Time Out – a guide to the best art and entertainment, food and drink, attractions, hotels and things to do in the world's greatest cities, has chosen Brooklyn'sFlatbush / Little Caribbean as the coolest neighborhood in New York City for 2024.
Local editors from around the world considered the candidates by their community and social ventures, access to open and green space and thriving street life. Not only has Flatbush achieved the top spot as the coolest neighborhood in New York City, Time Out's global network of local editors ranked Flatbush as the 17th coolest neighborhood in the world! (out of 38).
According to Time Out's Travel Editor, Grace Beard, “Yes, you'll find some of those international hallmarks of cool. But in every neighborhood on this list there's something you won't find anywhere else.” “When communities fiercely support and rally around their local businesses, even the most eccentric ideas can become a reality. And that, in our eyes, is what makes a neighborhood truly cool.”
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Office Vacancy, Crashing Values Could Boost Residential Conversions
According to a report by Commercial Edge, a Commercial Real Estate data company, “A spoke in discounted sales of office buildings, historically sluggish market for new leases is making office – to residential conversions increasingly viable in the country's largest metropolitan areas.”
New York City's Department of City Planning is proposing a rezoning of East Midtown, a 73 block area surrounding Grand Central Terminal. The rezoning covers the area bound by East 39th Street to the south, East 57th Street to the north, second and third avenues to the east and a line 150 feet east of Fifth Avenue to the west.
East Midtown historically has been one of the most sought after office markets in New York City. The average age of its office buildings is 70 years old. As these older office buildings become less desirable for office tenants, they become more economically attractive for conversion from office to residential.
According to Peter Kolacyznski, a director at Commercial Edge, “With the continued destruction of office values, we believe the total pool for potential conversions into multi family is larger than initially expected.”
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The watchdog group, The Citizens Budget Commission, wants Governor Kathy Hochul to stop a just passed extension of the Industrial and Commercial Tax Abatement Program until a study of the controversial real estate tax subsidy can be completed.
In June the legislative session voted to renew New York City's largest commercial real estate subsidy which gives more than $500M a year in tax breaks for new construction and renovation projects.
ICAP was set to expire in 2025, but at the request of mayor Eric Adams, the legislature extended it for another 4 years.
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Stuyvesant Heights will see a new 5 story residential building located at 376 Vernon Avenue, between Stuyvesant Avenue and Lewis Avenue.
A condominium building is planned to be 55 feet high, 16,977 square feet in size, with 13 residences and an average apartment size of 1,300 square feet. The building will have a cellar, a rear yard and seven open parking spaces.
Hamish Whitefield Architects is the architect of record and YS developers have filed the plans for this project.
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After 20+ years, New York City's largest real estate transaction in size is about to take place.
The City will now control 120 acres of Brooklyn's coastline, from Brooklyn Bridge Park to Red Hook with a plan to develop this land into housing, retail, green space and a modern, environmentally friendly port.
Most of this land is currently controlled by the Port Authority of New York and New Jersey. Past efforts to redevelop the Brooklyn waterfront have failed.
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The Bay, an 8 story, 187,000 square foot, 80 foot tall residential building is wrapping up construction in Coney Island, Brooklyn NY.
The building is located at 2971 Shell Road and was designed by Zproekt Architecture and developed by Rybak Development and Fouerti Realty.
The Bay has 187 rental apartments with one to three bedroom layouts with an average size of 992 square feet. The apartment interiors are by Molly Elizabeth Interior Design.
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Saratoga Casino Holdings; the Chickasaw Nation's business entity, Global Gaming Solutions, and Legends, the Casino's entertainment partner that was founded as a joint venture between the New York Yankees and the Dallas Cowboys have backed Thor Equities, the lead developer of a $3B proposed Coney Island project in Brooklyn, NY.
Called the Coney, the $3B project proposal includes gaming, a 500 room hotel, a 92,000 square foot convention center, 70,000 square feet of retail with a dozen or more restaurants and a 2,500 seat concert venue.
There will also be more than acre of publicly accessible open space. Pedestrian walkways and skybridges would connect new and existing developments and would rise next to the Coney Island subway station for the D, N, F and Q trains.
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Just the thought of building a home from start to finish sounds like a potential nightmare.
Welcome, a Manhattan (NYC) based tech start-up has revolutionized home building with a tech enabled online platform to change the way people buy and personalize their dream home. Sounds too good to be true. Welcome is a tech enabled home building company that promises to get you from your dream home vision to move in with just a few clicks!
What's so rare and surprising is that your price is guaranteed from day one. No overages, no surprises – ever.
This never happens in my 35+ years of experience, brokering residential and commercial real estate transactions. These folks seem to have figured it out.
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Multi-Story / Urban Logistics – The Future of Warehouses
Warehouses, how they are conceived and built is undergoing a revolution in the United States. The vision and design points toward no longer is there a need to have sprawling space on one floor. Multi-Story buildings with docks on more than one level is the future of warehouses. Several such facilities already exist or are in the process of being built.
According to a new report by Leslie Lanne, Senior Managing Director with JLL, 2023 is the 5 year anniversary of multi story warehouse development in the nation. This new category of buildings even has its own name “Urban Logistics”. Amazon has driven some of this growth in the U.S.
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There is another initiative moving forward to help solve the New Yok City's housing crisis. A stretch of the area surrounding Atlantic Avenue could become the model on how to create an inclusive, mixed-use district that creates affordable housing and jobs.
The initiative is called Atlantic Ave Mixed-Use Plan and is a collaboration between Council member Crystal Hudson and the Department of City Planning.
Plans have been put forth for a 33,000 square foot lot located at 962 Pacific Street, which will have new affordable housing with family size apartments, space for light manufacturing uses and a 10,750 square foot early childhood education center.
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Several new residential development projects in Brooklyn, NY amazing Williamsburg neighborhood are moving towards completion now and within the next year. Apparently, the market forces and demand for new residential buildings in this hip neighborhood continues to be strong. 110 North 1st Street, is located between Berry Street and Wythe Avenue.
This project is being designed and developed by EDRE Development with Issac & Stern Architects along with DXA Studio. The 7 story condo building will consist of 38 units, 1 and 2 bedroom units, garden style residences, full floor homes and an exclusive set of penthouses. The general contractor on the project is Target Construction.
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How does an Industrial space developer try to build properties that will last 50 years and beyond? It's not easy to predict what owners and tenants will want in the future. According to Mary Lang, CBRE Investment Management's head of Americas logistics & strategies “ What we are telling all of our clients is you need to be cautious about the older stuff in the logistics environment, because we view the future of logistics similarly to the future of office”.
For example, the properties that are leasing are newer buildings with the best amenities. Lang says “ Industrial will face similar conditions in the future, as changing demands for parking, energy and environmental impact draw potential tenants away from older product”.
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14 homes above $2M went to contract in Brooklyn, NY last week.
Topping the list for the most expensive home to find a buyer was unit 28A at 1 Clinton Street in Brooklyn Heights. The 134 residence building is from Hudson Companies. The residence at 28A is a 2,300 square foot condo with 4 bedrooms and 3 baths,triple exposures, oversized windows, an open kitchen and primary bedroom with a windowed bathroom for an asking price of $4.5M. Building amenities include a terrace, sky lounge, fitness center with a sauna, Yoga and full time staff. The 1 Clinton Street building rises on the site of the former Brooklyn Heights Library.
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The Life Sciences sector in NYC has now enjoyed it's 2nd straight boom year in 2022 with tenants leases for 455,000 square feet. Leasing volume was up 5% from 2021 with 433,000 square feet leased.
Average rent in this sector also broke a record last year at $108.47 per square foot.
Manhattan's West End Labs came to market with very high asking rents. The biggest lease of the year came from King Street Properties 45-18 Court Square West in Long Island City. New York University took 92,000 square feet at the building known as Innolabs. New York University also took the 2nd largest lease of the year for it's School of Medicine with 56,000 square feet at Deerfield Management's 345 Park Avenue South.
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There are several large residential development projects in the works in Brooklyn's NY Gowanus neighborhood. We will highlight 2 of those projects in this blog.
Unfortunately, there are unfinished projects in Gowanus and other Brooklyn neighborhoods that are in jeopardy since the 421a tax abatement expired. The extension of 421a to a 2026 deadline will not be enough time for these projects (which have a significant affordable housing component) to be completed. A further extension of 421a to 2030 is being sought.
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According to Colliers (a leading diversified professional services and investment management company) citing MSCI (Morgan Stanley Capital International – an investment research firm) data, sales of distressed commercial real estate assets will soon spike.
MSCI estimates put the dollar volume of these assets at $2T + of debt maturities due by 2027. Refinancing is no longer the easy and cheap option that it was.
Interest rates are high and the Fed will not be cutting interest rates to provide easing any time soon.
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New York City based Signature Bank, one of the top lenders of commercial real estate loans in NYC was seized by federal regulators on March 12, 2023. This seizure followed the collapse of California based Silvergate Bank on March 8th and Silicon Valley Bank on March 10th.
Signature Bank had approximately $110B in assets and $88B in deposits prior to it's collapse.
Real Estate giant Newmark's Adam Spies, Doug Harmon, Dustin Stolly, Jordan Roeschlaub and Josh Howley, as FDIC representatives are leading the sale.
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Brooklyn investment sales year over year, from 2021 to 2022 saw a 28% increase, reaching just above the $10B mark. Transactions in Brooklyn increased 20% year to year to 1,226 transactions.
The asset classes leading the way were Multi Family and Industrial/Warehouse, with their best year.
Multi Family investors have been shifting their preferences to smaller (fewer than 6 units) free market buildings with no rent stabilization regulations. These transactions accounted for more than 50% of total Multi Family transactions in 2022. Most likely this trend will continue into the future. Investors want value add opportunities.
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For demolitions, Brooklyn,New York leaves the other 4 boroughs far behind.
Data from The Department of Buildings indicate that Brooklyn far outpaces the other boroughs in the number of permits issued for demolitions and the number of building stories to be demolished in each of the 2 last years.
In an analysis by The Real Deal real estate publication, more than 400 demolition permits were approved in Kings County last year. These 400+ demolition
Read more...Low inventories in the 4th quarter of 2022 created bidding wars for residential properties in 10 Brooklyn's neighborhoods, 8 of which are in Kings County Brooklyn, NY!
Half of these transactions went above the asking price, with the highest median asking price of $2.3M in Carroll Gardens, a long time favorite neighborhood for families and single alike. Carroll Gardens topped the list.
Brooklyn sellers couldn't be happier. According to Streeteasy data, Buyers in Brooklyn have limited options now.
Other neighborhoods that experienced bidding wars were Park Slope with 38% of homes that went above the asking price, Boerum Hill 33% and East Flatbush 32%.
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Lendlease, an international property and investment group has partnered with Australia's Aware Super in acquiring an 80% interest, a 2.6 acre, full city block development site located at 1 Java Street on the Greenpoint, Brooklyn, NY, East River waterfront.
The site was purchased for $110.8M from JZ Capital Partners & Stiles Properties, with a minority interest held by members of the former owner.
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Investor/Developers have been land banking development opportunity properties in the Gowanus neighborhood in Brooklyn, NY for decades in the hope that one day in the not too distant future the City Council would approve an area wide rezoning. With the 2004 rezoning of nearby Downtown Brooklyn came a historic boom in residential and commercial development that continues today.
Approximately 1 year ago on November 23rd 2021, the City Council did approve the area wide rezoning of Gowanus in an effort to shape a more positive future for this wonderful Brooklyn neighborhood. One of the many goals of the rezoning was to chip away at the housing shortage crisis we are in and the affordable housing shortage we are facing in New York.
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Real Estate Developers have long been the target of elected officials in New York. Politicians would say they were protecting a neighborhoods character and property values while routinely quashing good projects.
What has changed is a real housing shortage and an affordability crisis. Politicians may not be such fervent critics of the real estate industry much longer if they want those serious housing problems solved.
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On September 24, 2015, we 1st posted a blog regarding Fortis Property Group's purchase of the development opportunity at Long Island College Hospital, after years of legal battles and community dissent.
