Manhattan Faces a Reckoning if Working From Home Becomes the Norm
Even after the crisis eases, companies may let workers stay home. That would affect an entire ecosystem, from transit to restaurants to shops. Not to mention the tax base. Before the coronavirus crisis, three of New York City’s largest commercial tenants — Barclays, JP Morgan Chase and Morgan Stanley — had tens of thousands of workers in towers across Manhattan. Now, as the city wrestles with when and how to reopen, executives at all three firms have decided that it is highly
Class A Meet Plan B: How the Coronavirus Could Impact NYC’s Newly Built Office Space
In late 2019, New York’s office leasing market resembled a Louboutin sample sale with giant companies in a frenzy to drop cash on pricey new digs. Facebook inked a deal for 1.5 million square feet in the mega-development Hudson Yards while e-commerce giant Amazon turned around the next month and took 335,000 square feet nearby. That was, of course, before the coronavirus upended everything in the city, including its leasing market. And while the city’s real estate market is p
Luxury home contracts reach highest levels since shutdown
After a dismal six weeks, Manhattan’s luxury market is showing signs of movement. Six homes priced above $4 million went into contract in the borough last week, according to the latest market report from Olshan Realty. That was up from just one the week before. While the bump is likely to offer some comfort to brokers and developers, it’s too early to say whether a shift is afoot. “We need many more weeks of clarity to call any of this a trend,” said Donna Olshan, head of Ols
New York extends halt on evictions, but tenants still ‘at great risk’
Faced with mounting pressure from tenant advocates, Gov. Andrew Cuomo has extended New York’s eviction moratorium another two months until August. The measure builds on a March 20 order that prohibits residential and commercial evictions statewide through June. Now, that moratorium is in place through August 20 along with a ban on fees for late or missed rent payments during that same period. “I hope it gives families a deep breath,” Cuomo said at a press conference announcin
I feel like I’m inside an acid trip”: Inside virtual broker’s open house showings
In late April, about 60 agents got together in a virtual conference room for a virtual open house. Their experiences with the new process were varied. “I feel like I’m inside an acid trip,” one agent wrote in a private text, according to the New York Times. Developers and potential buyers are still trying to navigate a new and strange housing market in the wake of New York’s stay-at-home order. Prices are down about 20 percent from their 2016 peak, and sales and listings have
Cuomo provides details on when real estate, retail can reopen
Starting next week, New York will gradually start to reopen, with real estate businesses among the second phase of sectors permitted to open their doors. Gov. Andrew Cuomo said on Monday that real estate, retail, finance, insurance, administrative support and professional services will be among the second set of businesses to reopen as the state winds down his “New York On Pause” order. Construction and manufacturing businesses, along with select retail in the form of curbsid
CO Conference: Midtown Landlords Prepare for ‘The New Abnormal’
Commercial Observer convened some of the great minds of the real estate industry for a virtual Midtown Forum to talk through the challenges and possibilities that lie ahead, after the full-shutdown stage of the coronavirus pandemic comes to an end, but before we return to normal. After more than six weeks in confinement, everyone’s thinking about getting back to the office, and even growing nostalgic for the rush-hour madness of our city’s gnarly subway system. The opening pa
Multifamily Borrowers Benefit From New HUD Lending Policies
Borrowers continue to be impacted by the coronavirus as many have been informed that several banks, bridge lenders and CMBS programs are unwilling to close on their loan commitments or have dramatically changed the loan terms. If leading market indicators continue to worsen, it would not be surprising to hear that more warehouse lines for bridge lenders are canceled or funding capacity is reduced. History shows us that if you need financing during uncertain times, balance sh
Brooklyn luxury market sees four contracts signed for second week in a row
Do four high-end contract signings in Brooklyn count as a busy week? At the moment, perhaps. The four deals were for two condos, a co-op and a townhouse, according to the latest report from Compass. The report looks at homes in the borough asking $2 million or more based on the last publicly available asking prices. The previous week’s report also found four such deals. In February, the weekly average was 18. The priciest listing to go into contract last week was a co-op at 1
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