Vacant Storefronts Proliferate, And It’s No Easier To Identify Owners
Taking a walk along Third Avenue in the 80s and 90s near his home, City Councilman Ben Kallos points to one empty storefront after another and recalls some of his favorite Upper East Side shops and restaurants.
During Schack's 25th REIT Symposium, Debra Cafaro, Hamid Moghadam, Barry Sternlicht and Sam Zell offered thought-provoking insights on today’s most pressing topics: prospects for the economy, the impact of the pandemic, and what’s ahead for major asset categories.
A company that does not implement a diversity program with real initiatives and real results will soon find itself unable to compete. The real estate and construction industries are notoriously resistant to change, but that is finally shifting on many fronts.
New York City Real Estate Industry Escaped Huge Job Losses
New York City real estate avoided some of the deepest cuts seen during a year of record job losses across most industries. Despite challenges like a temporary ban on in-person property showings and the spring shutdown’s outsized damage to retail and hospitality, the city’s real estate job cuts were mild compared to its broader workforce.
Commercial real estate firms are taking key steps to tackle diversity initiatives, but many more forward strides are needed in order to bring the industry up to the standards of other professional business fields.
Black Former NFL Athlete Joins Elite Club of New York City Property Developers
“Black developers and minority developers are significantly under-represented in the real estate community,” said Sam Chandan, the dean of the Schack Institute at New York University, who has been a champion for greater diversity in the industry.
CRE Gets Its Ducks And Dollars In A Row For Crucial Mayoral Run
New York City real estate players are sharpening their focus on the crowded mayoral race, looking where to throw their support — and their money — in a year when the industry is facing unprecedented threats.
Long A New York Real Estate Mainstay, LLCs Lose Their Anonymity
On January 1st, Congress passed a measure to end the secrecy around shell companies that has fueled a boom in high-priced New York condominiums. The new law could discourage the flow of international capital into Manhattan real estate, while giving investigators powerful new tools to detect money laundering and other financial crimes.
New York Exodus Created a ‘Suburban Dream on Steroids’— But Will It Last?
As growing demand for suburban living pushes up property prices and new arrivals confront its drawbacks — from isolation and higher property taxes to threatened commuter rail services — the boom in suburban home sales shows signs of slowing.
The Pandemic Could Do Permanent Damage To Hotel, Retail CMBS Markets
The coronavirus pandemic has decimated retail and hospitality buildings’ cash flows and thus their owners’ ability to pay back their loans. Commercial mortgage-backed securities backed by retail and hotel properties have gone delinquent and been sent to special servicing this year at a higher rate than ever before.
Mortgage Lenders Tighten Screws on NYC Home Buyers
The hurdles to accessing financing for the few homebuyers seeking to purchase in New York City is a gut punch to the city’s depressed housing market — that reveals institutional uncertainty and a lack of confidence in the city’s future, according to experts and industry insiders. The biggest concerns center on declining property values, potential new taxes and rising unemployment.
In the Pandemic, the Low-Rise is the New High-Rise
The skyscraper, the iconic urban office tower, still captivates by offering jaw-dropping views and the thrill of hovering in the clouds. But in the pandemic, the groundscraper — a building as horizontal as a skyscraper is vertical — has been grabbing attention.
Protections Lapse For The Nation’s Most Vulnerable Renters, Imperiling Their Small Landlords As Well
Political deadlock has stymied attempts to renew measures shielding millions of low-income and unemployed renters from housing insecurity and potential eviction. It has also dashed hopes of near-term support for the smallest landlords struggling to make mortgage and property tax payments. Staving off a deeper rental crisis depends on targeted assistance for both of these vulnerable groups.
America’s Next Housing Crisis: How The Pandemic Is Pushing Renters To The Brink
As government support fades, the country faces the prospect of a significant housing dislocation that will exact its heaviest toll on income-constrained renters and the small investor-operators who support the workforce and affordable housing markets.