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The KNOG

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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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...

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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...

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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...

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141 East 47th St Undergoing Excavation

141 East 47th St Undergoing Excavation

141 East 47th Street is currently undergoing excavation, a bustling sign for what may come for Midtown - more residencies? The building was originally going to be 49 stories based on a 2018 report; it will now be 35 stories and contain 200 apartment units. The...

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Contents of Empty Malls Being Auctioned Off

Contents of Empty Malls Being Auctioned Off

Public auctioning of the contents of closed shopping malls are becoming more common as malls close permanently. The Metrocenter, a mall based in Phoenix, which closed in June had its contents auctioned off.  Mall directories, fire extinguishers, mannequins, and the...

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The New “Office to Self-Storage” App, Neighbor

The New “Office to Self-Storage” App, Neighbor

The new “BIG IDEA” in real estate is Neighbor, the office to self-storage app.  The company is inviting commercial property owners to list their empty office space as self-storage on Neighbor's platform.  According to the company, It is an alternative revenue source...

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2020 Sees High Number of Bankruptcies

2020 Sees High Number of Bankruptcies

New Generation Research provides corporate bankruptcy data and that research is suggesting that 2020 will see more bankruptcies than previously in our lifetime.  So far, Hertz rental cars was the largest Chapter 11 bankruptcy filing so far this year.   The...

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Proposal to Convert Midtown Offices to Residences

Proposal to Convert Midtown Offices to Residences

14% of office space in Midtown Manhattan is vacant. Many office workers are working remotely.   Scott Rechler, chief executive of RXR Realty believes remote work is here to stay.  As a result, RXR is proposing that the state and city make it easier for developers...

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Happy Holidays!

Happy Holidays!

Dear Friends, We do not have to remind you of the challenges of 2020 (which we just did), but we do want to thank all of our readers and those who took the time to comment on our Knowledge Blog—the KNOG! First, we would like to wish you a Merry Christmas, Happy...

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