Landlords lead push to get city back to work
Some of New York’s leading commercial landlords are joining the campaign to get the city back to work. Governor Andrew M. Cuomo announced that 21 city landlords are part of his New York Forward COVID-Safe Offices partnership to expand access to COVID-19 testing for employers. As part of the initiative, the landlords have committed to… Read more »
With Federal Help On The Way, Commercial Rent Relief Is Real Estate’s Next Big Focus
Check out BisNow’s Podcast, “Make Yourself at Home,” which examines the effects of the American Rescue Plan, a $1.9 trillion stimulus package signed into law last week, on New York City commercial real estate. New Yorkers are hoping the funds will go a long way to easing the city’s woes and those of the real… Read more »
Confidence in Commercial Real Estate Values Varies Widely by Sector
Roughly one year into the coronavirus outbreak, commercial real estate owners are starting to fully price in the effects of the global pandemic. There are endless ways to analyze the impact of the past year on commercial property valuations, but one useful metric is tracking the prevalence of rent gains across the various property types…. Read more »
How retail owners can take advantage of new trends
The retail industry and its real estate component are evolving more rapidly than ever. Today, the typical consumer is much better educated and price savvy about their merchandise choices than they had been in the past and often know in advance what specific item they want to purchase. To complicate matters, the competition from online… Read more »
New York City CRE Sales Reach $11B in H2: REBNY
The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today reported that broker confidence rebounded in the last quarter of 2020, after three consecutive record lows, as the COVID-19 vaccine continues to roll out throughout the City and State. According to REBNY’s Q4 2020 Quarterly Real Estate Broker Confidence… Read more »
New REBNY Report Shows Broker Confidence in Real Estate Market Experiences an Uptick After Record Lows
The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today reported that broker confidence rebounded in the last quarter of 2020, after three consecutive record lows, as the COVID-19 vaccine continues to roll out throughout the City and State. According to REBNY’s Q4 2020 Quarterly Real Estate Broker Confidence… Read more »
Foreign Investors Target US Core Assets
Since the Federal Reserve reduced rates at the beginning of the COVID-19 pandemic, hedging costs have come down for foreign investors. Leading the way were investors from South Korea, Singapore, Germany (through open-ended funds) and the Middle East. GLOBE St. Photo by Andrea Piacquadio from Pexels
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 »
Nelson Worldwide Shares Insights on Evolving Workplace Expectations
The COVID-19 pandemic has changed, and continues to change, the way we approach going to work and using office spaces. As we enter 2021, people are still largely uncertain about the prospect of returning to the office and resuming anything resembling a “normal” work experience. This puts companies, who have large investments in office spaces,… 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 »
Design dynamos take 55,000 s/f at BNY
The Brooklyn Navy Yard Development Corporation (BNYDC) has signed leases with two design and manufacturing companies at the newly renovated Building 127, the last of the Yard’s historic buildings to be restored. Smart Design, one of the country’s leading strategic design consulting firms, and Daedalus Design & Production have signed long-term leases to relocate to… 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
Massive, Mixed-Use Project Revealed in Red Hook
A large industrial site at 145 Wolcott Street in Red Hook, Brooklyn, is set to become apartments, manufacturing space, retail and office. The commercial portion will include restaurants, shops and creative office space. The manufacturing will be geared toward artisan “maker” uses, such as computer numerical control milling, woodworking, coffee roasting, beer brewing, furniture making, clothing production,… Read more »
Distressed Commercial Property Sales Seen Surpassing Last Crisis
An estimated $126 billion in commercial real estate will be forced to sell at distressed prices through 2022, more than the first two years after the global financial crisis, according to CoStar Group Inc. Distressed hotel, retail, office and other properties will continue to flow to the market over the coming five years, potentially reaching… Read more »
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