NYC Commercial Real Estate Advisors-NYCCREA

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The multifamily real estate sector in the U.S. has been experiencing an energetic year. During the third quarter of 2024, the U.S. economy absorbed 138,000 apartment units (the fourth-highest level on record), showcasing a strong demand driven by robust international migration and a stable labor market. This makes multifamily housing one of the most resilient sectors in the real estate market. In New York City, a hub for multifamily investment, these national trends are mirrored, with increased demand for rental units offering new opportunities and challenges for investors and developers. READ: https://lnkd.in/egnyefZa --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

Today's Did You Know in Commercial Real Estate Floor Area Ratio (FAR) is a crucial metric in urban planning and real estate development. It quantifies the relationship between a building's total floor area and the land area it occupies. Essentially, it measures how much building can be constructed on a specific parcel of land. It is typically calculated by dividing the total square footage of the building by the land area in square feet. For example, if a 20,000-square-foot building is built on a 10,000-square-foot lot, the FAR is 2.0. Why is FAR Important? 1. Controls Density By limiting FAR, cities can regulate the density of buildings and the number of people a certain area can accommodate. 2. Influences Building Height A higher FAR often allows for taller buildings, while a lower FAR encourages lower-rise development. 3. Impacts Land Use FAR can be used to encourage specific types of development, such as mixed-use or residential, by setting different FAR limits for different zoning districts. --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

New York City is on the verge of a significant zoning overhaul, aiming to address its housing crisis. The City Planning Commission has approved the "City of Yes" for Housing Opportunity proposal, which seeks to relax outdated and restrictive zoning regulations. This move is expected to facilitate the construction of up to 108,850 new housing units over the next 15 years. Key changes include lifting parking mandates, allowing for denser housing near transit and commercial corridors, legalizing accessory dwelling units, and easing office-to-residential conversions. While the proposal faces opposition from some lower-density neighborhoods, it is seen as a crucial step towards increasing housing supply and affordability in the city. READ: https://lnkd.in/eb2NHe_X --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

In a significant move that highlights Tesla’s continued expansion and strategic real estate acquisitions, the electric vehicle company of world’s richest man Elon Musk has secured a substantial lease at 30-02 Whitestone Expressway in College Point, Queens. This is according to an industrial report from global real estate services firm JLL. Occupying 150,000 square feet of what was formerly a Toys-R-Us, Party City, and the College Point Multiplex, the site marks a notable footprint for Tesla in the New York City borough. READ: https://lnkd.in/e8XdKxNt --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

The Manhattan office market has witnessed resilience in leasing activity in 2024, positioning it to surpass the entire leasing volume of 2023 well before the year’s end. A notable increase in new leases and renewals, particularly in high-quality Class A properties, has driven this surge. This growth comes amid a wider context of economic uncertainty, including fluctuating employment trends and an overall softening in office-using job sectors in Q3 2024. READ: https://lnkd.in/eBz6R3vS --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

Today's Did You Know in Commercial Real Estate Concessions in commercial real estate are strategic incentives offered by landlords to attract tenants, particularly in challenging market conditions. They are a tool to fill vacant spaces and maintain property value. To secure a tenant when vacancy is high in a market or submarket, a landlord may need to grant concessions in the lease. Those concessions most often take the form of free rent but may also include lease buyouts, moving allowances, and above-market tenant improvement allowances. Common Types of Concessions: 1. Free Rent Periods A period during the lease term where the tenant does not pay rent 2. Tenant Improvement Allowances A sum of money provided by the landlord to the tenant to customize the leased space to suit their specific needs 3. Lease Buyouts The landlord pays a lump sum to the tenant to terminate a lease early 4. Moving Allowances A financial incentive provided to the tenant to cover expenses related to relocating their business to the new space 5. Reduced Rent Escalations A lower rate of increase in rent over the lease term By strategically employing concessions, landlords can enhance their property's appeal, attract desirable tenants, and maintain a steady income stream, even in challenging market conditions. --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

Electric vehicle manufacturer Tesla recently acquired a 40,037-square-foot parking lot in Maspeth, Queens, from realtor Adam Gordon’s Wildflower for $18 million, intending to develop it into an electric vehicle charging station. Tesla purchased the site through its subsidiary, Tesla US Property Holdings, with the deal finalized on August 16, 2024. Wildflower, a real estate developer with an extensive presence in Queens, has been involved in several notable projects, including the College Point Logistics Center and a large film studio in Astoria, co-owned by actor Robert De Niro. This transaction follows Tesla's recent workforce reduction and aims to expand its charging infrastructure in New York City. READ: https://lnkd.in/d8BVqGT3 --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

New York City’s new 485-x and 467-m tax incentives are a fresh push to boost affordable housing and repurpose unused office spaces. By offering long-term tax breaks, the programs aim to fill pressing housing needs while adapting outdated commercial real estate for modern use. Though promising, they introduce new challenges for developers around affordability and compliance, shaping an ambitious path forward for the city’s evolving landscape. READ: https://lnkd.in/e-TduYKj --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor

Today's Did You Know in Commercial Real Estate An ASSEMBLAGE is the process of combining two or more adjacent parcels of land into one larger parcel. The goal of assemblage is to create a single parcel that has the highest and best use, and is more valuable than the sum of its parts. An example is a mixed-use development where multiple properties are assembled together, such as office buildings, retail spaces, and residential units, which can attract a wider range of tenants and generate higher rental income. --- LEARN MORE: www.nyccrea.com FOLLOW US: Facebook: https://lnkd.in/gqGzQetJ Instagram: https://lnkd.in/gCX3yNkw LinkedIn: https://lnkd.in/ghpstcR8 #NYCCREA #NewYork #CommercialRealEstate #Leased #Sold #DouglasEllimanCommercial #DouglasElliman #DouglasEllimanNewYork #LlorensNakos #Llorens_NYCCREA #AndreasNakosRealtor