Fortis purchased the Cobble Hill sites for $240M as part of a deal with State University of New York to acquire the buildings that were previously part of the Long Island College Hospital campus.
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In the luxury residential market, September is a month that Brooklyn, NY Real Estate prefers not to remember.
For homes asking $2M or more, signed contracts last week were just 5 above the lowest week in 2022.
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Brooklyn's waterfront once employed 70,000 people who built warships. Hollywood came to film movies and TV shows, warehouses became luxury condos and eventually e commerce stepped in to transport groceries and consumer goods to New Yorkers during the pandemic.
According to David Lombino, managing director of external affairs at Two Trees Management, a developer “In some ways, it's the last frontier of the waterfront and the potential to generate dense housing in a relatively near term”.
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For profit developers have a history of getting first crack at purchasing and developing NYC owned land.
According to Council member Lincoln Restler, “Public land is a treasure that we need to maximize for truly affordable housing”.
Restler's proposed bill would prevent the city from selling off land to private, for profit developers, unless no qualified non profit group makes an offer. Restler wants things to change here, so that New York City Community Land Trusts and non profit developers get the first crack at securing publicly owned land for truly affordable housing.
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According to a new report by Colliers International, a global commercial real estate firm, New York City's outer borough industrial real estate market, Brooklyn included, continues to show healthy gains during the 2nd quarter of 2022. The average asking rent for industrial space increased 2.5% as demand for space continues. According to Richard Warshauer, senior managing director for Colliers International “the market is robust”.
Brooklyn is divided into two “submarkets” North Brooklyn and South Brooklyn according to the CoStar firm, which provides information, analytics and marketing services to the commercial/industrial property industry. According to information provided by CoStar, the rentable building area (RBA) in North Brooklyn is 45,572,282 square feet distributed amongst 741 buildings. The availability rate is 3.9% and the average asking rent is $27.01 per square foot. The RBA in South Brooklyn is 27,849,718 square feet distributed amongst 340 buildings. The availability rate is 10.4% and the average asking rent is $19.41 per square foot.
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The development team at Greenpoint Manufacturing And Design Center, a non profit industrial developer, have broken ground on an $118M mixed use development named Bridge Rockaway located in Brownsville, Brooklyn NY.
This development is unique in that it will offer 174 affordable apartments, 87 of which will have supportive services and 39,000 square feet of ground floor manufacturing space. The manufacturing space will be available for lease to approximately 10 to 12 local businesses which do light manufacturing.
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This blog is an update to an October 18, 2021 blog about the new condo tower in Dumbo, Olympia Dumbo.
Well, as initially predicted, the numbers don't lie, a record breaker is in the making for Brooklyn's most expensive condo tower.
Developer Fortis Property Group's Olympia Dumbo located at 30 Front Street, while still under construction, so far this year, 18 of this spectacular building's 76 units have gone into contract. The average asking price per square foot is $2,458 or $400 more per square foot than apartments in the pricey Brooklyn Heights, Quay Tower located at 50 Bridge Park Drive, overlooking Brooklyn Bridge Park and Downtown Manhattan on the waterfront.
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Passive houses from the outside look like a normal house. What's inside the house is a whole other story which could be a game changer for the way buildings are constructed across the United States.
Passive houses are built to be so energy efficient they require little outside energy for heating and cooling. Passive houses maintain a constant flow of fresh air ventilation. Amazingly, passive houses can reduce the energy needed for heating and cooling by up to 90%.
Currently, Passive Houses are being built in Brooklyn NY neighborhoods such as Brooklyn Heights, Carroll Gardens and Park Slope.
According to Michael Ingui of Baxt Ingui Architects, a Brooklyn Architecture firm “you would never really know that a lot of homes in Brooklyn Heights, Carroll Gardens and Park Slope are Passive Houses”. Ingui continues
Read more...We are following up on our August 27th2021 blog regarding the sale of the magnificent Grand Prospect Hall in the Brooklyn's Park Slope neighborhood located at 263 Prospect Avenue.
The Grand Prospect Hall was home to Brooklyn's oldest operating elevator!
Mr. Angelo Rigas of Gowanus Cubes was the buyer for this wonderful building as part of a 12 property assemblage with a sale price of $30M.
Although the Grand Prospect Hall was on the National Register of Historic Places since 1999, it had never been declared an official New York City Landmark.
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The pandemic and working at home remotely created a need for space and became a prime variable in the decision making process for buyers.
According to a Streeteasy January 2022 Market Report, “Brooklyn is still red hot”. The median asking price per square foot in Brooklyn in January, 2022 was $666 down 3.8% since last year. Generally speaking, the median asking price for a home in Brooklyn stayed flat since last year at the time of this report at $899,000, as a result of the drop in price per square foot for homes coming onto the market.
Economist Nancy Wu with Streeteasy says “larger homes are coming onto the market at lower”.
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In case there was any doubt about Brooklyn as the center of the real estate universe in New York City, according to Greg Heym, chief economist for the prestigious real estate brokerage and consulting firm, Brown, Harris, Stevens and former chief economist for the Real Estate Board Of New York “Brooklyn had the most active 4th Quarter in the history of Brooklyn”, “continuing powerful growth and sustainability particularly in Condos and Coops”.
In addition, this Brown, Harris, Stevens market report indicates a price increase of 11% year to date for Condos and Coops.
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On November 12th 2019 we blogged about the perspective, highly anticipated rezoning of Gowanus that would bring 8,200 new apartments to this wonderful Brooklyn neighborhood by the year 2035.
The City Council has finally passed a vast rezoning that will bring an estimated 8,200 new apartments, including 3,000 affordable units to an 82 block swath of Gowanus by 2035.
This rezoning approval signals a shift: Instead of redeveloping a low income community of color, the city is bringing new density to a more affluent neighborhood with the expectation the rezoning will bring more diversity to the area.
Developers have been buying up and land banking industrial properties in Gowanus over the last 10+ years set on transforming the Gowanus Canal area into the Venice of Brooklyn. The neighborhood will be reoriented toward the waterfront where plans for a new network of public esplanades, parkland and plaza space with shops and eateries along new streets will take shape. The rezoning of Gowanus will remake the neighborhood and the community.
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January 18th 2018, we blogged about Wood Design and Building Materials gaining popularity. Almost 3 years later Timber continues to gain popularity as mass timber engineering is used increasingly in the construction of low and mid rise buildings. Mass timber is growing as an alternative to steel and concrete construction in projects up to 18 floors.
Two important reasons for the growth are mass timber's sustainability and aesthetics. Developers are increasingly looking at the carbon footprint of a building and seeing that it is greatly improved using timber compared to a concrete and steel building. The benefits are environmental and sustainability. Wood is a renewable resource that holds atmospheric carbon.
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Driving along the BQE in Brooklyn you can't help but be mesmerized by a new dramatically twisting and curvy 26 story tower located at 60 Front Street in Dumbo, Brooklyn NY. The Olympia Dumbo tower stands out significantly from neighboring buildings which are more traditional in style. The new building will have 76 units, a gym, a yoga room, sauna, a bowling room and 73 parking spaces indoors and 46 parking spaces off site.
According to The Real Deal, a real estate publication, these could be the priciest condos in Brooklyn at $3,000 per square foot.
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Community Board 1 has approved an ambitious rezoning proposal along the Williamsburg waterfront, Brooklyn NY.
The Board's approval is based on the conditions that the project has two towers of mixed income housing, a YMCA and a waterfront park facing the East River.
In compliance with the Board's recommendations, Developer Two Trees will redesign the towers, a reduction of overall units and increasing the number of affordable apartments. David Lombino, managing director at Two Trees says “We appreciate the concerns expressed by the community board members and we are eager to follow through on our commitment a new model for Urban Waterfront Resiliency. The plan will have a 1st of it's kind public beach and in water park that will insulate the inland community from flooding. The Park will have 3 acres of public open space + 3 acres of protected in water access.
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The absolutely magnificent and historic Grand Prospect Hall located in Park Slope, Brooklyn NY has been sold for $22.5M. Built in 1892, the Grand Prospect Hall and 11 adjacent properties sold as an assemblage for a total of $30M.
Michael and Alice Halkias had owned and operated the Hall since the 1980's. The GPH was added to the National Register of Historic Places in 1999. Mr. Halkias died of coronavirus complications early on during the pandemic.
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The proposed development of 960 Franklin Avenue in Crown Heights, Brooklyn NY is planned as a mixed income residential rental which addresses the dire need for affordable and workforce housing for individuals of all income levels.
Approval of the developer's rezoning request would make way for housing assistance to 789 individuals and families currently at risk of housing instability. Workforce housing is housing for essential workers (teachers, grocery clerks, bus drivers, nurses, firefighters) union workers, community entrepreneurs and others who are rent burdened but don't qualify for “low income”/affordable housing.
960 Franklin Ave is currently zoned an R6A zoning district in which buildings are relatively uniform and low in height.
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Brooklyn, New York Real Estate is always in forward motion. Today the Brooklyn market is very exciting with investors and lenders eager to buy and finance projects and accomplish their dreams and goals.
Here is a brief overview of a groundbreaking 2 phase project planned for Downtown Brooklyn, NY.
Alloy Development in partnership with the New York City Educational Construction Fund is beginning construction on New York City's 1st all electric residential tower, along with 2 public schools that will meet passive house compliance which have the highest standards of energy efficiency and indoor air quality.
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The Brooklyn Navy Yard is looking to add community facility and commercial use buildings to it's sprawling complex. The Department of City Planning has looked at a proposal to create a special Brooklyn Navy Yard District to allow additional buildings to be built.
The three areas of potential development sites within the Navy Yard are Kent Avenue, Navy Street and Flushing Avenue. The Navy Street site is currently operating as a NYPD tow pound facility and the Flushing Avenue site has a warehouse owned and operated by the Department of Justice. These tenants would relocate if the rezoning is approved.
Some details of the possible development projects on these sites are:
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Two Trees Management has plans for a 1.3M square foot project in Williamsburg, Brooklyn NY which has been in the works since 2019 and is now being relaunched. Designed by Bjarke Ingels and James Corner Field Operations, the project will have 1,250 apartments, a 50,000 square foot YMCA, 60,000 square feet of offices and 23,000 square feet of retail space. Also planned is a 3 acre public park and a 250 space parking garage.
There will be an affordable housing component to the project comprised of 236 units which will go to families earning 60% of the area median income (AMI) or $68,000 per year for a family of 4.
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Yes and yes! Architect Yochi Nussenzweig's new building on Evergreen Avenue in Brooklyn New York has a giant 60 key piano keyboard scaling it's facade. The building is an 8 unit rental, ready for occupancy in a few months. Mr. Nussenzweig's client does like interesting and unique designs. To top it off, the interior of the building is also piano themed!
50 Kent in Bushwick Inlet park is a brand new park coming to the neighborhood. The $7.7M project will include amenities for passive and active recreation such as new seating areas, gathering area, expansive lawns and an overlook with beautiful views of the city.
Read more...A 1031 Exchange allows for the sale of real estate, the proceeds from the sale are reinvested into another piece of investment real estate, paying no taxes.
This sounds simple enough but the transaction is structured with non negotiable time frames and rules to be adhered to. For example, the 1031 exchange must be handled by a disinterested party such as a Title company. A title company is considered to be a qualified intermediary. A qualified intermediary plays an essential role in the client's 1031 exchange. A qualified intermediary is also known as the facilitator and accommodator. The intermediary enters into an agreement with the seller and all monies from the sale go through the intermediary as well as all the information on the property you are buying in the exchange.
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As many Real Estate Brokers and Real Estate Agents come to know, some transactions are much more difficult to keep on track towards a closing, through many twists and turns, ups and downs than other transactions.
We at Accord Real Estate Group are pleased to announce that the sale of 636 and 640 West 158th Street, New York, NY which closed in 2019 has now been accompanied with the sale of the most critical part of the assemblage, 638 West 158th Street which includes a townhouse and a 50x150 rear lot which closed yesterday, Thursday, April 8th 2021.
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Brooklyn New York Real Estate continues to lead the way as the most active of the 5 boroughs in deals done and in financing.
