In 2023, the North Manhattan multifamily real estate market continued to face significant challenges, primarily driven by the lingering effects of HSTPA and higher interest rates. These factors spurred caution among property investors, leading many to adopt a wait-and-see approach.
By Magal Gabay, Investment Sales Associate As a resident of McGuinness Boulevard and being a new father, I get to walk around the neighborhood quite often. During the past few months, anyone who walks in Greenpoint couldn’t miss the signs supporting and opposing the new plan to redesign McGuinness Blvd. The new plan offers that from Calyer Street to the Pulaski Bridge there will still be two lanes...
Local Law 97 is one of the most ambitious plans for reducing emissions in the nation. Local Law 97 was included in the Climate Mobilization Act, passed by the City Council in April 2019 as part of then mayor De Blasio’s NYC Green New Deal.
New York City’s hotel industry contends with a unique quandary in its post-pandemic resurgence. Over 140 city hotels are doubling as migrant accommodations, especially in the certain neighborhoods in the boroughs. This is limiting inventory availability and inadvertently boosting property values.
The scaffolding that surrounds your current office or apartment building seems like an everlasting nuisance. New Yorkers are fed up with the amount of time scaffolding stays up. Some buildings have been plagued by scaffolding for over a decade.
Winter is here, and Mother Nature isn’t messing around so far. Building owners should take precautionary steps to avoid DOB violations and building maintenance issues.
By Ron Cohen NYREJ, Tuesday, November 26, 2013 Having worked at The Besen Group in the area for nearly a decade and watching it quietly emerge as a destination, I was intrigued to have a firmer grasp on a few details worth knowing. Starting with: what are the exact neighborhood boundaries? What’s backstory to this area? The buzz surrounding the neighborhood now known as NoMad (North of Madison Square...
On January 21st , 2020, the Centers for Disease Control and Prevention (CDC) confirmed the first United States Coronavirus case, which turned into a life-altering crisis followed by global air travel bans, government restrictions and city lockdowns. It was also the start of the U.S. lodging industry’s rude awakening to unprecedented market conditions and an all-time low in occupancy rates, ADR and...
We are presently witnessing the longest uninterrupted economic growth in modern history, with the hotel industry now 114 months into an expansion cycle. There are growing concerns of geopolitical issues and the risk of impending recession, though New York is still largely considered the center of the universe for the hotel sector. According to the third quarter construction pipeline trend report published...
In addition to an awkward elbow bump greeting, for most of us teleconferenced meetings have recently become the norm. At Besen, the partners have two to three Zoom calls weekly, and divisional teams meet fully twice a week. Nearly everyone at the firm is still constantly texting and e-mailing. We are all making our best efforts to conduct business as usual in a parallel universe. We’re virtually normal,...