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The KNOG

Economic Recovery for New York Lingers

Economic Recovery for New York Lingers

Covid-19 changed patterns of work and travel in New York City. The result of which is New York’s economic recovery lags the rest of the country. In New York, only half of the jobs lost due to the pandemic were restored. This is in part to New York’s dependence on...

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Proptech Changing the Way Construction is Done

Proptech Changing the Way Construction is Done

The New York City Economic Development Corporation is encouraging proposals from the property technology industry to help make buildings more energy efficient and environmentally sustainable.   The Mayor's office for Sustainability along with the New York City Housing...

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Manhattan Tenants Head to the Outer Boroughs

Manhattan Tenants Head to the Outer Boroughs

Early stage investment firm, Left Lane Capital, is leaving Manhattan for Brooklyn.  The firm just signed a lease at Ten Grand in Williamsburg. They are leaving TF Cornerstone's 152 W 57th St.   Other tenants also leaving Manhattan for Williamsburg's Ten Grand...

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Hotels Begin to Re-emerge

Hotels Begin to Re-emerge

New York hotel occupancy has “soared” to 65.4% as of March 21st - one of the highest occupancy rates we've seen since the pandemic began. There is one disclaimer however - these calculations are coming in from a reduced base of inventory.   A representative...

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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...

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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...

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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...

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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...

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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...

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“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...

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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...

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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...

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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...

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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...

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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...

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