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Why Eric Adams’ Zoning Changes Are Vital For A Post-Pandemic New York


New York Mayor Eric Adams has come forward with significant land use proposals in the past few weeks, all under the rubric of “City of Yes.” Although much of the attention is focused on Adams’ proposals to generate 500,000 new housing units, there is another significant component of City of Yes that has been overlooked:… Read more »

What Would It Take to Turn More Offices Into Housing?


There’s about 998 million square feet of office real estate across the United States that’s available but in search of a tenant. That’s thousands of old cubicles, conference rooms, pantries and cafeterias sitting in ghostly quiet. That’s a vast amount of empty space — nearly 13 percent of the market — that could be turned… Read more »

The party is over in commercial real estate. Here’s what to expect in 2023.


An era of cheap debt that helped lift prices on hotels, office buildings and other U.S. commercial properties to dizzying new heights has ended. Borrowers thirsty for financing have watched mortgage rates roughly double in 2022 from the 3% lows, spillover from the Federal Reserve’s inflation fight that could cost several million people their jobs…. Read more »

New York City Comptroller Brad Lander Releases Annual Report on the State of the City’s Economy and Finances


New York City Comptroller Brad Lander released the annual “State of the City’s Economy and Finances” report. This report provides an analysis of the City’s fiscal health and position ahead of the annual budget process, which begins early in the new year. Despite higher-than-usual uncertainty, major indicators including strong job growth point toward continued economic… Read more »

More Turbulence Expected for NYC’s Real Estate Market in 2023


After a less than stellar 2022 for the New York City real estate market, the new year isn’t expected to bring much relief for landlords. An economic slowdown, rising interest rates and remote work will continue to weaken office leasing and are expected to cause the value of real estate sales to drop 15.9 percent… Read more »

Fed’s Rate Hikes Aren’t Bulldozing Commercial Real Estate— Yet


The Federal Reserve’s announcement of another 0.75 percentage point interest rate increase continues the central bank’s grim war with inflation. Higher rates are doing damage across the economy, which has never stabilized after the Covid-19 shock. But commercial real estate, vital to cities’ economic and fiscal well-being, hasn’t taken a big hit—yet. Ever-higher interest rates… Read more »

Chicago ramen restaurant Urbanbelly coming to new Williamsburg Market


Chicago-based Cornerstone Restaurant Group, best known for Michael Jordan’s Steak Houses, is set to bring its beloved ramen restaurant Urbanbelly to Williamsburg next month. The new restaurant — an expansion for Urbanbelly, at home in Wicker Park — will be located in the new Williamsburg Market, coming soon to 103 N. Third Street. The Kings… Read more »

Lenders favor resi projects in big month for outer-borough loans


Kings County reigned in July as lenders pumped billions into outer-borough real estate projects. The month’s 10 biggest loans totaled $1.8 billion, more than five times June’s total, and about twice as much as last July — closely mirroring a similar rebound in Manhattan. Brooklyn captured seven of the month’s 10 largest commercial loans, while… Read more »

REBNY Report Shows New York City Construction Activity Outpacing Year-Over-Year Totals


The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today released its Quarterly New Building Construction Pipeline Report for Q2 2022. Construction activity in Q2 2022 again outpaced historical averages. Offering good-paying jobs and essential for attracting and retaining investment, employers and residents, this construction activity represents significant progress… Read more »

How Today’s Economy is Affecting Commercial Real Estate


by Neil A. Dolgin Fall has arrived with an economy still finding its way. There is low unemployment which bodes well, but the challenges of high interest rates and inflation are increasing concerns about the possibility of a recession.  Interest rates are already up 2% this year, and inflation is still soaring despite a downturn… 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 »

Eric Adams’ Top Challenges as New York Mayor Include Real Estate


Hours after Eric Adams trampled his Republican rival on Nov. 2, the presumptive mayor was already setting his sights on a new target — Mayor Bill de Blasio and the “dysfunctional” bureaucrats who work for him. Adams castigated city officials for failing to provide city services in a timely manner despite collecting billions of dollars… Read more »

Developers’ Next Big Challenge: Finding A Way To Measure Social Impact Of Buildings


A focus on incorporating Environmental, Social and Governance best practices, or ESG, into development has sharpened in recent years. But tracking the social element, calculating output and returns, is complex — and becoming more crucial as investor interest and funding grows. “We don’t have good measures for ‘S’ right now. You know, for E, we… Read more »

Value of NYC Office Buildings Drops by $29B During Pandemic


The pandemic’s impact on New York City’s office market might be worse than anyone thought. The coronavirus erased years of growth in the city’s office sector, and, along with it, $28.6 billion in market value and more than $850 million in property taxes in the city’s 2022 fiscal year, according to a report from New… Read more »

Retailers jostle over cut-price space as Brooklyn market looks for solid ground


The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today released its Summer 2021 Brooklyn Retail Report which highlights steady leasing in the Brooklyn retail market as tenants capitalize on market opportunities in select trade areas. According to the report, demand is being driven primarily by retailers taking fully… Read more »

New Yorkers brought NYC back despite hysteria over the Delta variant


If New York City is to be saved from COVID-19, it will be no thanks to the politicians, bureaucrats and big-business leaders who once upon a time we might have turned to for leadership. Instead, it will be entirely due to Big Apple residents and visitors who are loving the place with their growing presence… Read more »

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