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The potential for assessment increases on a scale not seen for many years is undeniably in the cards...
November 28, 2023
Fall is in the air, but I suspect there could be a deep arctic chill in mid-January when 2024/25 New York City real estate tax assessments are released. A tax assessment storm of sorts is coming together to potentially wreak havoc on
Current developments in the commercial real estate structured finance market - by Michael Zysman
November 28, 2023
Currently, the commercial real estate structured finance market is finding its footing. This is primarily due to the increase in interest rates, pull back of bank financing, and Federal bank policy. Much of the real estate financing
Madison Ave. sees leasing activity in 2023 as never before It comes out “new and improved” after...
November 28, 2023
The biggest news as of this quarter is Dolce & Gabbana leased 695 Madison Ave. which was the former Hermes store at the Northeast corner of Madison and 62nd St. which houses 23,000 s/f. Hermes left last year to expand to
Designing development parks of the future today - by Stacey Duncan
November 28, 2023
For far too long “industrial” parks have unfairly held a bad reputation. When people traditionally think about business parks, more often than not, they are viewed less as assets of a community and rather more as eyesores
New York City proposes bold housing initiatives: A closer look at the “City of Yes for Housing Opp...
November 28, 2023
In a groundbreaking move, the New York City Department of City Planning has unveiled a comprehensive plan titled “City of Yes for Housing Opportunity.” This ambitious document proposes significant amendments to the
Appraisers are under the radar - by John Rynne
November 28, 2023
As I’m writing this article, the Trump Organization civil case is in the midst of being tried in New York State Supreme Court in Manhattan. Much of the discussion happens to be about over valuation or under valuation of
Distressed real estate - distressed debt - by Sandy Klein
November 28, 2023
Uncertainty and concerns about the New York commercial real estate market abound. Office vacancy rates are at close-to if not at all-time highs. The pandemic-induced work-from-home mode has become the new reality and interest rates have seen a steep surge to levels not seen in many years. Each of these situations alone is a challenge but together
A pause in interest rate hikes
- by Michael Packman
November 28, 2023
On October 19th, Fed chair Jerome Powell suggested that the Fed would not raise interest rates at their next meeting and reminded us that there has not been an increase since the July meeting. The goal of the Fed continues
NAI DeLeo-Bram & Co. negotiates two industrial property sales totaling $15.45 million
November 28, 2023
East Brunswick, NJ NAI DiLeo-Bram & Co. (NAIDB) has arranged two separate industrial property transactions totaling a combined $15.45 million and 77,000 s/f. The warehouse buildings involved in these recent sales
Cushman & Wakefield leases 10,570 s/f at 55 Broadway
November 28, 2023
Manhattan, NY Cushman & Wakefield has arranged a 10,570 s/f, 11-year lease for Corporation for Supportive Housing at 55 Bdwy. The organization will occupy the entire 10th floor.
Markel of Cresa leases 5,835 s/f at Heron Tower
November 28, 2023
Manhattan, NY Cresa vice president Nicholas Markel has arranged a new lease for Meltzer, Lippe, Goldsten & Breitstone LLP at Heron Tower, comprising the entire 18th floor of the class A office
Rosewood Realty Group sells three multifamily buildings for $8.95 million
November 28, 2023
Brooklyn, NY Rosewood Realty Group brokered the sale of a Williamsburg Brooklyn portfolio consisting of three multifamily buildings for $8.95 million.
Hempstead Industrial Development Agency grants preliminary approval for 63-units at 54 and 58 W. Jam...
November 28, 2023
Valley Stream, NY Frederick Parola, chief executive of the town of Hempstead Industrial Development Agency (IDA) said the agency granted preliminary approval to economic development benefits for a proposed transit-oriented rental housing project at 54 and 58 W. Jamaica Ave.
Carrion of NYC Department of Housing Preservation and Development speaks at Housing Partnership even...
November 28, 2023
Manhattan, NY NYC Housing Partnership president and CEO Jamie Smarr greeted NYC Department of Housing Preservation and Development (HPD) commissioner Adolfo Carrion at the non-profit’s 40th anniversary fundraising event.
CBRE arranges 74,679 s/f long-term lease for FAA at 1 Old Country Road
November 28, 2023
Carle Place, NY CBRE completed a 74,679 s/f office lease for the Federal Aviation Administration (FAA) at 1 Old Country Rd. The 309,000 s/f property owned by DBD Realty Group was redesigned to offer a modern
Suffolk County IDA releases new summary report of decade-long planning economic impact studies
November 28, 2023
Hauppauge, NY The Suffolk County Industrial Development Agency (SCIDA) has released a comprehensive summary report, Planning for Economic Growth, which outlines the findings of a 10-year planning effort. This report,
Ghazi joins Seyfarth Shaw’s real estate department
November 28, 2023
Manhattan, NY According to Seyfarth Shaw LLP, Saadia Ghazi has joined the law firm as a partner in its servicing & special servicing practice in the firm’s real estate department.
MCR Hotels and Island Capital Group close $260 million refinancing for Sheraton New York Times Squar...
November 28, 2023
Manhattan, NY MCR Hotels (MCR), Island Capital Group (Island) and JLL’s Hotels & Hospitality group said that MCR and Island have closed on a $260 million refinancing of the 1,780-key Sheraton New York Times Sq.
Question of the Month: What are the zoning issues when converting an office building to residential ...
November 28, 2023
The latest zoning dilemma in New York City is the conversion of large commercial office buildings to residential use. This issue has been driven by the pandemic and the work from home trend, which has generated vacancies in office buildings. The good news is that the use regulations of the NYC Zoning
Participate in the NYREJ's Year in Review Spotlight!
November 14, 2023
It's that time of year when NYREJ will recap our cover stories from 2023 and invite Industry Leaders, Editorial Contributors, and Advertisers to share their notable accomplishments, projects, and transactions from 2023 and key insights on emerging trends that will impact their industry in 2024.