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Posted: December 31, 2024
2024 Year in Review: Michael Webb, Farrell Fritz
Counsel
Farrell Fritz
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024?
Obtaining approvals for economic incentives from local Industrial Development Agencies for construction of transit-oriented, multi-family housing on Long Island. The first project, a 63-unit development near the Valley Stream LIRR, received approval from the Town of Hempstead Industrial Development Agency and is presently under construction. The second project, a 20-unit apartment complex near the Hicksville LIRR will have several units designated for affordable and workforce housing. Construction of this project is anticipated to start in early 2025. Both developments address the pressing need on Long Island for housing at all levels and aim to continue revitalization of downtown and business districts.
What emerging trends will drive investment and development in 2025?
I am interested to see the continued evolution of the return-to-work landscape and the impact it may have on the commercial office leasing market, particularly in New York City. We have seen the “flight to quality” trend continue throughout 2024, with first-class buildings with amenities being in higher demand and outperforming older buildings, many of which continue to struggle and exhibit elevated vacancy rates. It will be interesting to see whether return-to-work impacts spur owners of older buildings to invest and upgrade their properties with an eye towards increasing occupancy and rental revenue.
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