JLL Sells Bruckner Building in the Bronx for $65 Million
ZG Capital Partners acquired the commercial loft building in the Bronx for $65 million from a partnership between Savanna and Hornig Capital Partners. The 188,000-square-foot waterfront building is located at 2417 Third Avenue in Mott Haven. JLL represented the seller. The eight-story Bruckner Building was built in 1928. It underwent a comprehensive renovation in 2016,…
If Glass Facades are Out, What Will NYC Skyscrapers Use?
Building designs change rapidly, with materials going in and out of fashion all the time. However, glass has been a steady favorite for facades due to its elegance and low cost. But, comments late last year by New York City Mayor Bill De Blasio regarding the banning of “glass and steel skyscrapers” have sparked conversations…
At Almost $4 Million,Hudson Yards Surpasses Tribeca As NYC’s Priciest Neighborhood
Hudson Yards’ nearly $4 million price put Tribeca squarely in second place. pushing SoHo to third.
Legal Agreements to Protect Landlords
NYC-based boutique law firm Pardalis & Nohavicka brings the latest legal updates from the world of real estate to PropertyShark. Pardalis & Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions, currently litigating and representing clients throughout the United States and around the world. When a landlord looks to make…
Top 50 Most Expensive Zip Codes in New England
Key Takeaways: After releasing our traditional year-end report of the 100 most expensive zip codes in the U.S., we were curious about the 50 priciest New England zip codes in 2019. After all, the region placed seven zip codes among the 100 most expensive in the U.S. – including 02199 in Boston, the #6 most expensive zip code…
Central Business Districts vs. Urban vs. Suburban: Breaking Down 10 Years of Office Expansion in the US
Between 2008 and 2018, the U.S. expanded its office footprint by 682 million square feet, 370 million of which have been added in the top 20 markets. Using data from Yardi Matrix, a recent COMMERCIALCafé study looked closely at where this space was added—urban areas, suburban areas or central business districts (CBDs). The findings highlight…
New York: The Most Popular Place to Live for Baby Boomers
While the suburbs are usually known for their family-friendly environment, they are not the preferred living option for Baby Boomers. In fact, according to a study by RENTCafé, New York challenges sunny locations for the title of the most popular place to live for Baby Boomers. Reviewing the zip codes with the largest Baby Boomer…
Four California Cities Have Some of the Highest Shares of Renters Over 60 in the Top 30 Largest U.S. Cities
While many seniors still choose to own a home rather than rent it, there are still some who find renting the more comfortable option. A study by RENTCafé shows that renter households over 60 have increased considerably between 2007 and 2017, outpacing owner households and rising faster than other age groups. Specifically, among the top…
What are Office Building Classes?
Office building classes help commercial real estate investors, tenants, and brokers compare properties in the same market, which helps justify asking rents and asset pricing. Office buildings may be classified as Class A, Class B, or Class C. In addition, investment, institutional and speculative are three designations used when comparing office buildings among several metropolitan…
Working from Home or Staying in the Office?
With email and chat, video conferences and whiteboards, a growing freelance workforce, and countless cloud-based collaboration tools, it’s easy to conclude that working from home leads to higher productivity. But, is this really the case? If working from home is more productive, then why don’t companies just get rid of their office spaces and save…
Top Tech Companies Taking Manhattan Office Space in 2019
Tech companies are seemingly everywhere gobbling up major chunks of office space, especially in NYC’s most densely populated borough, Manhattan. Some of the companies making the largest impact are Amazon, Google, Facebook, Adobe, and LinkedIn. Amazon In February, Amazon walked away from plans to build its second corporate headquarters in Long Island City, Queens. The…
Why Landlords Should Consider Continuous Operations Clauses
NYC-based boutique law firm Pardalis & Nohavicka brings the latest legal updates from the world of real estate to PropertyShark. Pardalis & Nohavicka handles an eclectic array of matters, representing individuals and business owners in civil litigation, criminal cases and business transactions, currently litigating and representing clients throughout the United States and around the world. With the holiday season in full…
Top 5 US Cities for Self-Storage Facility Construction Right Now
The self-storage industry has been experiencing declining street rates in recent times, but there remains an enthusiasm for building storage facilities. With investors still seeing the industry as a good and stable option, it is therefore not surprising that in some parts of the country there are many self-storage projects in the pipeline, either in the construction or the planning…
Brooklyn Property Worth Nearly $3 Million Heads to Auction with $234K Lien
A 5,734-square-foot, two-family brick property located in Borough Park, Brooklyn, is scheduled for auction on December 19, 2019, with a lien of $234,061. The auction will take place at 2:30 p.m. at 360 Adams Street in Brooklyn, New York. The property at 1372 56th Street was purchased by the current owners in January 1988. In…
Yardi Matrix Special Report: Coworking Grows Steadily, NYC Leads the Way
In October, Yardi Matrix released its latest special report, “Shared Space: Coworking’s Rapid Growth Set to be Tested.” According to the findings, the coworking segment continued its growth in 2019, despite industry headlines being dominated by the struggles of The We Company. However, this rapid expansion is set to be put to the test in…
The Different Types Of Office Leases
Commercial office space is normally leased for terms of 5, 10, 15 years, and sometimes more. So, it’s important for business owners to understand the terms and conditions—and the potentially hidden costs and restrictions—of the lease before signing on the dotted line, and keep them in mind when looking for space. In this article we…
Top 25 Most Expensive Chicago Area Zip Codes in 2019
Key Takeaways: Kenilworth’s 60043 leads as the only zip with a median greater than $1 million. Chicago’s priciest zip code is The Loop’s 60603 at $570,000. The North Shore is home to six of the 10 most expensive zip codes in the Chicago area. City of Chicago ranks 12 zips among the area’s top 25…
Auction Rescheduled for Two-Family Property in Queens
A 1,536-square-foot, 2.5-story property built in 1930 heads to auction on December 20, 2019, with a lien of less than $550,000. The auction will take place at 10:30 a.m. at 8811 Sutphin Boulevard, Court Room 25 in Queens, New York. The property at 2220 146th Street, Whitestone, Queens, is a single-family house converted to a…
Three NYC Coworking Spaces with 24/7 Access
The growth that coworking space has seen in recent years goes hand-in-hand with the expansion of the gig economy. However, a coworking space needs to have the proper tools in order to provide service around the clock. For example, Yardi Kube — the most powerful coworking management software on the market — offers features such as automated…
San Francisco and Bay Area Office Report Q3 2019: Sales Volumes Set Multi-Year Highs As Lease Rates Rise
Key Takeaways: 18 major office projects were completed in Q3 with 15 more expected by year-end Sales volume sets a 5-year record at nearly $2.7 billion in San Francisco Sales volume in the Bay Area set a multi-year high of more than $2.9 billion Lease rates continue trending upward with trophy vacancies in San Francisco…
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