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Proposed Conversion of Commercial Space to Residencies

Proposed Conversion of Commercial Space to Residencies

Governor Cuomo is proposing to create regulations to allow the conversion of vacant commercial and hotel space in Midtown Manhattan into housing. The legislation would create a 5 year period in which owners of the buildings will be able to convert the use of their...
Adaptable Properties Hold Value

Adaptable Properties Hold Value

Property sites which can easily adapt to change are much more likely to last over the long haul. Property design which can accommodate future use will reduce redevelopment cost and increase property value.   Several case studies are listed by Bohler – one...
Lender Behind Hilton Times Square Negotiates Agreement

Lender Behind Hilton Times Square Negotiates Agreement

  The lender (Bank of America) behind the loan of the Hilton Times Square is currently negotiating an agreement with the borrower involving a deed-in-lieu of foreclosure.    As a result of the pandemic, the Hilton Times Square was seeing below 5% occupancy...
Dunkin Donuts Lets Go of Retail Locations in 2020

Dunkin Donuts Lets Go of Retail Locations in 2020

Dunkin Donuts, the largest chain in the city, has less stores in 2020.    This is a perfect snapshot of the larger picture for retail and the challenges presented by Covid-19.  Dunkin Donuts isn’t the only retail chain to lose stores this year. Starbucks,...
Senior Housing Program, PFASH, Will Stop Accepting Applications

Senior Housing Program, PFASH, Will Stop Accepting Applications

The Department of Housing Preservation and Development will stop accepting applications for its Privately Financed Affordable Senior Housing program, known as PFASH. Under this program, developers are allowed to increase the scale of a project that sets aside a...
New York City Landlord Faces Eviction

New York City Landlord Faces Eviction

David Howson, a New York City landlord is facing eviction as tenants living in his Harlem building are refusing to pay rent. He is out more than $40,000 in missed rent payments. New legislation being passed will delay the tenants being held responsible for rent...