New York City Tax Assessments Disregard Reality

By Joel Marcus of Marcus & Pollack LLP[caption id="attachment_312055" align="alignright" width="100"] Joel Marcus, Marcus & Pollack[/caption] New York City has published three tax-year assessments since COVID-19 swept into our world. The New York City Tax Commission and New York City Law Department have had ample opportunity to reflect and refine their thinking on those assessments. The disease broke out in Wuhan, China, in late 2019 and soon spread around the world. Most of New …

March 9, 2022Market Reports, New York, Northeast, Northeast Market Reports

Food & Beverage Leads New York City’s Retail Comeback

By Taylor Williams The fervent desire that many Americans have to make up for lost eating, drinking and socializing time has New York City’s food and beverage (F&B) market roaring back to life, prompting tenants to revisit growth plans, landlords to aggressively market their spaces and the brokers who represent the two sides to sharpen their pencils. In mid-August, New York City Mayor Bill de Blasio announced that residents wishing to eat or drink inside a restaurant or bar would have …

December 16, 2021Market Reports, New York, Northeast, Northeast Market Reports, Restaurant, Retail

Affordable Housing Lenders, Investors in New York City Face Underwriting Challenges

By Taylor Williams For lenders and investors in New York City’s affordable housing market, accurately underwriting rent growth, operating costs and long-term asset appreciation can be a tricky proposition in today’s economic environment. To be fair, buyers and financiers of affordable housing properties in many U.S. markets are being forced to adjust and recalculate their metrics due to forces they can’t control. Yet macroeconomic factors like rising inflation, which puts heavy …

November 2, 2021Affordable Housing, Market Reports, Multifamily, New York, Northeast, Northeast Market Reports

Student Housing Sector Leads New York City Multifamily Market’s Comeback

By Mark Fogel, founder, ACRES CapitalDespite the pandemic-related uncertainty that dominated the markets in 2020, the student housing sector consistently displayed strong pre-lease occupancy rates among properties under construction, suggesting that the asset class would be well-positioned to hit the ground running in 2021.According to RealPage Analytics, students, encouraged by the prospect of fully reopened campuses, fueled a nearly 10 percent nationwide increase in pre-lease …

July 8, 2021Market Reports, Multifamily, New York, Northeast, Northeast Market Reports, Student Housing

New York City’s Pandemic-Related Property Tax Problems Persist

By Joel Marcus, partner, Marcus & Pollack LLP What happens when an irresistible force meets an immovable object? The longstanding physics conundrum encapsulates the situation in which New York City property owners currently find themselves, and for better or worse, they’re about to discover the answer to the age-old question. City government has squeezed increasing sums of property taxes from its real estate stock in each of the past 25 years, but the pandemic is changing …

June 29, 2021Market Reports, New York, Northeast, Northeast Market Reports

Opportunities Abound for Buyers and Sellers in New York City’s Multifamily Market

By Lev Mavashev, founder and principal, Alpha Realty Last year in 2020 and even now well into 2021, the COVID-19 pandemic has many New York City property owners feeling like deer in headlights. Should I push forward? Take a step back? Or should I just freeze and brace for impact from the worst disaster to strike the world in living memory? While little is certain in these uncertain times, for New York’s multifamily owners considering their future beyond 2021, values might drastically be …

June 22, 2021Market Reports, Multifamily, New York, Northeast, Northeast Market Reports

New York City Must Be A Leader in Reimagining Retail in the Post-Pandemic World

By James Nelson, principal, head of Tri-State investment sales, Avison Young It probably won’t be a shock to learn that in the aftermath of COVID-19, we are going to need to reimagine retail. Even before the pandemic hit, retail vacancy was becoming more prevalent throughout New York City. Now more than ever, landlords and retailers are going to need to think outside the box to fill vacancies and allow retailers to survive. A recent survey among members of the International Council of …

June 15, 2021Market Reports, New York, Northeast, Northeast Market Reports, Retail

New York City Industrial Market Held Strong in 2020, Has Promising 2021 Ahead

By Jakub Nowak, senior vice president investments, Marcus & Millichap Last year’s COVID-19 lockdown took a major toll on parts of New York City’s real estate market. The city’s industrial sector, however, fared relatively well compared with other asset classes. Although dollar volume for outright industrial sales transactions over $1 million fell by almost 25 percent from $1.75 billion in 2019 to $1.35 billion in 2020, the average price per square foot over the same period held flat …

June 8, 2021Industrial, Market Reports, New York, Northeast, Northeast Market Reports

Retail Inventory Ticks Upward in New York City, But Low Rents Should Draw Tenants Back

By Pierre Debbas, Esq., partner at Romer Debbas LLPWhile headlines have primarily focused on impacts to small businesses, contrary to popular belief, large retailers and national chains have not been immune to the COVID-19 pandemic.Restaurant and hotel chains, movie theaters, gyms and other experiential retailers have shuttered locations across the country. Just this past July, legacy retailer Neiman Marcus closed its Hudson Yards location due to heavy COVID-19 impacts. The big box …

May 25, 2021Market Reports, New York, Northeast, Northeast Market Reports, Retail

NYC Retail Market Embraces Hard Change on the Fly

By Kristin Hiller and Taylor Williams Retail and restaurant reopenings this fall gave a modest boost to the New York City retail market in the third quarter. But even with the easing of some operational restrictions, business activity remains diminished in a city known for its hustle and bustle. Both retail tenants and landlords have had to regroup and quickly adapt to the curveballs thrown at them by COVID-19 over the past nine months. While retail and restaurant users in some areas are …

January 12, 2021Market Reports, New York, Northeast, Northeast Market Reports, Retail