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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 »

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 »

Better Infrastructure Could Goose Return To Downtowns


The Federal Aviation Administration Tuesday approved the $2.1B LaGuardia AirTrain proposal, which is set to bring 3,000 construction jobs and add over $50M in local infrastructure improvements to the Queens airport’s surrounding neighborhoods, according to the Port Authority of New York and New Jersey’s proposal. The project, first proposed by Gov. Andrew Cuomo in 2015,… 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 »

It’s starting to look like New York City will be just fine


As the wealthy fled for the Hamptons, local restaurants shuttered their doors, and Times Square went quiet during the onset of the pandemic, many declared the city dead. But a year after it became the coronavirus epicenter of the world, NYC is starting to shine once again. Despite a seeming exodus of the city’s richest,… Read more »

5 Key Medium-Term Factors Shaping Commercial Real Estate in NYC


For those of us invested in New York City’s commercial real estate (CRE) — either financially or emotionally — getting through 2020 was like processing the five stages of grief: First came denial, followed by anger, then bargaining, onto depression and, finally, acceptance. After all, one in seven chain stores permanently closed in 2020, along… Read more »

De Blasio to End Remote Working for NYC’s 80,000 Municipal Workers


The nation’s biggest municipal workforce is being called back from remote working a year after the coronavirus pandemic shut office doors. According to The New York Times, Mayor Bill de Blasio has decided that the 80,000 municipal office employees who have been working from home since last March will have to report back to the… Read more »

During the Pandemic, They Are ‘Other Boroughs,’ Not ‘Outer Boroughs’


When it comes to the New York City investment sales market, the perception is, typically, that Manhattan is king and the outer boroughs are runners-up. However, during the pandemic, this long-standing perception has not been true. My friend, Josh Muss — who constantly reminds me that they are not the “outer boroughs,” they are the… Read more »

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 »

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 »

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