Previous Pandemic Effects on NY Commercial Real Estate In Q1 2021, New York City experienced significant losses in commercial real estate due to the COVID-19 pandemic. As business tenants scrambled to stay in business, New Yorkers as a whole felt the pinch as many workplaces were forced to clos...
The duties of a landlord are never done, and unfortunately, the current state of the economy as a result of Covid-19 has not made life easier for those who own rental properties in New York. In addition to complicated eviction moratoriums and a mass exodus of residents out of urban areas, landlor...
Housing prices have continued to increase over the past year, and some economists wonder if another housing bubble is around the corner. In 2007, after years of inflated housing prices and a building boom, the bubble burst abruptly, leading homes to lose about 26% of their value, inciting the Gre...
Over the last decade, the NYC office sector experienced a level of growth that more than doubled commercial real estate values and associated property taxes. A press release issued by the New York State Comptroller attributes this expansion to robust job growth, noting “New York City's office sec...
Nationwide, the changes in the real estate market over the past couple of years have been dizzying, but nowhere as much as in New York City. So, what should we expect this year? Unprecedented Times The early months of the pandemic lockdown found workers fleeing large cities and opting for the s...
Every new year brings different commercial real estate trends, but with the pandemic still ongoing, it can seem like these trends are changing day to day. In fact, in the Fall of 2021, a ULI Americas survey predicted that commercial real estate values would increase 10% in 2021 and 7% more in 202...
Factors that Led to Substantial Increases in Industrial Real Estate Values The pandemic turned up the heat on the real estate market in many ways. One major winner of this trend is warehouse owners. Warehouses traditionally are not considered prime real estate because of their location and purpo...
2020 and 2021 put significant stress on the renting population. Unfortunately, it seems that 2022 will be no kinder. Rent all across the nation, but particularly in urban areas, is skyrocketing. The sharp uptick in prices has left many renters wondering about the benefits of homeownership and whe...
Around March of 2020, everything changed for New Yorkers and the rest of the world. Even now, with the Covid-19 pandemic still lingering, many commercial businesses in NYC are tapping into new creative reserves to boost profitability. Although the worst of the pandemic appears to be over for New ...
New York commercial real estate took a hit during the peak of the COVID-19 pandemic, and it wasn't alone. Restaurants shuttered their doors, and Broadway turned off the lights. Remote workers didn't just leave office buildings; they left the city entirely. Reuters reports that the loss of income ...
What the Luxury Real Estate Market Looks Like Currently The luxury real estate market in New York City consists of properties with a price tag north of $4 million. After the pandemic caused lows in sales and pushed people outside of the city in 2020, the current luxury real estate market in New ...
Q3 2021 Multifamily Sales Figures In New York City, investment sales were dominated by multifamily properties in the third quarter of 2021. More than half of the 498 overall transactions for real estate investment sales involved apartment buildings during this time, and 281 total deals accounted...
While sustainable real estate is nothing new, many real estate investors are choosing greener buildings when looking at investment properties in the hopes of lessening their carbon footprint and attracting more climate-conscious residents. Low carbon emissions, reduced water usage, and fewer cars...
If you've been asking yourself, “what's going on with NY property taxes?” lately, you aren't alone. According to a recent Bloomberg report, city officials are levying property taxes on New York real estate owners in a manner that might disproportionately benefit the wealthy. Hypothetical Propert...
After months of record rental price cuts and unprecedented compromises by commercial property owners in New York City, some metrics suggest that a rebound is in order. However, signs of rising demand remain balanced by opposing factors. Ongoing uncertainty regarding coronavirus and the recent ex...
Coronavirus has changed the way many people live, particularly in large cities like New York. City dwellers who had tolerated small, tight spaces suddenly found those same spaces intolerable as the places, activities, and workplaces that made city life necessary and fun went dormant. Working fro...
The Predicted Demise of Big City Living The COVID-19 pandemic caused many people to move out of big cities such as New York City and led to one comedy club owner claiming that “New York City is Dead Forever.” Employees started to work more from home, companies moved out of their office spaces, a...
Google's Big Investment The tech giant Google recently announced they are buying a massive office building on the Hudson River for $2.1 billion. This is not only one of the highest prices paid for a building in the United States in recent years, it has also given a boost to the New York real est...
What Is Causing the Current Hot Streak In Q2 2021, the median resale price for a Manhattan apartment reached almost $1 million, the highest it's ever been. During this time, average sales prices increased by 12% to nearly $2 million. In taking advantage of lower prices, families are looking to ...
The Supreme Court Allows Evictions Again In a 6-3 decision, the Supreme Court recently ruled to end the eviction moratorium initially put in place by the Centers for Disease Control and Prevention (CDC). The CDC put the eviction moratorium in place in response to the COVID-19 pandemic to curb th...
It should come as no surprise that home prices in the U.S. remain higher than they were a year ago. According to Realtor.com, the median cost to purchase a house, $380,000, represents a 9% increase over prices from August 2020. Naturally, it's also quite a jump from 2019's numbers, when the media...
Current Industrial Real Estate Rental Trends in New York New York City real estate has seen an increase in demand and prices in residential and commercial markets over the recent quarter, and industrial real estate appears to be on a similar positive track. In Q2 2021, leasing activity rose to 5...
What is Inflation? Inflation refers to the simultaneous decrease in buying power and the increase in prices for common necessities such as food, clothing, and housing. Put more simply, the buying power of a dollar decreases when there is inflation. Inflation typically occurs when there is an inc...
Vaccines Facilitate Office Returns Dow Jones & Company's news magazine Barron's, a particularly prominent financial media outlet, sees New York City's office market heating up. The Barron's story indicates that Goldman Sachs recommends that its clients buy call options on real estate investment ...
Pre-Covid, Chinese buyers topped the list as the most profitable international source for foreign home purchases in the United States. In fact, Chinese real estate buyers spent $11.5 billion on New York City home purchases in 2019 alone. Post-Covid, those numbers are waning. In 2021, China droppe...
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