New York City Real Estate Blog

  • FEB 2018

    Major infrastructure investment is desperately needed in NYC

    However, the costs due to uncompetitive bidding and arcane rules and regulations makes costs 2-7 times more expensive than other world cities. Subways are using 1910 technology. They cannot run at higher capacity due to old switches which the MTA says can be repaired in the next 20 years. Why repair and not use military grade WIFI. Tunnels? They desperately need to fix the train tunnel damaged during sandy. Power levels from corroded cables reduce capacity and tunnels are in danger of collapse if not repaired/replaced. Added capacity with new planned rail tunnels to New Jersey have been cancelled by Federal Government. East Side access is 10 years delayed with no imminent opening. Why is no one talking about structural reforms to fix systems that is allowing these critical infrastructure projects to be fixed promptly?. What about bringing in the Army Corps of Engineers to resolve?

  • DEC 2017

    What size firms are appropriate for shared office concepts?

    Conventional thinking was that small and rapidly growing companies, or companies that were uncertain about longevity of project would rent shared office space.

    This limited the shared office market to companies or divisions under 10 people. Now huge firms like Amazon who just rented out an entire WeWorks at 34th Street and Microsoft renting shared office space near the Watson project in the east village.

    Time will tell how many other firms follow.

  • OCT 2017

    We works to take over 75% of the existing Lord and Taylor store.

    This shows how cash hungry and struggling the retailers are. This also shows the depth of the market for shared office concepts. WeWorks continues to expand and is filling their facilities. That is a great indication of market depth. WeWorks is just one of many providers of co-working centers.

  • OCT 2017

    Amazon considering NYC

    New York City submitted a bid to get the 2nd Amazon headquarters which means 50,000 jobs. New York City has 4 locations or areas where they could build and an existing amazing transportation system. New York City also has a deep bench of talent for Amazon to draw on and is therefore a likely city to be selected. Amazon recently announced they were hiring 2,000 employees in N.Y. for advertising and will move to the former Skyrink building.

  • OCT 2017

    New York City making hotel rooms harder to get approved in Manufacturing zones

    The city is about to make it harder to build hotels in New York City manufacturing zones. The current proposal will require a special permit. This will increase costs and time to get sites ready. The bigger problem is this will give unions a greater opportunity to make the job site union which will drive up costs for new hotel rooms. This law will make the existing inventory more valuable as the city is creating a higher barrier to entry.

  • AUG 2017

    Major office Trend affecting the New York Office Market

    1.  Amount of space per employee continues to decline.  20-30 Years ago average density was 200-300 Rentable Square feet per person.  10-20 years ago size declined to 150-250 RSF per person.  5  Years size declined to 100-200 RSF.  per person … and the trend continues
    2. Destruction and conversion of existing office stock to residential and hotels.  !4 Million square feet of office space was removed from the Manhattan office market to alternate uses.
    3. Limited new construction at affordable price points.

  • JUN 2017

    Retail Carnage continues

    With Amazon’s latest bid for Wholefoods, the consumer should start to see consolidation in the supermarket space.  Purchase price of Whole foods 13.7 Billion.  Wealth destruction of other supermarket chains $40 billion.  That indicates the amount of carnage expected to come in the near future.     What is Amazon going to go after next pharmacy??

  • JUN 2017

    More store closings - Teavana

    Starbucks Coffee’s is closing all its 379 Teavana stores by the spring of 2018.

Find My Space!
  • Green Acres Is the Place for Macerich; The Deal Sheet
  • Billionaire Shows How Small Buildings in NYC Can Mean Big Money
  • Optimal Spaces in the News - New York's Pix11 / Wpix-Tv
  • Fighting rubber ruler measurements
  • Manhattan's Low-Rent Dining in Hiding
  • The NY Fed Is Buying Its Own Building

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