NYC office landlords are anxious to see if this year’s property tax bills will finally reflect current market conditions. They’re filing annual appeals on their Tax Assessments, hoping for adjustments. Commercial property assessments keep rising, even though market values are dropping and many offices remain empty due to more people working from home. This year, […]
Read more...Category: Commercial Real Estate Transactions
Appraisal of Commercial Real Estate
Valuing commercial real estate is essential for anyone involved in buying, selling, or investing in properties. This blog will simplify some key concepts in appraisal methods to help accurately evaluate commercial property values. Key Terms to Know: Valuation Approaches Explained: Valuing commercial real estate involves various factors and methods. The optimal approach depends on the […]
Read more...Bank Loans for Office Buildings Struggle
Remote work offers employees more freedom with less time spent in offices and commuting. However, landlords and lenders are facing challenges as office buildings sit empty, leading to less bank loans and potential financial strains. The commercial real estate market, valued at $20 trillion, has been feeling the impact for years, accelerated by the shift […]
Read more...Converting Offices into Residences in NYC is Challenging
Office buildings are under pressure as remote work becomes more prevalent. McKinsey forecasts an $800 billion decrease in their value over the next decade, particularly in cities like New York. While converting these spaces into apartments might seem like a logical step, the reality is far more complex. Analysts outline the obstacles: strict zoning laws […]
Read more...Artificial Intelligence in Retail Stores
In the digital realm, online retailers can gather extensive data on every visitor to their virtual stores through artificial intelligence. In contrast, brick-and-mortar retailers have limited means to discern their customers’ preferences, often resulting in missteps. Let’s examine a prominent illustration of this phenomenon: Retailers frequently employ “buy-one-get-one-free” promotions to encourage consumers to purchase more. […]
Read more...Vacant Office Space Threatens NYC Economy
New York City, a hub of commerce and innovation, has long been synonymous with bustling office spaces and iconic skyscrapers. However, the COVID-19 pandemic and the subsequent rise of remote work have significantly impacted the utilization of office spaces in the city. This blog post explores the evolving dynamics of vacant office space in the […]
Read more...Bank Failures – What Happens if My Landlord Goes Bankrupt?
There have been a couple of bank failures recently, and some are uncomfortable signs that the banking system is under stress. Nothing too much more may happen, but attention to the ongoing trends is warranted. There is a connection between bank failures and commercial leasing only because most real estate properties are purchased with significant […]
Read more...NY Businesses: Should I Buy a Commercial Condominium?
Whether to purchase a commercial condominium for your business, as opposed to buying a fee simple parcel of land or building, is a business decision rather than a legal one. But, if you are considering purchasing a commercial condominium for your New York business, some legal issues should be considered. In this article provided by […]
Read more...Office-to-Residential Conversions-what you need to know
Over the last couple of years, there has been a continuing stream of media articles discussing legal and industry trends concerning the conversion of office buildings into residential buildings. For example, in November 2021, Politico ran an expansive, detailed, and interesting article on office-to-residential conversions called “Cities with empty offices see new room to expand […]
Read more...Lease vs. License -Glenn Wright to be Speaker at Upcoming Seminar
I am pleased to announce that I will speak in an upcoming Strafford live video webinar, “Lease vs. License: Short-Term Property Use, Access, and Exclusive Control, Termination, Remedies,” scheduled for Thursday, April 21, 1:00 pm-2:30 pm EDT. Landlord attorneys have either overlooked or been too cautious about suggesting license agreements to their clients. Currently, real estate license agreements […]
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