For December 2020 and January 2021, the most active zip codes and neighborhoods with the highest number of transactions are:
11215 - South Slope with 22 deals, 11226 - Flatbush with 33 deals, 11211 - New Williamsburg with 33 deals, 11249 – Williamsburg with 16 deals, 11238 – Clinton Hill/ Prospect Heights with 24 deals, 11207 – East New York with 15 deals, 11220 – Sunset Park with 8 deals, 11201 - Brooklyn Heights with 8 deals and 11206 – Bushwick/ Williamsburg/ Bedford Stuyvesant with 10 deals.
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No, the office isn't dead, but building owners face the challenge to optimize the digital revolution of work. Office designed from a pre covid status quo must change. While some will resist change, other owners must offer work spaces that embrace the neighborhoods they are located in. Owners are increasingly realizing the value of fluid spaces that allow for an urban campus that represents the future of work, not a field of desks.
The best example of this digital work transformation can be taken from Apple, Google and Amazon who have built campuses for their employees with variety and flexibility to suit a range of work styles.
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Architecture firms have helped reshape Brooklyn, NY by transforming environments and strengthening communities through collaborative, thoughtful planning and creative design. These firms have worked closely with developers to overcome the challenges unique to every project.
The scope of the project can be from planning luxury condominiums, a branded workspace, tall towers, hospitals, affordable housing, a hotel, a renovation to a rehabilitation adaptive reuse project.
The challenge is to create dynamic spaces where people can live, learn, work, play and heal. The ultimate goal is for a lasting positive impact on people's lives and the world.
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In 2021 many Brooklyn, New York neighborhoods will continue to see innovative and brilliantly designed residential and mixed use projects get underway. Some of these projects taking shape are as follows:
Surf Avenue in Coney Island has several new developments underway and the next chapter will include 1515 Surf Avenue, located between West 15th and West 16th Streets, between Surf and Mermaid Avenues. LCOR has obtained a 99-year lease on the land owned by the Russo family who are the owners of Gargiulio's Restaurant across the street from the site.
The project calls for a mixed use building with 461 apartments and 139 will be affordable units. There will be 11,000 square feet of ground floor retail space. Studio V Architecture is the architect of record. Amenities offered will be an ocean facing outdoor pool, deck and gym, tenant lounges, flex co-working spaces, basketball and handball courts and over 20,000 square feet of landscaped outdoor space as well as off street parking.
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The Covid 19 pandemic of 2020 has affected every industry whether the real estate industry and it's many facets, restaurant and food, medical, education, etc.
Technology has played a major role in helping industry to cope, innovate and adapt to enable business to be able to move forward during this devastating time.
The construction industry is using technology now to get more jobs done and to keep projects on track. With the cost of materials on the rise and slowed productivity, increased safety precautions and reduced manpower, technology has helped to increase efficiency. Phil Watson, Hoar Construction Division Vice President says “Just the adaptability of our industry in the face of such change and changing regulation, we've proven to be a very resilient group of workers in the field over the past 8 months”. In a State of Construction Technology report published by JLL and written by Construction Research Senior Henry D'Esposito “the urgency and severity of the pandemic condensed technology adoption that likely would have taken 3 years at a normal pace into a single year”.
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The outer boroughs have Real Estate deals that have received the top 10 loans in the month of October. The total amount of these loans was a whopping $1.99B. This is 4 times more than September's loan total of $494M.
Queens and The Bronx took top position for the largest and most loans for October with a loan for $323M issued for the sale of Silvercup Studios with locations in Long Island City and The Bronx. The #2 spot belongs to a $300M refinance for a 1.1M square foot Factory LIC.
Brooklyn, NY continues to show resilience in this challenging time with commercial leasing deals being done in Gowanus, Dumbo and Red Hook as well as high end residential real estate sales on an uptrend over the last month.
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It's no surprise that home sales in Brooklyn, NY fell to the lowest level in 11 years illustrating the devastating effect of the Covid 19 shutdown on Real Estate in the second quarter of this year. To be specific, buyers purchased 1,481 properties between July and September of 2020. That was 43% below the 3rd Quarter of 2019 when 2,596 properties sold.
In the Brooklyn luxury residential market sales fell approximately 36% from 236 deals last year to 150 this year. To break it down further, condominium sales fell 41% to 461. Sales of one to three family homes fell 43% to a total of 704.
The good news is that home prices stayed firm, with an average price of $969,377.00 for a home which translates into just an 0.8% price decrease from the same period last year.
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The Showdown is over. Competing views over the future of this wonderful, innovative and creative Brooklyn, NY Sunset Park, Industry City area were just too divisive for it to work.
Sunset Park community activists, residents and advocacy groups expressed that the rezoning would accelerate more gentrification and displacement in the area. On the other side of this issue, the rezoning would have been helpful to the city and be a continuation of the wonderful progress already made in the area. Andrew Kimball, chief executive of Industry City says “ if a project like this can't suceed, it concerns me very much about the future of New York City”.
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There was a time in Brooklyn, New York, probably 20 years ago more or less, when parking garages and parking lots were a great convenience and in terms of a Commercial Real Estate investment, a safe bet. The attraction of owning and investing in this asset type was the ability to adjust parking rates and the garage or lot had low upkeep compared to an apartment building or an office building.
As new residential condominium buildings sprouted up in many prime Brooklyn's neighborhoods, garages gained in value. However, as land and development sites in prime locations became scarce, investors had to look elsewhere for opportunities to build.
According to Jeff Grandis, broker at Accord Real Estate Group and a lifelong Brooklyn resident, “In the Midwood neighborhood, specifically the Kings Highway East teens area, over the last 15 to 20 years several parking lots and parking garages have been sold to developers”. For example, the huge parking lot between East 14th Street and East 15th Street, between Kings Highway and Avenue P was purchased from the city by developers who built a 4 story commercial building with the tenants T.J. Maxx on the 1st floor retail, New York Sports Club on the 1st floor and Visiting Nurse Service occupying the top floors. Also, between East 13th Street and East 14th Street, between Kings Highway and Avenue R, there was originally a parking lot that was purchased by developers who built a multi level outdoor parking garage, which was 6 or 7 years later sold to another developer who build a commercial building which now houses a Target Store on the 1st and 2nd floor, a Marshalls Store in the basement and offices on the several remaining upper floors with a separate lobby entrance on East 13th Street.
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Now, more than ever in the age of Covid 19, construction lending is complex and uncertain. But, as always, lenders who have learned from their mistakes and suffered battle scars along the way are even today willing to finance a project for a descent return.
The complexity of a global pandemic has added to an already uncertain timeline but lenders are still willing to bet on a property's success. Jonathan Roth, Co founder of 3650 REIT says ”the world changes quickly and as a lender you have to reassess and pivot”. He continues “We've seen this show before, it's not the same show this time round but there are always periods in the world of real estate where the music stops and you have to regroup”.
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Many Brooklyn, NY developers have chosen to forge ahead with their residential, commercial and mixed use projects despite the current trauma Covid 19 has inflicted upon the New York real estate market. By all accounts Brooklyn Real Estate has been weathering the storm better than the other outer boroughs. Just a few of the projects planned are:
J associates and the project team of CW Realty, Owner/Developer and MHM engineering are planning a 10 story, 98 unit rental building located at 1499 Bedford Avenue, corner of St. John's Place, bordering Crown Heights and Prospect Heights. The total buildable square footage is approximately 160,000 square feet and renderings reveal a striking and handsome design combining dark brick with white or light tan brick and balconies at the corner. The timeline for completion is yet to be announced.
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Residential Developers are planning their new projects based on the current and future needs of buyers and renters coming from a pandemic experience.
How long will the pandemic remain a part of our culture or fade away? Those questions go hand in hand with the questions of what design layouts and amenities will buyers and renters’ value and pay a premium for?
Some of the must have amenities being considered and planned for by developers are multiple gym rooms, a home office, re engineered ventilation systems, windows that open, lounges with glass dividers, balconies on all units, multiple lobbies with elevators, touchless entry, wider lobby stairs and separate entrance for deliveries.
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The Industrial/Warehouse market has continued to barrel ahead as a result of the tremendous unrelenting demand created by e-commerce.
Unfortunately, in direct contrast to the industrial market, the retail and office markets are under pressure to adapt and change as a result of the Coronavirus pandemic's effect on our work and personal lifestyle needs.
Because of the low supply of last mile land and real estate development opportunities that can accommodate large warehouses, developers are opting to build up.
Two multistory projects are being planned, one in Red Hook Brooklyn, NY and one in the Bronx. These projects will be the 1st of their kind in New York and among the 1st in the entire U.S.
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Because of the Coronavirus pandemic, many office landlords have experienced a real slow down in Commercial leasing activity.
According to Joseph Hamway of Industrie Capital Partners “ the pandemic has benefited his new project, a warehouse to office and retail conversion in Gowanus Brooklyn." The project called Roulston House, named after Thomas Roulston who used the 2 four story warehouses for his grocery business 100 years ago.
The 2 warehouses located at 124 Nineth Street, between Second Avenue and the Gowanus Canal have been meticulously renovated into 200,000 square feet of offices and retail space. Because of the pandemic, many people no longer feel comfortable taking mass transportation into Manhattan. Companies are looking for office space closer to where their employees live which is often in Brooklyn, New York
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Over the last several months, the lending market has been frozen. In many cases the banks that were doing loans had restricted commercial loans to 50% down clients with 1 to 2 years in reserves because of the wave of late or non payment on loans as a result of the pandemic.
As the pandemic has eased somewhat in New York due to New Yorkers focus and determination to shelter at home, social distance from others and wear masks in public, the banks have shown more interest in placing loans, especially with the multi family market. We seem to be headed back on track, hopefully to some sort of normalcy in the near future.
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Over the past 2 months we've blogged about the Industrial Market as a bright spot, difficult changes coming for the commercial real estate market and mixed news for the residential market depending upon property type.
The fact is that no one, no matter how much wisdom they possess, has the answer to what the future has in store for New York real estate.
The 3 scenarios of the current market and potential outcomes are the following:
The worst case scenario is that major companies will downsize and fire thousands of workers. These thousands of workers will face evictions from their apartments.
Many retailers, big and small will not survive the economic fallout from this pandemic and will close their doors. J Crew, Neiman Marcus and J.C. Penney have filed for bankruptcy, Pier 1 Imports is out of business and brands are planning to close hundreds of stores.
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The owner of the property located at 1620 Cortelyou Road, Brooklyn NY, which is currently a Key Food Super Market is looking for a rezoning change from R-6A/C-2-4 which allows for a 6 to 8 floor mixed use building with residential and ground floor retail space to R-7D/C-2-4 zoning which would allow for a higher density project.
The Flatbush group that is opposed to the project is called Respect Brooklyn. According to Linda Allende of Respect Brooklyn, “this would be a ridiculous upzoning of an upzoning that was granted in 2009."
The property owner is planning to build a
Read more...There are many restrictions on the way the construction industry can do business especially with shelter in place orders. Construction is still considered an essential business. If your construction project is moving forward consider the following as the project proceeds: As always and especially now, good communication with lenders, consultants, owners and general contractors is essential. Video conferencing is a good person to person alternative and is a good way to alleviate any tension or mistrust that may arise.
Doing virtual walk through inspections should be used as needed to see what work has been completed and can help to keep projects on track and lessen delays.
Read more...It's still too early to make predictions in the face of the Covid 19 pandemic, but there are good reasons to believe that the NYC's industrial sector is well positioned to weather the Corona crisis.
Industrial and warehousing businesses have essential services status and are allowed to conduct their daily operations. These services include warehousing, distribution, logistics and fulfillment, the manufacture of food, medical & other essential goods, telecommunications and data centers, auto repair, select construction sites and construction supply, skilled trades including electricians and plumbers, business storage, mail and shipping services, trash recycling and building repair, maintenance, security and disinfection services.
A recent market report by Prologis indicates that the logistics sector is positioned to handle inventory supply and demand disruptions due to standard long term occupancy contracts which serve to buffer cash flows from short term disruptions. While property values in the Investment sales market peaked in 2014/2015, the Industrial sector continued in a steady climb in values through the start of this year. The average price per square foot has increased by 10% per year since 2011.
