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• November 2023 New York New Developments
• Major Developments: New York City building owners commercial janitorial workers’ union contract expires at year’s end. Wages and health benefits will play prominently into the labor fight. Hotel occupancy in Times Square and Midtown West hit 88%, a post-pandemic high. The average daily room rate is up more than 10% from last year. Almost a quarter of the $1.9 billion in closed hotel sales in Manhattan this year have come to Times Square. Industrial Space in the Bronx, Brooklyn, Staten Island and Queens had an asking rent of $26.02 per square foot in the third quarter. New York Community Bank ...
  
  
• October 2023 New York New Developments
• Major Developments: The Adams administration laid out a framework to change the area’s light manufacturing zoning to allow for higher density residential and commercial use. The rezoning is expected to create between 1,150 and 1,500 below market–rate apartments, depending on the options developers select under the Mandatory Inclusionary Housing law. NY City's plan to rezone a 13-block stretch of Atlantic Avenue in Brooklyn would spur the construction of 4,000 apartments, up to 38 % affordable. The projects would have to deliver affordable units and other benefits required by the new zoning. Other rezonings in the works include a 46-block area ...
  
  
• June 2023 New York New Developments
• Major Developments: The U.S. Supreme Court ruled unanimously that Hennepin County wrongfully pocketed the excess proceeds from the sale of Geraldine Tyler’s condo unit. Tyler owed the county $15,000, a sum that ballooned from $2,311 in unpaid property taxes. To settle the debt, the county sold her condo unit for $40,000 and kept all of it. The court agreed that this violated the Fifth Amendment’s takings clause, reversing the Eighth Circuit’s decision in the county’s favor. NYC’s lien sale, debt from overdue taxes, water bills and the like is sold to an investment trust that can foreclose on the property ...
  
  
• May 2020 New York Commercial Real Estate Market Report
• Manhattan Office Office Leasing in April was near zero with brokers unable to show, so the only deal done were started long ago. March was dead quiet and all showings stopped in Mid March. February leaving numbers showed a 41% drop in month-over-month leasing volume compared to January, across all three Manhattan sub-markets. Leasing volume for the quarter totaled 6.82 million square feet, the fewest since the third quarter of 2013. Office leasing in Manhattan ended the first quarter of 2020 on a low note, with the coronavirus pandemic putting a damper on all types of economic activity. Manhattan Retail: ...
  
  
• June 2019 New York New Developments
• Major Developments: The City Council approved the new headquarters for JPMorgan, the first project to take advantage of New York’s Midtown East rezoning. JPMorgan will stay and rebuild its global headquarters at 1,400 feet and 70 stories tall, and will allow the company to consolidate employees who now work out of multiple different locations. The Port Authority of New York and New Jersey is moving ahead with plans to replace the bus terminal. The agency is moving forward with the formal environmental review process and released a document for public review. Blumenfeld Development Group has received a $235 million refinancing ...
  
  
• December 2018 New York New Developments
• Major Developments: After months of speculation, Amazon made its long-awaited HQ2 announcement. The Seattle-based company will divide its second headquarters between Crystal City in Virginia and Long Island City in New York. New York State plans to dole out $1.7 billion in tax credits and grants to Amazon for choosing Long Island City. This month’s top office leases accounted for more square footage than last month. The top 10 office lease deals last month totaled 1.9 million square feet, larger than September’s top 10 leases, which totaled 1.1 million square feet. City of New York signed the largest lease of ...
  
  
• May 2016: New York New Developments
• New Developments General Growth Properties and Thor Equities' are planning to add five new floors of office space at 685 Fifth Avenue. The developers are planning to redistribute space from the lower floors to create five new floors of office space that will be added to the 20-story building, raising its height from 227 feet to 292 feet.Isaac Chetrit">Isaac Chetrit and Ray Yadidi are planning a mixed-use skyscraper of up to 80 stories in a block-long assemblage on Sixth Avenue between West 36th and 37th streets, consisting of two existing buildings and 235,000 square feet of adjacent air rights. They ...
  
  
• June 2013 New York City New Developments
• NY New Developments The Federal Department of Transportation will give New York $185 million to help build a rail tunnel under the Related Companies’ Hudson Yards project that will allow for high-speed train service between Manhattan and Newark, N.JTwo recent Plaza District office leases have broken new price records, being the most expensive office leases since 2008. Hedge fund Ruane, Cunniff & Goldfarb and the Brazil-based Banco Itaú will pay just under $200 per square foot for space at 9 West 57th Street and the GM Building.The Lower East Side is getting a new 12-story, 44,000-square-foot, 38-unit residential building at ...