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Three months into COVID-19:
Where are we now? - by Shallini Mehra
July 1, 2020
We get calls from investors looking for a pandemic discount every day. One thing is clear: There is no shortage of buyers with war chests ready to pounce on a bargain. Pre-COVID valuations for New York City multifamily rent-stabilized product were already down 30-40% after the passing of the HSTPA 2019 rent laws, driving cap rates into the 5-6% range.
Extinguishing restrictive covenants imposed as a condition of zoning approvals - by Forchelli and Sn...
June 30, 2020
Courts have long upheld the imposition of restrictive covenants as part of zoning approvals. As a result, boards routinely require applicants to record restrictive covenants as a condition of zoning approvals. Due to the fact that restrictive covenants are often drafted to “run with the land”, meaning the covenants
The Modera to feature upscale apartments in New Rochelle - by Matthew O'Shaughnessy
June 16, 2020
New Rochelle's lure and marketability are becoming more obvious as the downtown area continues its rapid pace of development. Developer Mill Creek Residential Trust of Boca Raton and Dallas is set to build on the former
Marcus & Millichap co-chairman William Millichap passes at age 76
June 24, 2020
Calabasas, CA According to Marcus & Millichap, William Millichap, co-chairman, has passed away after a year-long battle with cancer. He was 76 years old. Marcus & Millichap founder and chairman George Marcus issued the following statement: “The company’s formative years benefited greatly
What the new bird friendly Local Law 15 means to you - by Heath Waldorf
June 23, 2020
Bird safe buildings have been a growing part of the NYC skyline for years. Some examples of New York City architecture that incorporate the principles of bird-friendly design include The New York Times Building, Interactive Corp.’s headquarters, Cooper Union, and the renovated Jacob Javits Convention Center which
Will technology change the way we work in real estate? - by Rich Schulhoff
June 16, 2020
For the past 15 years I’ve been working in the real estate industry and since that time, I have seen countless changes within the business.
Scaffold Law Reform Coalition and the New York City Special Riggers Association request moratorium o...
June 21, 2020
New York, NY With the renewal of construction activity, the Scaffold Law Reform Coalition (SLRC) and the New York City Special Riggers Association (NYCSRA) have sent an appeal to governor
MHACY releases Request for Proposals to promote affordable housing in Yonkers
June 22, 2020
Yonkers, NY The Municipal Housing Authority for the City of Yonkers (MHACY) is seeking to partner with market rate building owners to expand the city’s base of affordable housing. MHACY released a request for proposals seeking building owners to participate in the Section 8 Housing program
Long Island Board of Realtors and the Hudson Gateway Assoc. of Realtors unveil new website for OneKe...
June 22, 2020
New York, NY The Long Island Board of Realtors, Inc. (LIBOR) and the Hudson Gateway Association of Realtors, Inc. (HGAR) unveiled the new consumer search website onekeymls.com. A recording of the virtual press conference unveiling the new website can be found
Feinstein joins The Watermark at Brooklyn Heights senior community as director of the People, Arts &...
June 16, 2020
Brooklyn, NY Aaron Feinstein, a film and theater director and arts educator, has joined The Watermark at Brooklyn Heights, a 275-unit seniors housing residence at 21 Clark St.
Cosentino, Bijou and Laboz of TerraCRG sell renovated, free-market building in Bushwick, Brooklyn fo...
June 18, 2020
Brooklyn, NY TerraCRG has completed the sale of 89 Wyckoff Ave., a free-market, mixed-used building in the Bushwick neighborhood. TerraCRG investment sales team led by Matt Cosentino, Fred Bijou and Eddie Laboz have closed the deal at
Design firm Mancini Duffy leads the way with office re-opening on June 8th
June 18, 2020
New York, NY Mancini Duffy celebrated the re-opening of its NYC office on June 8th, 2020, to all employees who felt comfortable returning. As one of the first design firms in the industry to return to the office, Mancini is starting to collaborate with its team and clients in person as New York
Republic acquires real estate investment platform Compound
June 16, 2020
New York, NY Republic, an alternative investment platform open to all investors, has acquired Compound, a real estate investment technology company that facilitates microinvesting in urban residential real estate.
Q&A with RXR Realty's Joseph Graziose on new Clinton Place development and their commitment to New R...
June 16, 2020
Scott Rechler, Todd Rechler, Joseph Graziose, Michael Maturo and their able associates at powerhouse RXR Realty have in past years found another real estate niche, this time in New Rochelle. The company
Body Lawson Associates completes Home Street Residences – 63 units
June 16, 2020
Bronx, NY Body Lawson Associates has completed an innovative new affordable housing complex for formerly homeless seniors and a range of low-income residents.
Simone Health shares five factors shaping US healthcare facility construction
June 16, 2020
Bronx, NY Healthcare architecture firm, Simone Health, implements their knowledge surrounding the development of healthcare facilities to share five factors shaping U.S. healthcare facility construction.
WXY unveils new approaches to educational facility design
June 16, 2020
Bronx, NY WXY architecture + urban design has unveiled new approaches to K-12 and higher-education facilities design, developed jointly with teachers and school communities, that allow for
Deadline extended for NYC Benchmarking Law (LL84/09 and LL133/16)
June 16, 2020
New York, NY According to the New York City Department of Buildings, (DOB) due to the COVID-19 Pandemic, the 2020 Benchmarking (Local Laws 84/09 and 133/16) compliance deadline for the 2019 calendar year has been granted a 90-day extension.
Crystal Windows aids tornado damage repairs in Nashville
June 16, 2020
Queens, NY National manufacturer Crystal Window & Door Systems completed delivery of over 400 windows for an apartment building severely damaged by the strong EF-3 tornado that swept through downtown Nashville on March 3rd.
Capital Properties and Montroy DeMarco Architecture complete 23,300 s/f for PhotoShelter HQ
June 16, 2020
Manhattan, NY Serving the property owner Capital Properties, Montroy DeMarco Architecture (MDA) has completed a new 23,300 s/f headquarters office for PhotoShelter, a web- and cloud-based support services provider for the photography and videography industries. The new office is