The KNOG

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...

  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, 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...

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...

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...

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...

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...

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...

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...

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...

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...

The freedom to work from home has created the opportunity to foster deeper relationships with those closest to the employee—family, neighbors, friends, etc.  Instead of forming a close bond with a boss or co-worker, the employee is free to choose with whom they...

As Amazon looks to locate new warehouses in many mall anchor locations like J.C. Penny and Sears, questions and concerns are abundant.    Amazon desires to be closer to its ever-increasing number of Amazon Prime members demanded by two-day shipping. Malls in...

WeWork has officially launched a new app that allows users to book office space by the hour. WeWork's Global Head of Marketing, Pradhdeep Singh, believes employers will allow employees to work remotely on an as needed basis; WeWork is trying to accommodate their...