes, New York City Mayor-elect Eric Adams is thinking about “emotional intelligence” as he fills out his administration, but he’s also thinking about demographic representation. He said for months that he would appoint a woman to lead the New York City Police Department and he did, setting up Keechant Sewell to be the first female… Read more »

What Does 2022 Have to Offer Investors?

by Neil A. Dolgin As we enter the new year, the commercial real estate industry is in transformation and that’s creating unique opportunities for investors. As the New York City metro area continues to recover from the Covid-19 pandemic, we are seeing improvements in several commercial real estate market segments.  The industrial segment remains strong…. Read more »

Placemaking Matters More Than Ever for Offices. Here’s Why.

New York City office space is being stress-tested by pandemic shock waves, remote employees, and unpredictable work patterns. It is clear that these challenges are daunting, but by no means eclipse the value of having a place to be together. We believe in placemaking. As the nonprofit Project for Public Spaces has said: “Placemaking strengthens… Read more »

On the Death of Brick-and-Mortar Retail: Not So Fast, CRE Experts Say

With all the recent talk about how industrial has prospered throughout the pandemic while other sectors have fallen, brick-and-mortar retail has exhibited a thoroughly unexpected recovery in recent months. This was one of the significant trends discussed during “CRE 2022 — Real Estate Trends to Track,” a Dec. 8 webinar hosted by Commercial Observer’s Partner… Read more »

Dollar General to open 1,110 stores in 2022; plans international expansion

Dollar General unveiled aggressive expansion plans that includes its first stores outside of the U.S. and the acceleration of the rollout of its more upscale Popshelf store concept. The discounter’s 2022 real estate plans include 1,110 new stores — including its first stores in Idaho, its 47th state — and 1,750 remodels. Dollar General will… Read more »

What a $660-psf gift shop lease says about Times Square’s recovery

Tourism may be down, but retailers are still making bets on Times Square. Most recently, a souvenir shop signed a lease for 1,000 square feet of ground-floor space at 566 Seventh Avenue. The store will be paying $55,000 a month for the space, next door to the newly opened Margaritaville Resort. On its face, a… Read more »

Massive Williamsburg Towers Get Approval From Council Sub-Committee

Two massive towers slated for the Williamsburg waterfront got one step closer to reality on Thursday, as the City Council’s Land Use Committee voted to approve the plan with slight modifications. The proposal, officially dubbed River Ring, now heads back to the City Planning Commission for review before a full council vote next week. If… Read more »

How warehouses are taking over the U.S.

For every Cyber Monday purchase, there is a warehouse employee packing up those soon-to-be presents. The big online shopping holiday comes amid a warehouse shortage across the United States as distribution center vacancy rates are at all-time lows. Nearly 96% of existing industrial space is in use, according to commercial real estate services company JLL…. Read more »

New York City Council Speaker Race Has Real Estate Holding Its Breath

When New York City’s power brokers descended on San Juan, Puerto Rico, hours after the November elections, some expected the next City Council speaker would emerge under the palm trees. New York lawmakers and their aides partied with lobbyists, labor leaders, nonprofit executives and other operatives over piña coladas at poolside hotel cabanas. But, by… Read more »

River Ring Moves Forward with City Planning Commission Approval, City Council Hearing

Two Trees’ massive new waterfront development, River Ring, received a thumbs-up from the City Planning Commission this week immediately before heading to the City Council for a public hearing. The CPC voted unanimously to approve the project on Wednesday, setting the stage for the council’s hearing on Thursday morning and a vote sometime before Jan…. Read more »

Brookfield Buys Amazon’s Red Hook Warehouse for $45M

Dov Hertz’s DH Property Holdings has sold a new Amazon distribution center at 55 Bay Street in Red Hook, Brooklyn, to Brookfield Properties for $45 million, two months after finishing construction, Commercial Observer has learned. Brookfield’s spokespeople declined to comment on the transaction, but the real estate investment firm closed on the acquisition of the… Read more »

Five Commercial Real Estate Trends to Watch in the Wake of COVID-19

It’s been a whirlwind 20 months for commercial real estate (CRE), which, like so many other areas, was hit particularly hard by COVID-19. According to a recent report, the pandemic created the worst recession the office sector has ever faced — leaving property owners to seek out new ways to entice tenants, navigate changing lease… Read more »

Kalmon Dolgin Affiliates Arranges the Sale of 301 Norman Avenue, a 66,000 Square Foot (SF) Industrial Building in Greenpoint, Brooklyn

Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of 301 Norman Avenue, a 66,618 SF industrial building with an additional 20,000 SF parking lot / logistics facility, in Greenpoint, Brooklyn. Kalmon Dolgin Affiliates’ brokers Jeffrey Unger and Bob Klein represented both the buyer and seller in this transaction. “We were pleased to assist CenterPoint… Read more »

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