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Real Estate transactions are still going to contract with showings and due diligence that had been done before the coronavirus pandemic hit.
These days brokers and agents are strictly prohibited from doing any in person showings. The potential legal risk if heaven forbid, one of the buyers contracts the virus and becomes ill and passes away is immense. Hold harmless agreements and disclaimers may present an option, but it's better for now to just simply stay home and be safe. Many brokers are doing virtual tours of their listed properties. Everyone would agree here that only under rare circumstances will a buyer purchase a property sight unseen.
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There are many challenges to closing a deal in today's market, from underwriting to completing due diligence virtually, with social distancing restrictions. Many investors have halted all acquisitions, but for those still trying to transact, it can be a very tough road. How some investors are approaching their business is to do less renovations since they are getting less rent. What has gone away for now for some investors is buying a property and putting lots of money into it to achieve certain rents. Today's market is dictating to not over improve the property beyond market demand. You want to keep rents workforce affordable.
According to Gene Reilly, Chief Investment Officer of Prologis, a global real estate company whose portfolio spans approximately 1B square feet of space around the world “ we have stopped all spec development for now”. “ we are trying to figure out where the rents and occupying will be a year from now”.
According to Mark Weinstein, founder and President at MJW Investments “ this is not going to go on forever, but it's going to go on for a while”. “ Owners planning to sell assets this year have pushed back plans as part of a strategic shift to respond to the pandemic.
According to Bill Shopoff, President and CEO of Shopoff Realty Investments”many of our properties that we had planned to sell this year will now have their disposition timelines pushed back a quarter or two depending on the market's future recovery”. “ In addition, properties we are considering for acquisition will now have to be further evaluated as determining valuations is nearly impossible in the current market”.
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The CoronaVirus pandemic has certainly caused financial tumult in the stock market because of the panic and uncertainty in the corporate world and the devastating effect on the economy and health concerns of the general public.
As far as the effect this has had on New York real estate, Crain’s reports that “some investors are brushing aside mounting concerns about the economic fallout from the virus and pushing ahead with major acquisitions. For example, RFR Realty, owner of several office properties in Manhattan has gone to contract to purchase 522 Fifth Avenue from Morgan Stanley for approximately $350M.
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The Coronavirus is on everyone’s mind right now. It’s inescapable that the effect is being felt in business. The stock market has plunged as a result of corporate uncertainty and fear over a possible global pandemic.
The NYC real estate market and construction worlds are looking at the real possibility of rising costs of materials and delays as Chinese shipping has slowed down considerably. The impact of declining tourism and slowing retail business in NYC has landlords and restaurant owners worried. Supply chain issues – steel, millwork, plumbing fixtures, electrical fixtures, concrete boards and flooring tiles are the biggest concern for the construction industry.
Contractors are concerned whether or not the costs of higher priced materials and delayed shipments will fall on their shoulders. Joseph Natarelli, the head of the contractors industry practice group at the accounting firm Marcum LLP says “the best contractors are taking proactive steps to plan for the possibility that they’ll need to buy their materials elsewhere and negotiating potentially higher prices with their clients now”.
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In the last few years the most expensive Real Estate in Brooklyn, NY has been located in The Columbia Waterfront District, Brooklyn Heights, Cobble Hill, Boerum Hill, Carroll Gardens, Dumbo and Williamsburg. Following closely behind these pricey neighborhoods are Park Slope, Fort Greene, Clinton Hill, Bay Ridge and Stuyvesant Heights.
Some examples of the most expensive homes on the market today
Read more...With 33 years of successfully brokering real estate transactions in Brooklyn, Manhattan and Queens, I’ve learned many do’s and don’ts. In this week’s blog I will share just a few do’s and don’ts of the business of doing the real estate brokerage business.
The foundation for building relationships with your clients and customers is trust. To gain trust you must demonstrate your knowledge and dedication to assisting your buyers and sellers to reach their goals. For buyers, the goal is purchasing just the right property to suit their needs and for sellers the goal is transitioning out of ownership of a property. You must keep in mind that every buyer is different and every seller is different, each with their own individual ideas and expectations of the buying and selling process. This sounds simple enough, but as a real estate professional you must be very sensitive and listen very carefully to your buyers and sellers. Some of the most valuable lessons learned and a real education about the past and current market comes from listening to the experiences of your buyers and sellers.
In today’s booming residential, commercial and industrial real estate market there are countless licensed real estate agents working as buyer’s agents.
Read more...Downtown Brooklyn’s wild development boom continues with a many new projects. There will be three new towers, two of them, Supertalls being built on Flatbush Avenue.
With many transportation options, incredible shopping and dining choices, gorgeous tree lined Brownstone blocks of historic homes and proximity to Manhattan new projects will take full advantage of this amazing Brooklyn neighborhood.
9 Dekalb located next door to the original Junior’s Restaurant at 340 Flatbush Avenue Extension will be 73 stories and 1,066 feet high. The Developers are JDS Development Group and Chetrit Group and the architect is SHoP Architects. The project is planned for 417 rental units (20% affordable) for a total of 561,104 square feet. Completion planned for 2020.
Brooklyn Point located at 1 City Point, 138 Willoughby Street is planned for a height of 57 stories, 458 Condominium apartments with a total of 685,964 square feet. Completion is planned for 2020. The developer is Extell Development and the Architect is Kohn Pedersen Fox.
80 Flatbush Avenue is planned for 74 stories and 986 Feet high. The developers on this project are Alloy Development and The NYC Educational Construction Fund (ECF). The architect is Alloy Development. Completion is planned for 2020.
Not a supertall but 260 Gold Street nonetheless will be a great Downtown Brooklyn project. The project will be designed by Frankl Associates and developed by Gold Street Realty Holdings. This project is planned for 13 stories, 194,089 square feet with 286 units with an average square footage of 689 square feet apiece.
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Many Brooklyn, NY neighborhoods continue to evolve, expand, change and create a lot of interest for buyers, renters and investor/developers.
A few Brooklyn neighborhoods will be undergoing a zoning change in 2020:
Sunset Park- Industry City’s 35 acre campus will be rezoned. In October, owners Jamestown, Belvedere Capital and Angelo Gordon & Co. certified their rezoning application. The plan is to turn one of Brooklyn’s last waterfronts into a commercial destination. Andrew Kimball Industry City CEO says that “Industry City is willing to get done all that needs to get done in the next seven months”.
Gowanus is headed for a major rezoning which could transform an 80 block swath of low rise neighborhood into a hotbed of development projects. The 1st step is an environmental impact report which examines the potential impact of a land use change. Developers have been land banking properties for years in anticipation of the changes.
Bushwick residents have banded together and joined with City Councilmembers Antonio Reynoso and Rafael Espinal to craft a community led rezoning plan. Mayor Di Blasio’s administration has come up with their own rezoning proposal for Bushwick which differs from the community’s plan for affordable housing and manufacturing spaces. An environmental impact report is being prepared and the rezoning review process will begin next summer. Change is definitely coming to Bushwick.
Greenpoint has seen and will continue to see a gradual transformation and expansion with the introduction of new projects to the neighborhood. Greenpoint has for the most part has successfully retained a small village vibe with a real community feel. The addition of the NYC Ferry stop on India Street has improved transportation, made the area more accessible and has added to the neighborhood’s growth.
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On April 24th of this year, we blogged about Understanding Co Living, explaining Co Living as a sustainable style of living through sharing and efficient use of resources and space.
According to Brick Underground, there are 15 companies currently operating the shared housing business in New York City. Jeff Holzmann, COO if iintoo, a global commercial real estate investment firm “one of the key elements that’s driving the demand for co living is technology, which co living’s key audience loves and depends on to navigate life in a way that previous apartment hunters did not”.
People can download an app and find co living quicker and easier than finding an apartment the traditional way. The gig economy has allowed that to happen.
Co living removes the politics and annoyance of splitting bills, keeping common spaces clean and furnishing an apartment. Everything is typically included in the month’s rent.
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Bushwick has evolved into an eclectic community with vibrant and diverse residents and businesses. However, Bushwick is at a crossroads. The Department of City Planning has released an outline for a rezoning plan for Brooklyn’s Bushwick neighborhood.
The outline includes new affordable housing developments, stricter zoning to curtail development and landmarking initiatives to preserve historic areas.
The new zoning laws would cover approximately 300 city blocks between Broadway, Cypress Avenue, Flushing Avenue and Broadway Junction. The plan creates opportunities for affordable housing units, Community and Commercial space along Broadway, Myrtle Avenue and Wyckoff Avenue. Plans for Knickerbocker, Central and Wilson Avenues will only allow medium density and mixed income housing.
Read more...As a correction and a continuation of our blog dated 10/31/2019, LLC Residential Ownership Becomes More Transparent, this law had included LLC’s for Condominiums.
This September 2019 law requiring LLCs involved in residential real estate transactions to disclose the identities of all owners, managers and agents has been amended.
The State Department of Taxation and Finance issued a new memo changing this law after receiving tremendous pushback from real estate attorneys and other industry leaders regarding residential condominiums.
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Rooftop restaurants, nightclubs and outdoor lounges in Commercial buildings have always been popular with the public and are areas of opportunity for building owners. For example, Hotel 1 in Brooklyn, NY on the waterfront has a fabulous rooftop bar/lounge with panoramic views of Brooklyn and the lower Manhattan skyline across the East River.
Creating this hospitality experience as Hotel 1 has done requires large amounts of money, extensive and time consuming permitting, insurance and safety procedures.
Today, other rooftop revenue opportunities can be found in solar power, telecommunications, Rooftop Farms and Apiaries.
Rooftop Solar Systems are becoming more and more mainstream. The power produced from rooftop solar panels on large commercial and industrial buildings can be used by the building or sold to nearby residents, creating a new revenue stream for building owners.
New York City wants to
Read more...In March, the city released a draft scope of work which projected the perspective rezoning of Gowanus will trigger the creation of approximately 8,200 new apartments by 2035. The draft scope maps out the environmental impact study that must take place before the project can move into the city’s Uniform Land Use Review Procedure (ULURP).
It’s been a long time in the planning stages but at last The U.S. Environmental Protection Agency will begin it’s Superfund cleanup of the Gowanus Canal next summer.
On the issue of preserving the history of industry in Gowanus, last month the city’s Landmark Preservation Commission voted in favor of calendaring 5 properties in Gowanus as landmarks; The Gowanus Flushing Tunnel Pumping Station and Gate House located at 196 Butler Street; The Somers Brothers Tinware Factory (later Old American Can Factory) located at 238-246 3rd Street; The Brooklyn Rapid Transit Company (BRT) Central Power Station Engine House located at 153 2nd Street; The Montauk Paint Manufacturing Company building located at 170 2nd Avenue and The American Society For The Prevention of Cruelty To Animals (ASPCA) Rogers Memorial Building located at 233 Butler Street.
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Signed by Governor Andrew Cuomo and effective September 13th, 2019 the New York State Tax Law and New York Administrative Code now require Limited Liability Companies to disclose the names of individuals who own any membership interest in a LLC of a 1-4 family residential property. This includes all parties involved in the purchase or sale of a property such as the directors, managers, officers and shareholders.
This reporting requirement continues indefinitely until all private persons underlying any business entity within the ownership structure are identified. A business address for every party identified above must be provided.
The laws are being interpreted by County Clarks and Title Insurance Companies as applying to Condominiums and require disclosure of every individual with an interest.
The reason for these changes are that the Government Operations Committee determined that it was too difficult to hold people responsible for violations and mistreatment of tenants because it was challenging to track down specific individuals.
These changes will also allow the public to see who is buying or selling residential property in their area and make it easier for municipalities to enforce codes and rules more efficiently.
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Overlooked Transit Desert NYC Neighborhoods Attract Buyers, Renters and Developers.
Yes, today many more people commute into Manhattan from the outer boroughs to their jobs than the number of people who work locally. However, there is a shift taking place with more and more people working from home or closer to home and taking advantage of ride sharing and designated bike riding lanes.
