646-312-6800 grace@gegrace.com

The KNOG

Empty Retail Space Flourishes

Empty Retail Space Flourishes

In Manhattan, empty retail space is flourishing as the once bustling streets of office employees dwindle.   Rent reductions offered by landlords is sustaining many retailers. But, how long can this continue? Many retailers are not making ends meet even with...

read more
Flexible Office Life Prevails

Flexible Office Life Prevails

Commercial brokers are doing everything they can to get employees back to the office. Zoom tours, embracing the idea of flexible workspace - subletting, flexible leases, and making the office a desirable place to be.   Bruce Mosler, chair of global brokerage for...

read more
Freshly Signs 12.5 Year Lease

Freshly Signs 12.5 Year Lease

Freshly, the prepared meal delivery service, has moved its offices to 28 East 28th street. The company acquired 92,000 square feet of space for a 12.5 year period. Freshly plans to move into the space in the summer of 2021. Freshly is owned by Nestle. Companies that...

read more
WeWork Exits Manhattan Locations

WeWork Exits Manhattan Locations

WeWork has exited several leases across Manhattan including locations in Midtown, the Meatpacking District, and Soho. CEO Sandeep Mathrani told Reuters that WeWork is "completely on track" to turn a profit by the year's end. WeWork's board is in discussion regarding...

read more
Speedy Distribution of Covid-19 Vaccine is Essential

Speedy Distribution of Covid-19 Vaccine is Essential

Real estate experts agree the speedy distribution of the Covid-19 vaccine is essential for commercial real estate and the economic recovery of the city. Without a vaccine employers will be hesitant to bring back employees, leaving the city in its empty shell state...

read more
“Unleasing” with Jeffrey Margolis, Real Estate Attorney

“Unleasing” with Jeffrey Margolis, Real Estate Attorney

Jeffrey Margolis, New York real estate attorney, has been busy with "unleasing". Many tenants are rethinking their real estate space situation as the pandemic persists. There are some solutions to help tenants. It is imperative to contact a real estate expert to help...

read more
E-commerce Firms Acquire Warehouse Space

E-commerce Firms Acquire Warehouse Space

According to a CBRE report, industrial space has had a robust 2020. E-commerce firms have grown due to the pandemic. Firms acquired New York's most desirable warehouse space. The third quarter of 2020 saw a 71% increase in the signing of industrial space compared to...

read more
Co-Working Spaces Projected to be in High Demand

Co-Working Spaces Projected to be in High Demand

Although co-working spaces have had a rough year during the pandemic, there is light at the end of the tunnel. JLL  predicts flex options will compromise 30% of the office market by 2030.    This is due to increased demand for flexible options by large...

read more
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...

read more
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 example...

read more
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...

read more
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, Metro...

read more
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 - up...

read more
Evictions and Foreclosures Further Delayed

Evictions and Foreclosures Further Delayed

Governor Cuomo signed a bill into law allowing renters and homeowners to delay evictions and foreclosure proceedings until May 2021 if they can demonstrate financial hardship caused by the pandemic. All renters and homeowners have to do is fill out a "standardized...

read more