Mayor Unveils Plan to Prop Up Crumbling BQE Until 2040
It’s been five years since the last fight over New York City’s most controversial development tax break — 421a — and developers are already preparing for the worst when the current version of the tax exemption expires in June 2022. No one in the real estate industry knows what the state legislature will do. Will… 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 »
Food & beverage fortifying commercial NYC real estate market
Shrugging off the pandemic’s impact on sales, supply and hiring, food-and-beverage uses continue to lead all retail-leasing categories in the Big Apple – and the lead even grew larger over last year. We had a look at some not-yet-released data which show the extraordinary resilience of edibles and drinkables in today’s historically challenged retail-leasing market…. 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 »
LeFrak City to Host 150-Station Electric Vehicle Charging Hub
LeFrak City, that sprawling example of workforce high-rise housing in the Corona section of Queens, is to become the scene of an experiment to convert the electric car from curiosity to as common as your basic gas-powered Chevy. The 4,605-unit, 20-building complex off the Long Island Expressway is to house one of the the largest,… Read more »
Developer Seeks Rezoning to Replace Greenpoint Warehouse with Apartments
A new, nine-story building is being planned a block away from the waterfront in Greenpoint. The developer is asking for a rezoning in order to construct the building, located at 79 Quay St. The building will have a total of 83 apartments, 25 of which will be affordable, according to Einhorn. Parking in the cellar… Read more »
Construction Begins on Amazon Warehouse in Red Hook
Construction has started at the future Red Hook warehouse that will soon be home to an Amazon distribution center. Located at the former site of the Revere Sugar Factory at 280 Richards St., on a pier sandwiched between IKEA and the former location of Fairway, it was long planned to be the home of a… 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 »
“A New Frontier For CRE: Cannabis Brokers Work To Corner The Market Before The Big Names Make A Move “
Cannabis is a new frontier for real estate, a kind of Wild West, with danger lurking but money to be made, and that has led many brokers and real estate professionals to at least consider what it would be like to get into the cannabis business. Experts caution, however, that much like the actual frontier… Read more »
Economic Experts Predict Uptick In Commercial Real Estate Activity In 2021
As states and cities across the U.S. ease pandemic-induced restrictions, economists believe much of the pent-up demand and consumer savings during the pandemic will be pumped into the economy in 2021. As a result, a commercial economic boom may also be on the horizon, according to reports from speakers at the Commercial Economic Issues and… Read more »
How does KDA help clients think out of the box to achieve goals?
by Neil A. Dolgin As owners and managers of dozens of properties throughout NYC and across the US, we know what we want to see from each in terms of revenue, tenant mix, and branding. And we are willing to reimagine our buildings in more competitive ways, especially at a time of renovation, a topic… 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 »
Why CRE lenders want to see infrastructure investment
Many in the commercial real estate industry are speculating whether 2021 may finally be the year that the U.S. Congress funds a bipartisan comprehensive infrastructure plan. Ambitious proposals before U.S. Congress would modernize roads, bridges, ports and more—and conceivably serve as a strong economic stimulus. The CRE community may have plenty of reasons to get… 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 »