Neighborhoods like Coney Island and East New York, which are considered Transit Deserts, because they are at least a 15 minute walk to the nearest subway are where hundreds of apartments are being built and attracting buyers and renters who are looking for more affordable housing and attracting developers in search of lower priced land to build on because they are being priced out of expensive land development opportunities closer to transportation.
According to
Read more...According to Paris Williams Allen of Transwestern Investment & Development Group “as the backbone of nationwide logistics, industrial real estate has become a hot commodity”. A survey done by Transwestern indicates that the ports of New York and New Jersey climbed to no. 2 in the U.S. by cargo shipped thus far in 2019.
According to The Real Deal Real Estate News publication, Industrial portfolio deals are on a pace to break a record this year data shows.
Industrial real estate has attracted investors and developers who want to get in on the e commerce and storage boom.
In New York, increased interest in Industrial properties near major urban centers has let developers to construct multi story warehouses. For example,
Read more...Office buildings consume 17% of energy use of all U.S. Commercial buildings and they waste the most energy. On average 30% or $28M per hour of the energy used in Commercial buildings is wasted according to The U.S. Environmental Protection Agency.
Here are the facts: 20% of U.S. energy use goes toward powering Commercial buildings. Yet, only 15% of U.S. commercial buildings have building automation systems that control lights, heating or cooling rooms.
To bring awareness of the importance of energy conservation in Commercial buildings, The Building Owners and managers Association (BOMA) International released its top 10 ways for building owners and managers to reduce energy consumption. These no or low cost strategies could possibly reduce energy consumption by as much as 30 percent.
Some of these energy saving strategies are:
The vital components of all Commercial buildings are hot air ducts and hot and cold air ventilation systems. Properly insulating this equipment is very important.
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Downtown Brooklyn New York is a vital and lively hub of Brooklyn New York. It is the third largest central business district in New York City.
A 2004 rezoning of Downtown Brooklyn, NY was originally meant to promote more commercial development such as office and cultural projects. Instead, the rezoning put into motion a huge wave of residential development. The city has anticipated 979 new housing units and 11,000 + housing units were created as of 2016 according to a report from Brooklyn Borough President Eric Adam’s office.
Interestingly, commercial property developed as of 2016 stood at 1.3M square feet, far short of the anticipated 4.6M square feet of commercial property development.
Downtown Brooklyn, NY is experiencing tremendous demand because of the many lifestyle options available, the convenience of access to 13 subway lines, proximity to the Brooklyn Cultural District (formerly called BAM) and bordering the very beautiful, charming and historic neighborhoods of Cobble Hill, Boerum Hill and Brooklyn Heights.
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Caution and fear over the rent regulation changes recently announced have put a damper on the investment sales market in New York. The Brooklyn, NY investment sales market has cooled down somewhat, but is still a top choice for investors when it comes to investment sales and development opportunities.
One of the top deals of the year so far in 2019, went to the Holterbosch family, a German beer dynasty, which purchased 100 South 4th Street, a rental building located in Williamsburg from Meadow Partners for $61M.
Another sale of note so far this year is
Read more...For the 2nd year, Crains New York business is featuring the coolest offices in New York. To become eligible, offices needed to have been opened, renovated or modified between January 1, 2018 and March 31st 2019. Dozens of candidates submitted photos and descriptions of what makes their office cool. Crains was seeking spaces that showcase the latest trends and are built for the future of work.
15 Winners and finalists were selected in 5 categories: new construction, retrofit, amenities, décor and collaborative space.
The winner for coolest retrofit is BSE GLOBAL, located at 168 39th Street, Brooklyn/ Industry City. BSE GLOBAL took an older space and made it cutting edge. The sports team and venue management company opened it’s 79,000 square foot Industry City office last June. The space contains a town hall, a game room and bleacher seating for large events. Employees can work from their desk or in common areas with panoramic harbor views. Architect TPG Architecture and Contractor JRM Construction Management.
The winner in the coolest collaborative space category is M Moser Associates, an Interior Architecture firm, located at 100 Broadway. Their desks, couches and chairs can be reconfigured easily for presentations and meetings. A finalist in this category is AECOM, located at 220 36th Street, Brooklyn/Industry City. AECOM’s converted warehouse made the cut thanks to its large counter height tables, open lounge area and abundant board space for employees to work together. Architect AECOM Interiors & Industry City and Contractor WJP Builders Corp & Industry City.
In the coolest décor category, BOOKING.COM took the top spot. Their 53,000 square foot workspace has Meeting rooms named after streets and neighborhoods in the 5 boroughs and large photos of the Coney Island Cyclone and other city hot spots. The online hotel reservation company also tried to capture parts of the city by commissioning a graffiti mural near the elevators. A finalist in this category is WHAT IF, located at 219 36th Street, Brooklyn/Industry City. Plant life is not very plentiful in New York offices, but WHAT IF’s 14,500 square foot Brooklyn space is filled with plants and wood furnishings creating an atmosphere in tune with nature. This management consulting firm’s office windows have impressive views of The Statue of Liberty & the harbor. Architect Design Republic and Contractor SPK Lewis.
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If you come into The Real Estate brokerage business with the idea that it's a glamorous career lifestyle, you are in for a rude awakening. Yes, if you develop a feel and a taste for the business, it gets into your blood and you come to really enjoy the tasks of doing the real estate business, that's a good thing. For most people, real estate is a bad career choice. Why?
The work of consistently doing the tasks to become a success in real estate can be tedious and painful until you become experienced to the point where you have honed and fine tuned your skills and you are experiencing a consistent cash flow of commissions from closings.
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The need for Life Science real estate space is a very strong trend, not only in New York but across the country and it drives the value across life sciences real estate portfolios.
New York has the largest pool of people with a Life science background.
Building owners and developers recognize this trend and opportunity and are planning to accommodate NYC Biotech and Pharmaceutical tenants.
For life science real estate developers this type project means selecting a top team of life science real estate consultants, architects and engineers collaborating to a successful completion.
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The e-Commerce Industry boom has been created by millions of ecommerce consumers who increasingly expect products to arrive the same day they hit send. Hence, today’s strong demand for last mile warehousing space.
While not confirmed, The Real Deal is reporting that Joseph Sitt’s Thor Equities is scrapping plans for a Norman Foster designed office complex on the Red Hook waterfront to build an industrial distribution center there instead.
According to Marvin Schein of Salmar Properties “Amazon, Best Buy, Net a Porter, all of these retailers are looking for industrial space that’s centrally located in the New York City and has easy access for loading and unloading”. That’s what’s happening throughout the country.
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The Growing Impact of Data / Commercial Real Estate Investing 2019
Many CRE (Commercial Real Estate) investors currently rely upon their relationships, instincts, market knowledge and available data to base their decisions when purchasing Commercial properties.
Deloite Insights reports that the reason why CRE investors use their “gut instincts” to invest is out of habit as a way of using trusted relationships to gain insights and information on a potential property of interest.
Today, many investors rely more and more on a wide range of reliable data available such as lease spreads, lease comps, market demand, social media, satellite imagery, diagnostic analytics and other data, to help in their decision making process.
Depending on the investors target property type or business model, whether traditional or a newer business model such as Co living and Co Working, there may be limited data to track a record of performance and returns.
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There are many Brooklyn neighborhoods that boast Landmark Preservation Commission status of Historic Districts with tree lined gorgeous blocks of architecturally important homes such as Prospect Heights, Bedford Stuyvesant, Clinton Hill, Sunset Park, Victorian Flatbush and many others.
Just a few Brooklyn neighborhoods hold the distinction of being the most expensive Brooklyn neighborhoods for 2018 and 2019 based on median sales price.
Fort Greene topped the list in 2018, and The Columbia Street Waterfront District topped the list in 2019. The other Brooklyn neighborhoods that made the list in both 2018 and 2019 are Carroll Gardens, Dumbo, Greenpoint, Park Slope, Manhattan Beach, Gowanus and Boerum Hill.
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For 2019, rapidly gentrifying Brooklyn NY neighborhoods are transforming many areas. The growth of some neighborhoods and surrounding neighborhoods is due to great walkability and employment clusters that have developed outside of Manhattan in Sunset Park, Downtown Brooklyn, Williamsburg and Dumbo, Brooklyn New York.
Strong demand is fueling the rise of several key Brooklyn neighborhoods such as:
Sunset Park, where Industry City has grown to over 450 companies with 6,500 jobs and a great housing stock at reasonable prices compared to nearby Park Slope and Cobble Hill.
Bay Ridge, where competitive pricing on housing coupled with the beautiful parks, great shopping, many great restaurants and nite life are making Bay Ridge a popular choice for buyers and renters.
Gravesend where walkability, attractive purchase prices have contributed to the areas growth.
Flatbush and East Flatbush, where a wide variety of lifestyle choices such as Condo, Coop, Single family house or Multi family house and great pricing have fueled growth and have caught the attention of developers interested in building luxury rentals, new condominiums, mixed use buildings and affordable housing.
Greenpoint which has housing choices that are less expensive than Williamsburg, with larger spaces, great views of Manhattan, the NYC Ferry at India Street, great restaurants and great walkability is growing rapidly.
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Vibrant and thriving, Washington Heights has a rich history, cultural diversity and gorgeous parks.
Washington heights is located on the North end of Manhattan from 190th Street to 150th Street. It is bounded by the Harlem River to the East and the Hudson River to the West.
Washington heights has been hailed as the new hipster haven. There are more millennials in Washington Heights than any other New York neighborhood including Bushwick, Crown heights and Williamsburg.
Washington Heights draws nearby Columbia Medical school students, professors, young professionals and young families with children.
By day, locals and tourists visit 8 parks in Washington Heights. Historic Bennett Park is located at 183rd Street and Pinehurst Avenue. The park was once home to the Munsee Native Americans and the headquarters for George Washington’s army during the revolutionary war. It is here that you can visit the highest natural point in Manhattan at 265 feet above sea level. Other must see attractions are the Little Red Lighthouse, directly under the George Washington Bridge and the High Bridge and the High Bridge Water Tower at West 172nd Street.
Read more...Brooklyn’s Park Slope South has a vibe all its own, with a much slower pace than busy Park Slope.
A few local spots that capture the feel of Park Slope South are for example Roots Café, located at 639A 5th Avenue. Roots Café is the South Slope’s meeting place for artists and writers. Great coffee is served as well as breakfast and lunch options all day long. Another great South Slope find is m.a.e. a vintage clothing and consignment shop located at 461 7th Avenue. M.a.e. is chock full of designer finds. You may develop an appetite in your trek around South Slope and Café Steinhof is the perfect restaurant to have a bite and brew. You can dine on weiner schnitzel, cheese spaetzle, a great sausage selection and more.
New Construction -The South Slope, originally known as South Park Slope, Brooklyn NY 11215
New Construction -The South Slope, originally known as South Park Slope, Brooklyn NY 11215
South Slope, - Old Architecture
South Slope, - Old Architecture
The residential real estate market in the South Slope is hot with high demand for housing in this wonderful Brooklyn, NY neighborhood.
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The best way to describe Boerum Hill, the gem of a Brooklyn, NY neighborhood is the perfect blend of historic homes and modern Condominium buildings, affluent, but with a laid back vibe, having a very familial atmosphere with many great restaurants, lively cocktail lounges and unique independently owned specialty stores along Smith Street and Atlantic Avenue.
Real Estate values in Boerum Hill are high with strong demand and a limited supply of available properties.
More and more New Yorkers are being drawn to this quiet, pristine area every day. There are excellent connections to the rest of the city via the A, C, F, G, 2, 3, 4 and 5 trains at the Atlantic Avenue Barclay Center subway station.
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Coney Island, Brooklyn NY is synonymous with Amusement park (aka Luna Park), The New York Aquarium, MCU Park (a minor league baseball stadium), the original Nathan's restaurant, landmarked Boardwalk and a magnificien public beach. Coney Island neighborhood slowly but surely is evolving and some great new projects are underway and several are planned for the near future.
Read more...Brooklyn’s Windsor Terrace is one of the city’s most cherished and tightly knit residential neighborhoods. The tranquility, charm and house pride makes Windsor Terrace a great choice for families to live. Few neighborhoods have access to so much green space as Windsor Terrace with Prospect Park and Greenwood Cemetery nearby.
