What to expect from commercial real estate in 2021
Hotels, offices and retail storefronts are expected to trail a broader economic recovery next year; so investors are pinning their hopes on a COVID-19 vaccine in 2021. More commercial properties will go belly-up during the first half of 2021 before commercial real estate begins to stabilize in the second half of the year, experts say…. Read more »
CubeSmart closes three deals in Brooklyn and Queens in year-end splurge
Self-storage giant CubeSmart purchased two buildings in Brooklyn and Queens for a combined $125 million and secured a new ground lease valued at $50 million. The self-storage sector has proven to be among the most resilient to the pandemic, as economic headwinds tend to bolster demand for storage space. The Real Deal
The Wealthy Are Leaving New York As City Undergoes Monumental Demographic Shift
The New York metropolitan area lost 70,000 people during the coronavirus pandemic, equating to tens of billions in lost income for the city. In total, about 3.57 million people left the city from Jan. 1 through Dec. 7, Reuters reported, citing data from Unacast. Around 3.5 million people moved in during that time; however, they… Read more »
Our 12 most 2020 COVID-19 stories reveal a year like no other
Here are a dozen of the best pandemic stories compiled by City&StateNY to highlight some of the lessons worth remembering in 2021 begins. City&StateNY
A long road ahead for office landlords
The availability of office space in the biggest markets around the country hit new highs in recent months, as a growing number of tenants look to weather the pandemic and economic fallout by subleasing space. At the same time, struggling hotels and retail assets are being converted into new offices, adding to a potential oversupply… Read more »
NYC’s biggest real estate finance deals of 2020
New York’s commercial real estate market took a beating in 2020. In one indicator, the 10 largest investment sales of the year totaled $5 billion, a 37 percent drop-off from the $8 billion the previous year. Not surprisingly, finance deals dropped off considerably this year, as well. The 10 largest loans in New York totaled… Read more »
Are doc’ shops the new high street staple?
High street stores are set to be overtaken by doc shops as phenomena known as “medtail’ becomes the new retail norm. That’s according to the 2021 Retail Healthcare Outlook released by retail consultants, Tether Advisors, which predicts an acceleration of the trend in high street medical retail as a result of the COVID pandemic. Real… 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 »
Flattening the City: How COVID-19 is Reshaping Commercial Real Estate
In the five-plus months that have passed since the U.S. declared a country-wide state of emergency due to COVID-19, we have all had to adapt in some way or another, to change our shape to match our new vessel. These changes were made rapidly, even under duress, and they were shaped and enabled by technology… 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 »
How KDA Has Helped Tenants Weather the Pandemic – and Why Commercial Real Estate May Rebound Faster Than Most People Think
By Neil A. Dolgin Nearly nine months into the pandemic, the long-term impact on commercial real estate is still anybody’s guess as virtually every industry continues to feel the economic fallout. Over the past month in New York City alone where life finally appears to be returning to some normalcy, multiple hotels, including the Times… Read more »
It’s a Broker’s Market
We will talk more about the commercial and industrial marketplace in additional posts over the next weeks. Right now we think this is a terrific marketplace for brokers. So we’d like to welcome the newest member of the KDA broker team, Max Duclos. As Max and our brokers canvas neighborhoods, we’re seeing an influx of… Read more »
City Planning Commission Greenlights Industry City Rezoning
Despite the opposition of the local city councilmember, the City Planning Commission today approved the controversial rezoning of Industry City in Sunset Park, Brooklyn, which is expected to generate several hundred thousand square feet of new commercial space. Commissioner David Burney was the only member of the planning board to vote against the proposal, which… 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
SIOR: More CRE Transactions Stay on Schedule
The commercial real estate industry is gradually getting a handle on how to do business during a pandemic, according to the results of the August Sentiment Survey from SIOR. Back in April, only 26.1 percent of transactions were proceeding according to schedule, but that figure increased to 45.2 percent in the latest survey. Parallel to… Read more »
Four Things To Know Before Making the Switch from Residential Real Estate to CRE
by Neil A. Dolgin For New York City’s ultra-competitive residential brokerage community, these are uncertain times. Amidst an already-softened sales market and growing concerns about a lack of affordable housing that have led to swifter rent stabilization measures and the possibility of a recession pending the outcome of the presidential election, it is also grappling… Read more »