These Were the 20 Biggest Office Deals to Close in NYC Since the Start of the Pandemic
The New York City commercial real estate market took quite a hit in 2020. Total office sales dropped 58% during this spring’s lockdown, while retail sales sank a whopping 78%. Brooks Brothers, J.Crew, and other major retailers filed for bankruptcy, ...
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One Year After WeWork’s Failed IPO, NYC’s Coworking Market Is Still Going Strong
It’s been more than a year since WeWork’s failed IPO, and much has changed during this time. The global Covid-19 pandemic has taken real estate in New York City by storm, triggering a shift in the way we live, work, ...
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Madison Avenue in 2020: Retail Apocalypse or Investment Opportunity?
Madison Avenue is one of the areas of New York City that has changed significantly since the start of the pandemic. The so-called ‘Gold Coast’ of Manhattan and the epicenter of luxury NYC retail looks very different today than it ...
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How and Why the Rezoning of Brooklyn’s Industry City Fell Apart in 2020
In early 2019, Queens was all over the news after Amazon scrapped plans to build its HQ2 in Long Island City. This fall, a 6,000,000-square-foot commercial development that would have added up to 20,000 jobs to Brooklyn’s Sunset Park was ...
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Why Is This 5,000-Square-Foot, 1900-Built Manhattan Office Building Asking $26M?
It’s universally known that New York City office space is among the priciest in the world, and Manhattan office buildings often fetch exorbitant prices, in the range of hundreds of millions, and even billions. But one might wonder why a ...
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One Vanderbilt, Crown Jewel of Midtown East, Officially Opens in NYC
On an unusually quiet NYC morning on September 14, city officials gathered at One Vanderbilt Avenue to mark the official opening of Midtown East’s newest skyscraper. Mayor Bill de Blasio was joined by representatives from SL Green, Hines, and the ...
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The Risks and Rewards of Subleasing Office Space in NYC During a Pandemic
In a recent interview with Institutional Investor, Michael Colacino, president of NYC-based SquareFoot, said that after 9/11, sublease rates in the city doubled, going from 20% to 40-45%. A similar phenomenon took place after the financial crisis of 2008, as ...
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The Downfall of the MTA and Its Impact on the NYC Real Estate Market
The NYC Metropolitan Transit Authority (MTA) is currently facing its biggest challenge yet. The impact of the Covid-19 pandemic and the subsequent lockdown has thrown New York City’s public transportation system into an unprecedented crisis. The MTA has never had ...
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Despite Legal Troubles and Lockdowns, is WeWork On Track for Profitability?
A little over a month after DBRS Morningstar declared that WeWork’s survival following the pandemic was ‘questionable,’ chairman Marcelo Claure says the coworking provider is on track to be profitable in 2021. In a recent interview with the Financial Times, ...
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Brooks Brothers Files for Chapter 11 Bankruptcy Protection
The latest brand to succumb to the pandemic’s effects is Brooks Brothers, which filed for Chapter 11 bankruptcy protection in a Delaware court last week. The upscale men’s clothing chain is the oldest in the U.S., founded 202 years ago as a ...
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Why Investing in Commercial REITs Is a Good Idea Right Now
The coronavirus has had a terrible impact on the retail sector and hospitality and tourism. But these aren't the only industries that have suffered. The commercial property industry also took a toll during these past few months. According to recent ...
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Working in an Office Will Look Very Different Post-Pandemic
There's no doubt that the COVID-19 pandemic has triggered a shift in the world order, leaving a permanent mark on every aspect of our lives. The new coronavirus has already changed how we relate to and communicate with each other, ...
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