The public schools in the area are;
P.S. 154 The Windsor School located at 1625 11th Avenue, serving grades K-5.
P.S. 130 The Parkside School located at 70 Ocean Parkway, serving grades Pre K, K-5.
Subway service into Manhattan is via the F and G trains at the Fort Hamilton and 15th Street Prospect Park train stations.
The small town feel of the quiet streets in Windsor Terrace are lined with brick, limestone and wooden clapboard townhouses. There are some Co-op apartment buildings and rental buildings as well as some Condominium buildings.
Windsor Terrace, Brooklyn NY 11218 - Greenwood Ave
Church of the Holy Apostles - 621 Greenwood Avenue ( between East 7th Street and Prospect Avenue), built in 1891-92.
Commercial Real Estate in Brooklyn/Understanding Net Operating Income
When investing in Commercial Real Estate, it is essential to have an understanding of Net Operating Income. Net Operating income or NOI is a calculation used to determine the profitability (or lack of) of real estate investments that generate income.
NOI helps to determine how much a property is worth. NOI is used in determining the Capitalization Rate (rate of return on the investment) which helps in calculating a range in value of a property and forecasting cash flows.
NOI takes all revenue from the property, minus all reasonably necessary operating expenses. Keep in mind that NOI is a before tax calculation excluding principle and interest on a loan, capital expenditures, depreciation and amortization or EBITA.
It’s important to note that NOI can be based on
Read more...Due diligence is the investigation or exercise of care that a reasonable person is expected to take before entering into a contract of sale with another party.
In the business of purchasing real estate to live or to invest, whether you are buying a condominium, Co-op apartment, single family house, multi family house, mixed use building, commercial building or a ground up development opportunity, doing your due diligence is the protocol to follow to minimize risk and maximize the upside of the purchase.
Some of the basics of due diligence are as follows:
When planning to purchase a
Read more...Prospect Heights is in Northwest Brooklyn. Neighborhood boundaries are Flatbush Avenue to the West, Atlantic Avenue to the North, Eastern Parkway (at Grand Army Plaza) to the South and Washington Avenue to the East. Surrounding neighborhoods are Fort Greene to the North, Prospect Park to the South, Park Slope to the West and Crown Heights to the East.
Prospect Heights today is a combination of historic Brooklyn and a new urban Brooklyn. There is a great sense of community amongst Prospect Heights’s diverse residents living in the neighborhood for decades. The streets of Prospect heights are quiet and serene with blocks of beautifully kept brownstone homes, quaint shops and great restaurants and bars.
The lifestyle in Prospect Heights is culture rich with The Brooklyn Museum, Brooklyn Botanic Garden, The Brooklyn Public Library, Prospect Park with
Read more...An easement is a property right that gives it’s holder an interest in land that’s owned by someone else. Land affected by an easement is called a servient estate, while the land or person benefitted by the easement is known as the dominant estate.
Most easements are affirmative, which means that they authorize use of another’s land.
Easements are usually created by conveyance in a deed or some other written document such as a will or contract.
Although permanent easements are the norm, they can be terminated. Easements of limited duration are commonly used to provide temporary access to a dominant estate pending the completion of construction work.
An easement may also be terminated when
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Accord Real Estate Group is very excited to announce the launch of their newly redesigned mobile friendly and mobile responsive website. According to Anna Kader, co owner of the company, “our new web site offers visitors a true mobile experience. This custom cutting edge mobile responsive site is easy to navigate and it offers the best mobile experience.”
Brokers and agents in Brooklyn and the other boroughs visit many different real estate websites. We believe that our website is one of the best real estate brokerage company’s sites in the business in terms of having great functionality and being very helpful and informative to both sellers and buyers of Brooklyn Real Estate. It is user friendly and easy to navigate
We invite you to visit and explore our new website. If you have any questions please call or email us
Accord Real Estate Group,
Your Brooklyn Neighborhood Real Estate Broker.
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Long Island City is a residential and commercial neighborhood located on the western tip of Queens, New York.
Long Island City is bordered by Astoria to the North, East River to the West, Hazen Street, 49th Street and New Calvary Cemetary in Sunnyside to the East and Newtown Creek to the South (which separates Queens from Greenpoint, Brooklyn).
The mere buzz of tech giant Amazon possibly deciding to put a headquarters campus in Long Island City created a condo gold rush. Now that Amazon has made it official with their new headquarters to be built in the area of Vernon Boulevard and 44th Drive, the excitement is real and the future looks bright for LIC Queens and New York City.
Amazon has agreed to donate space on its campus for a tech startup incubator, for use by artists and industrial businesses, donate a site for a new public school and will also create “infrastructure improvements” and green spaces.
Amazon’s move to LIC Queens will bring more than 25,000 jobs and it expects to invest $2.5B in the LIC headquarters which will encompass 4M square feet of office space with a possibility of expanding to 8M square feet.
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Mill Basin is located in South Brooklyn, NY and is a residential neighborhood on a peninsula along Jamaica Bay. Neighborhood boundaries are Avenue U to the North, East and South and by Mill Island inlet to the West.
Mill Basin is home to boaters and sun lovers. Some visitors liken the neighborhood to Miami. Others love the greenery and birdsong of Mill Basin which can feel like New Jersey or Westchester County. Mill Basin does not have the look and feel of Brooklyn, but it’s residents are Brooklyn proud.
Mill Basin is home to The Mill Basin Marina located on Avenue Y and East 69th Street and is a full service Marina that has been serving boaters for 50 years.
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Bath Beach Park named for the neighbothood it is in. The park was originally established in 1937 and went through a lmajor makeover in 1984.
Bath Beach, Brooklyn NY is located at the southwestern edge of Brooklyn on Gravesend Bay.
Bath Beach is a wonderfully busy, vibrant and diverse Brooklyn, NY neighborhood. Italian Americans, Chinese, Hispanics, Middle Eastern, Pakistani and Russians have made Bath Beach their home.
Neighborhood boundaries are Bensonhurst and New Utrecht across 86th Street, Dyker Beach Park and Golf Course across 14th Avenue and Gravesend across Stillwell Avenue.
Subway service into Manhattan from Bath Beach consists of D train service with stops at 18th Avenue, 20th Avenue, Bay Parkway, 25th Avenue and Bay 50th Street.
There are several terrific
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Louis Valentino Jr. Park & Pier
Red Hook in Brooklyn, New York is truly a village inside a city with a character all its own. With unparalleled panoramic views of New York Bay, combining a New England maritime feel with an industrial vibe and a small town peaceful way of living, Red Hook is a completely unique Brooklyn gem of a neighborhood.
Red Hook is a peninsula between Buttermilk Channel, Gowanus Bay and the Gowanus Canal at the Southern Edge of Downtown Brooklyn. Red Hook is known as South Brooklyn but is actually in Western Brooklyn.
The devastating damage caused by
Read more...Fort Greene is truly a gem amongst Brooklyn New York neighborhoods. Named after major general of the Continental Army in the American Revolutionay War Nathanael Greene, Fort Greene is listed on the New York State Registry, the National Register of Historic Places as well as a designated Historic District in NYC.
Fort Greene is located in Northwest Brooklyn and has elegant tree lined blocks of gorgeous, beautifully kept, Brownstone, Brick and Frame homes.
Fort Greene's neighbors are Clinton Hill, Downtown Brooklyn and The Brooklyn Navy Yard.
The Western edge of Fort Greene is now the Brooklyn Cultural district, home to The Brooklyn Academy of Music (BAM), Polonsky Shakespeare Center, 651 ARTS, BRIC House and The Mark Morris Dance Center.
The energy, vitality, innovation, creativity, family oriented and diverse Fort Greene epitomizes what Brooklyn is today.
Today’s residential real estate market in Fort Greene is expensive and in high demand. In some ways Fort Greene is the Lincoln Center of Brooklyn.
Read more...Today’s Prospect Lefferts Gardens, Brooklyn NY is hip, historic, diverse, lively and convenient.
Neighborhood borders are Ocean Avenue to the West, Empire Boulevard to the North, New York Avenue to the East and Clarkson Avenue to the South. The neighborhood has seen a boom in the construction of luxury residential apartment buildings among low-rise brick buildings and historic row houses.
The major commercial corridors in Prospect Lefferts Gardens are Flatbush Avenue and Nostrand Avenue.
PLG boasts beautifully preserved 19th and 20th century architecture that includes Romanesque Revival, Neo Georgian and Neo Tudor styles.
The Prospect Lefferts Gardens Historic District consists of
Read more...From one end of Bushwick to the other, for the most part, you cannot find a block where there is not at least one house undergoing a gut renovation or where there is an exciting new ground up development project underway. Bushwick, Brooklyn NY is undergoing a transformation and is growing in popularity rapidly. Visit the galleries, see the street art and
Read more...Bedford-Stuyvesant, aka Bed Stuy, Brooklyn, NY is a vibrant Brooklyn neighborhood filled with historic Victorian architecture and brownstones on tree lined streets. Bedford Stuyvesant is surrounded by Clinton Hill to the West, Crown Heights to the South, and Williamsburg to the North.
“I’ve seen the tremendous uptrend in values in Bedford Stuyvesant year after year with no end in sight” says Jeff Grandis, broker at Accord Real Estate Group who has been representing property owners in the marketing and sale of their residential and commercial properties for over 30 years.
Some examples of pricing of properties in today’s market
Read more...Greenpoint is the northernmost point in Brooklyn, NY. Greenpoint is bordered to the southwest by Williamsburg, on the southeast by The Brooklyn Queens Expressway and East Williamsburg, on the north by Newtown Creek and Long Island City Queens at The Pulaski Bridge and on the west by the East River.
Greenpoint has a large Polish-American community with many Polish restaurants, markets and businesses.
The Real Estate market in Greenpoint has seen single and multifamily residential values rise dramatically and
Read more...Park Slope, Brooklyn NY is one of Brooklyn’s gems of a neighborhood is located in Northwest Brooklyn. Neighborhood boundaries are Prospect Park and Prospect Park West to the East, 4th Avenue to the West, Flatbush Avenue to the North and the Prospect Expressway to the South.
Fifth Avenue and Seventh Avenue are Park Slopes primary commercial streets.
Park Slope is known for
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"Love Thy Neighborhood" mural - Wythe Ave, Williamsburg Brooklyn, NY
Today’s Williamsburg has an energy of innovation, youth and excitement rarely found to this extent in a Brooklyn neighborhood. As a lifelong New Yorker, Brooklynite and Real Estate Broker of 30 years you can take my word for that.
Just take a walk down Bedford Avenue and you can see, feel, touch and taste the creativity coming from the restaurants, shops, café’s, the Hotels, the bars and the music venues. Step into anyone of the gorgeous new hotels in Williamsburg like the William Vale, the Mc Carren Hotel and pool or the Wythe Hotel and you will see tourists from all over the world visiting Brooklyn’s Williamsburg. Clearly, Williamsburg is one of the top destinations in NYC.
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Brooklyn’s Clinton Hill has some of the most historic, architecturally important residential houses in the borough and many gorgeous new residential and mixed use development buildings as well. This neighborhood is exciting and is attracting many to live and play there.
The residential lifestyle choices and price ranges of Clinton Hill real estate offer
Read more...The Brooklyn Real Estate market continues to be vibrant across almost all property categories including single family residential, mixed-use with ground floor retail and residential apartments above the stores, commercial, vacant land, Cooperative apartments and Condominium units. Experts agree that this up trend will continue into 2018.
The Multi-Family housing market in Brooklyn is no exception to this up trend for several reasons.
Read more...In the always exciting and vibrant world of residential real estate in Brooklyn, NY we will cover several trends for 2018 that will have an influence on the market.
Beginning April 2019, the L train will be closed for critical repairs from damage sustained from super storm Sandy. Approximately 225,000 New Yorkers go between Brooklyn and Manhattan every day. The MTA will have increased service on the
Read more...Of the 10 largest developments to receive a temporary certificate of occupancy in New York City, 4 of these projects are in Brooklyn. Brooklyn New York realtors can take pride in how strong the residential real estate market is in our beloved Brooklyn NY and
Read more...Yes, we know that Brooklyn is the center of the real estate universe today in New York City and truly a global brand now more than ever before.
