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August 2020

August 2020 » Market Analysis » NY New Developments

August 2020 New York New Developments

New York New Developments

476 new building permits were filed in the three-month period from April through June, spanning 9,309 multi-family units. Nearly half of the footage is residential, just over one-third is commercial, and the rest is split between education and utilities.

Amazon said it would increase its fulfillment center square footage by 50% in 2020, that is on top of the 15% increase it reported in 2019.

NYC Health + Hospitals’ six administrative offices were consolidated at 50 Water Street and resulted in $200 million in cost savings . HHC signed a 25-year lease for 526,552 square feet.

The Blackstone Group is looking for a 1 million square feet headquarters in New York City . Their lease in the Plaza District expires in several years.

A bill in Albany would eliminate a state tax break that benefits real estate developers in New York City and would end New York’s City share of the Opportunity Zone tax break by decoupling the state’s capital gains tax code from the federal government’s and amending the city’s administrative code.

The retail condominium at 170 Broadway is the latest property squeezed between its CMBS lender has cancelled Covid-19 relief while the sole tenant, Gap Inc., refuses to pay rent and is even demanding a refund.

Adam Neumann and partner Jeffrey Dagowitz have secured a $75 million refinancing for a Chelsea development site. The new financing from G4 Capital Partners replaces an existing $65 million mortgage on the property at 123 West 23rd Street.

The Times Square Edition hotel may reopen in September depending on whether New York sees a second wave of Covid infections . 60,000 square feet of retail space at the base of the building is now mostly vacant. Edition, Maefield Development and its lenders and operator Marriott International have come to an agreement to reopen the property in the fall.

Thor Equities is suing The Wing for late rent at its Bryant Park office is seeking $270,000 in rent and other charges. The company said its revenue dropped 95% since the onset of the pandemic. And laid off more than half of its headquarters staff.

A pandemic and a statewide eviction ban did not stop Kucker, Marino, Winiarsky and Bittens from filing eviction notices.sent dozens of eviction notices to tenants which were a violation of the public health law, executive law and general business law.

Michael Shvo is getting a 10% discount on the $700 million acquisition of San Francisco’s Transamerica Building. The developer and his partners, Deutsche Finance America and Bayerische Versorgungskammer (BVK) were granted an extension to close on the deal and signed a purchase agreement.

In New York, California, Florida and Illinois a total of more than 1,000 real estate and real estate-related businesses received forgivable loans worth at least $1 million each through the Paycheck Protection Program. PPP assistance includes tens of billions of dollars that went to brokerages, landlords, construction firms, architecture firms and hotels.

NYC restaurants and shops look to bounce back. Nearly 20% of the city’s hotels are providing shelter for homeless New Yorkers. The impact on the surrounding streetscape is hard to miss.

The U.S. has added 4.8 million jobs in June and the unemployment rate fell to 11.1%, beating economists’ expectations. Some 7.5 million people have been brought back to work since more than 20 million jobs were shed in April. A surge in coronavirus infections, however, threatens to slow the momentum. Still, there remain 15 million fewer jobs in June than there were in February, before the coronavirus caused widespread closures in nearly every industry.

More than 3,000 child-care venues citywide are closed. Mayor Bill de Blasio announced a proposal that allows them to reopen. The plan requires daily health screenings, regular cleaning and face coverings for all kids and staff. One provision that will amuse parents is that tots will not be allowed to share toys.

New guidance clears the way for new evictions filings, but the future of those proceedings remains unclear. Filings no longer have to be accompanied by affidavits stating that the tenant is not protected by a separate ban on evictions.

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