News:
Spotlight Content
Posted: December 26, 2023
2023 Year in Review: Christopher Turner, Denham Wolf Real Estate Services
Principal, Managing Director of Transaction Services
Denham Wolf Real Estate Services
What person, project, transaction, or market trend had the greatest impact on your industry this year? Vacancy rates vary by location and building quality in NYC. A general flight to quality by tenants has left more limited pickings amongst the best Class A office buildings but left tremendous opportunities for tenants, like our nonprofit clients, looking for solid Class B space in New York’s secondary neighborhoods.
What emerging trends will drive investment and development in 2024? Construction cost inflation caused by global supply chain disruption during the pandemic means replacement values have been surging above property values. As a result, owner-occupiers, which often includes nonprofits, can pay bigger premiums for an existing property that closely matches their physical requirements, and still be cheaper than new construction.
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2023? Our client, a foundation, purchased 287 East 10th St. in 2019, intending to run an RFP process to select a community-focused nonprofit to sell the property to at a 50% discount. The sale to the Joyce Theatre Foundation closed this year. It’s a template for a new approach to philanthropy.
Tags:
Spotlight Content
MORE FROM Spotlight Content
Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin
When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
.png)
Quick Hits
.jpg)
Columns and Thought Leadership
Properly serving a lien law Section 59 Demand - by Bret McCabe
Many attorneys operating within the construction space are familiar with the provisions of New York Lien Law, which allow for the discharge of a Mechanic’s Lien in the event the lienor does not commence an action to enforce following the service of a “Section 59 Demand”.
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra
Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
.gif)