There is always the question of which neighborhood (s) in Brooklyn are the next hot, “it” place to live. What makes a neighborhood not just desirable but hot? Walkability to shops, good access to public transportation is a good start. Plenty of existing architectural eye candy also helps. Other factors such as
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The Towers, one of the jewels of the Jehovah’s Witnesses Brooklyn Real Estate Portfolio has been sold. Located at 21 Clark Street, The Towers is a former Hotel located in the Brooklyn Heights Historic District, Brooklyn NY. The buyer for this magnificent 1920’s Venetian palazzo style building is Kayne Anderson Real Estate Advisors who reportedly purchased the building for approximately $200M. The Towers structure is 16 stories in height and 313,768 square feet in size. Al Rabil, Kayne Anderson managing partner and CEO said of the building “meticulously maintained since it’s inception in the late 1920’s, the towers is a unique redevelopment opportunity to introduce modern luxury living for seniors in Brooklyn”. Watermark Retirement Communities is partnering with Kayne Anderson Real Estate Advisors on the project. The new owner is committed to upholding the property’s unique legacy. In the hotel’s heyday it was advertised as the aristocrat of Brooklyn Hotels. The Towers was designed by Starrett & Van Vleck, the same architecture firm that designed the Manhattan Flagship Stores for Saks Fifth Avenue and Lord & Taylor.
Read more...From one end of Brooklyn to the other, the borough remains hot with new projects being planned, completed and units selling or leasing for top market prices.
A few of the latest large projects being planned and underway are for example, a 1.5 acre waterfront site at 1 Huron Street in Greenpoint. Developer Bridgewater Capital Partners are developing 180,000 square feet for a residential building. The site was purchased for $60.5M or approximately $320 per buildable square foot.
Mack Real Estate Group and Palin Enterprises are moving forward with a 39 story 640 unit mixed use complex at 10 Huron Street and 19 India Street. The project includes
Read more...The historic Brooklyn Navy Yard continues to be transformed from a blighted part of the Fort Greene/Brooklyn Navy yard neighborhood to an expanding, exciting business hub.
Once home to our first American Navy ships in 1801 to a now daily workforce of 7,000 people. Projections are that within two years 17,000 daily workers will travel to The Navy Yard.
Two ambitious projects planned for The Navy Yard are
Read more...One of the most wonderfully scenic and yet still affordable areas in Brooklyn is Fort Hamilton, on the south end of Bay Ridge. December 10th of 2016 we blogged about Bay Ridge and it’s many assets as a top Brooklyn neighborhood including majestic views of The Verranzano Bridge and The New York Harbor.
Slowly but steadily this gem of a neighborhood is catching the attention of developers.
One project planned is located at 401 95th Street, where a convent once stood. Planned is a 7 story building with 22 residential apartments and ground floor retail. The property was
Read more...Downtown Brooklyn continues to be one of the hottest neighborhoods in Brooklyn for deal making and development projects.
Brooklyn Real Estate Brokers and Real Estate Agent, Real Estate Companies in Brooklyn have witnessed increasingly high demand for Commercial, Residential and Retail space in Downtown Brooklyn.
Some of the larger projects planned are for example, Extell Development is planning a 59 story 534,000 square foot mixed use building at 138 Willoughby Street. This project is part of the City Point mega development. There will be
Read more...Real Estate Brokers Brooklyn have many wonderful neighborhoods that they service that have waterfront access. The lifestyle of these neighborhoods are unique. For example, Sheepshead Bay, which has Fishing and party boats docking at the piers on Emmons Avenue, along the canal, restaurants just across from the canal, miles of beaches and Kingsborough College across the canal at the tip of Manhattan Beach.
Read more...From Red Hook with spectacular views of Downtown Manhattan and The Statue of Liberty to Bliss Park in Bay Ridge with sweeping views of the Manhattan Harbor to The William Vale Hotel in Williamsburg with a rooftop waterfront view spanning from Downtown Manhattan to Midtown with The Empire State Building and Chrysler buildings lit up at night in all of their glory, Brooklyn has the most amazing views of the Manhattan skyline.
Some North Brooklyn ferry stops have waterfront development projects that are in close proximity to those Ferry Stops and they have fabulous views of Manhattan to offer their residents.
First stop, India Street Greenpoint Ferry Landing where
Read more...Real Estate Companies in Brooklyn and Real Estate Brokers these days are so encouraged by the incredible popularity, growth and development taking place here. There is always interesting and exciting news coming from several wonderful Brooklyn’s neighborhoods.
Here is an update on what’s happening with Real Estate in Bushwick.
Ever since the rezoning of Bushwick’s former Rheingold Brewery site, the Bushwick community
Read more...For Brooklyn Real Estate Companies, Brooklyn Real Estate brokers and real estate enthusiasts who have been following Brooklyn Real Estate in Williamsburg, you will appreciate this blog.
On December 23rd 2015 we first blogged about The Hoxton, which will be the London based companies first U.S. location. There has been tremendous progress with this project at 97 Wythe Avenue and opening is set for 2017.
The 150 room Williamsburg Hotel opened for business in January and they are offering
Read more...Realtors in Brooklyn and Real Estate Companies in Brooklyn have seen the results of the city rezoning sections of different neighborhoods. For example, Downtown Brooklyn. The last several years have seen a historic level of development of residential and commercial buildings in the neighborhood.
Last year we blogged about
Read more...Since 2013 Belvedere Capital, Jamestown and Angelo Gordon &Co. began remodeling and reimagining Industry City and its 30 acre complex and 6.5 million square feet of space.
The 16 buildings that comprise Industry City were originally part of historic Bush Terminal.
The cost of the Industry City makeover is projected to be approximately $1B.
Rents at this mixed complex of
Read more...The Accord Real Estate Group Mobile App has arrived! We are truly excited to share with you this new marketing and business tool. The app is available for both Android and IOS (Apple).
Our development team have created an app with wonderful functionality, displaying our inventory of residential, commercial, mixed use, multi-family and inverstment properties for all mobile devices.
Please visit Google Play or iTunes App Store and download our Accord Real Estate Group mobile app today:
Search everything from our listed and featured properties to Neighborhood information. You can even read our Brooklyn Real Estate Blog, Real Estate Tips, attorneys' or past clients' testimonial letters and much more.
If you are planning to sell your Brooklyn property, whether a residential property, a commercial building, mixed use, multi family, vacant land, coop or condominium or a development opportunity, call us. You will be very happy that you did.
Thank you.
Accord Real Estate Group team
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Just blocks away from amazing Brooklyn Bridge Park, with a unique urban small town feel and in an industrial waterfront location, the Columbia Street Waterfront district or CWD is one of Brooklyn’s New York smallest and fastest growing neighborhoods! CWD is sandwiched between Red Hook and Cobble Hill (what wonderful neighborhoods to be next to) and going from East to West is just 22 blocks wide.
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For years we’ve been blogging about Brooklyn’s booming residential, multi-family and mixed use market.
The office building market in Brooklyn, NY has become a big part of the borough’s growth in popularity as not just a great place to live, but a great place to work as well.
Over the last year or so we’ve blogged about several key commercial projects planned and underway in Brooklyn such as:
Thor Equities Red Hook project with 600,000 square feet of office space planned;
RFK and Kushner Cos. Purchase of the Jehovah’s Witness’s buildings in Brooklyn Heights and Dumbo to be converted to
Read more...Cammeby’s International Group is underway with two new projects in Southern Brooklyn, NY.
The first project located at 626 Sheepshead Bay Road is planned for 7 stories totaling 161,000 square feet. This building will have
Read more...Residential housing in today’s market means addressing the needs of many kinds of tenants including empty nesters, just out of college, students , millennial, young families and young professionals. These tenants are looking for space that offers great amenities and is specifically designed for their unique needs.
One common denominator amongst these groups is the need for elimination of
Read more...Today’s focus is on Brooklyn Heights properties. Two Co - op apartments located at 75 Henry Street that sold above the asking price within weeks of coming on to the market. Apartment 5-E, a two bedroom with a private terrace with an asking price of $1.495M went to contract after 13 days on the market. Apartment 9J, a studio apartment with an asking price of $435,000 went to contract after
Read more...There are a variety of projects planned in Clinton Hill Brooklyn, NY. Real Estate Brokers and Agents in Brooklyn servicing the Clinton Hill market should take note of this update.
Developer Mike Shamash is planning a mixed use building of
Read more...Industry City in Sunset Park, Brooklyn NY is located West of the Gowanus Expressway and totals 16 buildings.
The transition of this area took a big leap forward in 2013 when developer Jamestown began reinventing and
Read more...The looming shutdown of the “L” train has helped to shift some market forces to a certain extent in favor of the Bushwick, Brooklyn neighborhood. Similar to the boom in Williamsburg and Long Island City, waves of new residents are drawn to the easy commute into Manhattan and relatively reasonable pricing for housing.
Read more...As mentioned in our April 15th blog on the latest Coney Island development projects, to be continued.
Exciting news for the long dormant Child’s Restaurant on the boardwalk located at 3052 West 21st Street, Brooklyn NY. This landmarked 1920’s building formerly a candy factory and a roller skating rink was purchased by developer iStar. The plan is for a 60,000 square foot year round restaurant and rooftop bar. The terra cotta façade
Read more...The condominium and home renovation market in Bedford Stuyvesant is hot and getting hotter as young entrepreneurs and young families continue to choose Bedford Stuyvesant as one of the top Brooklyn neighborhoods to plant roots in.
On April 29 2016 we blogged on the latest commercial and residential projects going up in Bedford Stuyvesant. Since the market is so strong there more and more residential condominium and home renovation projects are
Read more...Oosten, a new Williamsburg residential development project located at 429 Kent Avenue is nearing completion after being in the works since 2013.
Chinese developer XIN Development and Dutch designer/ architect Piet Boon have put together a wonderfully different project. The main feature that distinguishes Oosten from other residential projects is a huge interior open courtyard that the building is built around.
The ground floor units
Read more...Bedford Stuyvesant, Brooklyn New York continues to attract New Yorkers with an easy commute into Manhattan, great shops, restaurants, a great mix of new condominium developments and an existing housing stock of gorgeous brownstone, limestone and brick homes on tree lined streets.
There are several new developments
Read more...Jehovah’s Witness Reach Deal on the sale of their Headquarters Building in Brooklyn Heights, Brooklyn. In December 2015, Jared Kushner and RFK purchased several buildings in Dumbo from the Jehovah’s Witnesses for $375M.
There is now a “handshake” agreement in place for Kushner, Aby Rosen and LIVWRK to purchase the Witness’s 733,000 square foot Headquarters building at 25-30 Columbia Heights and their 1.1 square foot development site at 85 Jay Street.
The sale price for the two properties is in the $700M range.
The Columbia Heights buildings were
Read more...As Crown Heights in Brooklyn, New York gains in popularity among New Yorkers, both residential and commercial projects will continue to roll out to accommodate
Read more...With the explosive population growth in the last 5 years and projections of continued growth in the years to come, The Department of Education has a plan to add 44,000 seats for students in these growing Brooklyn neighborhoods.
There is a trend towards private developers including space for schools in their mixed use buildings.
Projects such as Hudson Yards, Greenpoint Landing, The Domino Sugar Factory,
Read more...Seven projects competed for the award for Excellence in Development that is given by the Urban Land Institute (ULI) each year. ULI began the Awards for Excellence program in 1979 with the objective of recognizing truly superior development efforts including full development process of a project, not just its architecture or design.
St. Ann’s Warehouse in Dumbo
Read more...A small percentage of new projects going up in Gowanus have been for Industrial use buildings. A majority of the projects planned or under way have been for residential buildings.
Developer Abra Construction owner
Read more...Greenpoint is becoming a first choice for hipsters and young professionals to live in. The vibe of the Greenpoint neighborhood is hip yet much more low key than Williamsburg. In particular the waterfront area, centered around West Street currently has an abundance of new projects in the works.
