March 2022 » Market Analysis » NY New Developments

March 2022 New York New Developments

Major Developments

Since New York State legalized recreational marijuana, operators are rushing to set up stores. There is a very high influx of cannabis operators looking for space in Manhattan.

MRR Development scored a loan worth $113 million to refinance the Hotel Indigo on Manhattan’s Lower East Side. The loan was through an Israeli bond market.

Wells Fargo, acting as a trustee for commercial mortgage bondholders, is seeking to foreclose on Terzi’s property at 63 Spring Street, alleging Terzi has been in default on an $18.5 million CMBS loan since April 2020.

Andrew Kimball is expected to be appointed as the next leader of the Economic Development Corporation.

Why Optimal Spaces Tenant Broker

  • Lease negotiation: full terms, renewals, expansion options
  • Cost analysis, inventory identification, negotiating scope
  • Risk mitigation against hidden pitfalls

Cost Savings

  • Negotiate 30+ leasing points to prevent hidden costs
  • Save 10–15% on total leasing costs
  • Save 100–200 hours filtering unviable spaces
  • Property access via broker databases and networks (off-market, subleases, future availability)

Alone or With Other Brokers

  • Managing agents owe fiduciary duty to landlords, seeking maximum price and terms rather than tenant savings.
  • Inherent conflict of interest as most brokers represent landlords
  • Risk of weaker terms and overlooked hidden costs
  • Heavy workload falls on you while best spaces are missed
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