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Google Expected to Buy the St. John’s Terminal Building

Google Expected to Buy the St. John’s Terminal Building

Google is buying the St. John’s terminal building for $2.1 billion which is expected to close in early 2022. The property, on West Houston Street, is across West Street from the Hudson River. This is the largest real estate purchase New York has seen since the...
New York Office Building Value Falls by $29 Billion

New York Office Building Value Falls by $29 Billion

The NY State Comptroller is now predicting NYC will recover by 2025, as the value of New York’s office buildings fell by $29 billion resulting in a $850 million drop in tax revenues. This drop is a 16.6% decline in market value, the first drop in office building...
Lawsuit Filed to Contest New York State’s Eviction Moratorium

Lawsuit Filed to Contest New York State’s Eviction Moratorium

The Rent Stabilization Association, a landlord trade advocacy group, filed a lawsuit in federal court to block New York State’s eviction moratorium.    The US Supreme Court recently struck down most of New York’s prior eviction moratorium. As a...
New Development Begins in DUMBO

New Development Begins in DUMBO

Developer Edward Minskoff began construction on the first new, first-class office development in Brooklyn’s’ Dumbo, showing massive faith in the commercial office market.   Developers are embarking on new projects.  At 343 Madison Avenue, a new office...
Delta Variant Pushes Back the Return to the Office

Delta Variant Pushes Back the Return to the Office

Facebook is now pushing its return to office to January 2022 at the earliest because of the spread of the Delta variant.  Amazon, American Express, McDonald’s, Capital One and Well’s Fargo have followed suit. Facebook has adapted a hybrid model, where...
Is Zoom a Threat to New York’s Commercial Real Estate Market?

Is Zoom a Threat to New York’s Commercial Real Estate Market?

Will Zoom put New York City’s economy on ice? It is clear workplaces are adopting a hybrid model, allowing remote work, cutting back on the need for office space. Office vacancies in Midtown and the Financial District, New York’s most commercial areas...