COMMERCIAL REAL ESTATE
December 24, 2020
Would anyone like to discus a hypothetical wherein like properties should have across the board rate of return to owners of rental property? The government could issue an insurance vehicle and subsidize the difference in the market with rates based on median income but rental rates based on actual income for any tenant. Could this solve the property problems, inequality and homelessness in New York? There were 58,089 homeless in New York in July 2020, up 133% from 2010.
This just popped in my head as I'm reading about New York City's homeless situation from the point of view of three different lawyers in a Best Lawyers guide (best lawyers.com) enclosed in the Times. I agree with Alan S. Weil of Sidley Austin, who when asked, "What factors contribute to homelessness?", replied, "Just to name a few factors: income disparity and systemic racism. Lack of educational programs supporting job training. Lack of proper attention to mental health support and drug- and alcohol-abuse rehabilitation" I also agree with William W. Keisner of Tarter Krinsky & Drogin's suggestion to decrease the rate of homelessness, "Rezoning to allow higher-density housing which should eventually lead to lower rental costs."
There have been several positive rezonings in prior years that allow for new use, but no one has used all of the space as its' new designation. There is much waste in the city where the highest and best use of a property is not being realized.
As a commercial broker in support of these two sentiments, I believe that it comes down to having a business community that fulfills the needs touched upon, private entities willing to take ownership of the needed services. We have to look around to see where it is working, locally and even internationally. New York can only get better.
December 22, 2020
What is happening right now in NYC Commercial Real Estate? Right? Who knows? I know that I see opportunity where there is change. Right now Brooklyn has been dealt an enormous economic blow due to quarantine that started in March 2020. Covid babies are just starting to be born this month and we need to pull up our bootstraps and figure out the future for generations to come. It's time to dig in. I see the vacancies. I see the spaces that are still shuttered. I will try my best to get a finger on the pulse of what industries are being born and thriving, and to help those that won't last gracefully exit. Lets look forward.
Congratulations to Williamsburg's own Medly growing from a. little pharmacy on Graham to a same day delivery service now occupying 30,000 on Debevoise and Cook. Just wait Erik Valenzuela, Medly’s vice president of retail development - I will be reaching out soon!
"The three-year-old startup has experienced rapid growth over the course of this year, as the COVID pandemic spurred further adoption of digital services, telehealth and delivery of a variety of goods. The startup closed a $100 million Series B round in June, co-led by Volition Capital and Greycroft." via the Commercial Observer.
I have my own eyes set on 545 Broadway in Brooklyn, not far from Medly's new space, where a 60,000sf stand alone building lays vacant. I want to breathe life into this space, working together with Vincent at Tri State Commercial. I have just started putting feelers out to those I deem interested parties. I live in the neighborhood and have been waiting for the opportunity to re-tenant this property!