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,...
Land use is arguably one of the most critical issues for the effective planning and development of our fair city. There are various rezoning initiatives that have recently passed to foster growth in neighborhoods such as Inwood, East Harlem, Jerome Avenue (Bronx), and East New York. Here are four key updates from most recently available data on the state of land use in New York City, from NYU Furman...
The refrain of doomsday headlines is endless: “Retail Is Dead,” “Inside The Retail Apocalypse,” “Is Retail Coming Back From The Dead?” “The Retail Bloodbath Continues” and our favorite, “Retail Is F*cked.” To be sure, brick-and-mortar retail is in the throes of a seismic shift fueled by the rise of e-commerce and the changing needs of modern shoppers who demand a fresh experience —...