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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 »

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 »

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 »

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  

City Council Pushing Law To Reduce Red Tape For New Building Openings


New York City is considering introducing a new law that would change the way owners of new developments and revamped buildings access their certificate of occupancy. The bill is sponsored by Council Member Robert Cornegy, and it would pave the way for owners to access an interim certificate of occupancy for parts of properties where… Read more »

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 »

What We Can Learn from Lewis and Clark


by Kalmon Dolgin During breaks from business-related work and trying to maintain sanity, I have been reading the story of the Lewis and Clark expedition, Undaunted Courage.  I am struck by the similarities and lessons that we can learn from this venture which took place nearly 220 years ago, yet it remains relevant to the… Read more »

Commercial Real Estate in the Age of the COVID-19 Virus


So what can the property industry do to immediately respond to COVID-19? The first thing that any property should do is educate its tenants. Whether the building is multifamily, offices, retail, or any other space, building tenants need to be aware of what steps they can take to prevent more people from getting sick. In IREM’s… Read more »

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