Some of the new projects planned and already underway are:
50 Greenpoint Avenue, where a 7 story, 44 unit apartment building is planned. The architect is Karl Ficher.
44 Kent Street, where a six story building with
Read more...On April 21st of 2015 we blogged about the proposed rezoning of East New York / Cypress Hills in an effort by City government to revitalize this Brooklyn NY neighborhood.
As of yesterday a plan was approved by the City Planning Commission to rezone, revitalize and
Read more...Approximately a decade ago New York City created 16 Industrial Business Zones (IBZ) across the City for industrial and manufacturing businesses, a few of them located in Brooklyn’s Neighborhoods such as Williamsburg, Green Point, Brooklyn Navy Yard, East New York, North Brooklyn, SouthWest Brooklyn and Flatlands/Fairfield.
Developer Rubenstein Partners are planning to build
Read more...The Flatbush neighborhood in Brooklyn now is a hot residential location. It has finally caught the attention of Developers and Investors. Examples of area projects are:
A 78 unit, 8 story, 60,000 square foot residential building planned for 2100 Bedford Avenue between Lenox Road and Caton Avenue. The project will have
Read more...Anbau Enterprises, a high end condominium developer has improved their opening bid of $75M to $130M for the 387,000 square foot Pineapple Walk property which stretches from Henry Street to Cadman Plaza West.
The location is superb, with the Brooklyn Heights historic district to the west and a lovely park to the east.
The property is owned by
Read more...For real estate companies in Brooklyn, real estate brokers in Brooklyn and real estate agents in Brooklyn who have an interest in the Dumbo and The Brooklyn Tech Triangle neighborhoods, this blog will be informative.
Jared Kushner has captured his first big tenant for 117 Adams Street. Online retailer Etsy is leasing 200,000 square feet and will include
Read more...For real estate companies in Brooklyn, real estate brokers and real estate agents in Brooklyn following the Jehovah’s Witnesses selloff of their Brooklyn Heights and Dumbo properties, this blog will be informative.
In February of 2014 we blogged about RFK and Kushner Cos. $375M purchase of several buildings in Dumbo from the Jehovah Witnesses. The buildings are located at 117 Adams Street, 55 Prospect Street, 81 Prospect Street, 77 Sands Street and 175 Pearl Street.
In July of 2014 we blogged about the Jehovah Witnesses sale of the Bossert Hotel located at 98 Montague Street in Brooklyn Heights for $81M. The buyers are David Bistricer and Joseph Chetrit.
In preparation for their move upstate to Warwick New York, The Witnesses have announced that the next portion
Read more...For those Real Estate Companies in Brooklyn, Real Estate Brokers and Real Estate Agents in Brooklyn who follow the latest news in the Crown Heights North Historic District, the Landmarks Preservation Commission is very close to approving the development of a new 4 story residential building at 906 Prospect Place.
The building currently occupying the
Read more...Quinlan Development Group and Joint Venture partner Land & Technology have purchased a 10 story building located at 41 Flatbush Avenue for $89.4M.
There will be ground floor retail and Class A office space that will occupy the remainder of the 266,866 square feet building. There are some wonderful period details
Read more...This blog is a follow up to our blog on August 20th 2015 regarding Hudson Companies Brooklyn Heights proposed Brooklyn Public Library development.
The City Planning Commission has approved Hudson Companies plan to build high rise condominiums with a new state of the art library at the current Brooklyn Public Library site. The next step is for this deal to go to the
Read more...The Brooklyn Heights Historic District Real Estate market is booming as many Brooklyn real estate companies and Brooklyn Real Estate agents are aware.
Examples of this boom are 81 State Street, a Greek Revival Rowhouse that has sold for $10.25M. This 4 family house was purchased in 2008 for $2.9M and then converted into a single family home. Several other
Read more...Attention all Commercial Real Estate Companies in Brooklyn and Commercial Real Estate agents
On 61st Street between 7th and 8th Avenues a 61 foot high, 6 story building will begin to be built in the near future. This building is being developed by Xiao Jin Chen, who purchased the property in 2013 for $4.5M. On the site currently sits a group of single story garages in disrepair. The architect
Read more...Attention real estate companies in Brooklyn and real estate agents in Brooklyn servicing the Prospect Heights neighborhood.
Slate Property Group has purchased the former Green Point Savings Bank located at 856 Washington Avenue between Lincoln Place and Eastern Parkway. The purchase price for the property was $6,500,000.
A 14 story condominium building is planned for the site.
Most likely the air rights from both adjacent buildings at
Read more...There is very exciting news for The Two Trees organization and interesting news for real estate companies and real estate agents in Brooklyn. The City Council has finally approved the makeover of The Domino Sugar Factory property, Walentas $1.5B Williamsburg Domino Project.
Two Trees Development bought the prime waterfront property in 2012 from the Community Preservation Corporation.
An 11 acre, 2.95M square foot Kent Avenue development
Read more...I’ve been going to see movies at the Pavilion Theatre for years. The Pavillion building was originally built in the neo Rennaisance Style and opened in 1928. The building has a great location in the beautiful and historic Park Slope neighborhood. Many real estate companies in Brooklyn
Read more...Here is an update for real estate companies and real estate agents in Brooklyn following the latest news in Brooklyn Heights.
Developer Hudson Companies has paid $52M for the Brooklyn Heights Public Library building located at 280 Cadman Plaza West.
In place of the old library is a proposed 36 story
Read more...Real Estate in Brooklyn update.
Interesting news for real estate companies and real estate agents in Brooklyn who service the Prospect Heights neighborhood.
Real Estate developers Forrest City Ratner and Greenland’s Pacific Park mammoth project is moving forward. There will be
Read more...To all great Brokers and Agents in Brooklyn Real Estate, be aware of this latest news about Brooklyn.
The Center For Fiction is relocating from their building located in Midtown Manhattan at 17 East 47th Street to 280 Ashland Place, a mixed use development in the heart of Brooklyn’s Cultural District.
Read more...The legal battle continues over SUNY’s sale of Long Island Community Hospital properties to Fortis Property Group.
The Supreme Court Appellate Division in Brooklyn will decide whether to overturn SUNY’s decision to sell the hospital property to Fortis.
The Concerned Physicians of LICH is one of the groups fighting the sale.
Read more...The Brooklyn Navy Yard Development Corporation has as a part of the $140M redevelopment plan for Admiral’s Row, agreed that Wegmans, an upstate 85 store family owned supermarket chain and industry leader, will open a 74,000 square foot store. Steiner NYC the developer in this project will
Read more...The William Vale - Williamsburg’s Newest Hotel Speeding Toward Completion. Riverside Developers, who will build and operate Williamsburg’s latest hotel addition, are planning to be open for business as soon as this coming New Year’s Eve. Located at 55 Wythe Avenue between North 12th Street
Read more...Real Estate companies, brokers and agents in Brooklyn have witnessed the rezoning of many Brooklyn neighborhoods such as Williamsburg, Downtown Brooklyn, Greenpoint and Bushwick. This rezoning has brought about a tremendous boom in residential, commercial, multi family and mixed use development
Read more...This blog is a follow up to our March 5th blog on Crown Heights North Phase Three moving towards historic district status.
Great news for the community, preservationists and interesting news for Brooklyn Real Estate companies and Brooklyn Real estate brokers and agents. A third section of Crown Heights known as phase three has won landmark status. Landmarks Preservation
Read more...The Dime Savings Bank building, on the Fulton Mall, just down from Juniors located at 9 Dekalb Avenue is for sale. This property is clearly one of the crown jewels of Downtown Brooklyn Real Estate.
Building owner and current occupant J.P. Morgan Chase hired Cushman & Wakefield as the exclusive real estate broker on the property. One Cushman & Wakefield associate James Berluti said that "this is a rare opportunity for an investor
Read more...The future Atlantic Galleria located at 252 Atlantic Avenue corner of Boerum Place, is being developed by Midtown Equities. The site had been sitting dormant for one year and is finally moving forward. The tenants will be Retailer Pier 1 and a gym.
A Shell gas station located at 112 Atlantic Avenue corner of Henry Street and in the Cobble Hill
Read more...Much to the delight of real estate agents and brokers in Brooklyn who service Prospect - Lefferts Gardens, this wonderful Brooklyn neighborhood has a lot going for it. For example, the housing stock of well maintained brick and limestone, Romanesque, Colonial and Tudor Revival style homes is fantastic.
This neighborhoods popularity amongst professionals,
Read more...Methodist Hospital in Park Slope, Brooklyn NY has received an approval from the City's Board of Standards and Approvals to move forward with their expansion plans. Lyn S. Hill a NY Methodist spokesperson said that "this project will enhance outpatient healthcare for Brooklyn residents and
Read more...During the Bloomberg years, Brooklyn experienced rapid residential growth from Red Hook to Downtown Brooklyn To Williamsburg. There is a planned development project that the Brooklyn Bridge Development Corporation is accepting and reviewing requests for proposals from Developers interested in doing the project. The project being proposed is for two residential towers to be built on Pier 6 at the parks southernmost edge. The towers would be 315 feet high and 155 feet high for a total of 430 residential units.
Many people in the community as well
Read more...Real Estate brokers and agents marketing and selling properties in Downtown Brooklyn will be happy to know about a great new outdoor amenity coming to the neighborhood.
Brooklyn Strand is what mayor Bill Di Blasio is calling 21 acres of underused green space stretching from Borough Hall to Brooklyn Bridge Park. It will be a "spiffy" new park according to Mr. Di Blasio.
The Strand includes Columbus Park (adjacent to Borough Hall), Cadman Plaza Park (to its North containing the War Memorial), Walt Whitman Park (on the other side of Cadman Plaza East, including the Office of Emergency Management building), the Korean Veterans Plaza and several empty municipal lots and lawns.
Read more...Investment Property sales for the 1st half of 2014 is up 38% from the first half of 2013.
Brooklyn Real Estate Brokers have a lot to be proud of so far this year. In addition, the dollar volume of these sales rose 73% to more than $3,033 Billion. Property types included in the investment property category are development, multi family, industrial and other commercial property sales over $850,000.Multi family sales led the way with 66% of Brooklyn's investment property transaction volume. For example, a newly constructed 49 unit rental building in Williamsburg sold for $35.6 Million,
Read more...As a young real estate agent in the business I came to appreciate many of Brooklyn's beautiful neighborhoods and the rich architectural history of some of the homes and buildings.
Now, many years later as an owner of a real estate company Accord Real Estate Group, I am still captivated by the architectural treasures that we have in Brooklyn.
Today, there are many buildings that have become city landmarks Some of the buildings are
Read more...In June and July of last year we blogged about the Jehovah's Witnesses sale of their Brooklyn properties including the Bossert Hotel on Montague Street. The hotel was sold for $81 million to Mr. David Bistricer. In last year’s blogs we also commented on the wonderful ripple effect the relaunch of the hotel will be to local merchants who will benefit from hotel guests spending money in the area.
As an update to last year’s blogs, the re-opening Bossert Hotel or what is now being called the future Waldorf Astoria of Brooklyn
Read more...A developer from Milan, Italy “Est4te Four” with offices in London and West Hollywood has their eye on purchasing a 4th development site in Red Hook, Brooklyn. Their new acquisition 44-62 Ferris Street is a parking lot which also fronts Wolcott St. and Sullivan St will be coupled with 219 Sullivan St. These combined properties have incredible waterfront views of the lower Manhattan skyline.
Est4te Four had also purchased 160 Imlay St. the former New York Dock Company building, which will be developed into luxury residential condominiums. This development project estimated to be completed
Read more...This time of year in Victorian Flatbush, Brooklyn New York the grandeur and elegance of the homes here are accentuated by the magnificent roses, hydrangeas, cherrywood, dogwood and lilac trees that are blooming throughout the neighborhood.
The 10 wonderful Brooklyn neighborhoods known collectively as Victorian Flatbush have the largest concentration of Victorian wood frame houses in the United States, according to the Historic Districts Council. Victorian Flatbush includes Caton Park, Prospect Park South, Beverly Square West, Beverly Square East, Ditmas Park West, Ditmas Park, West Midwood, Midwood Park, South Midwood and Fiske Terrace.
Read more...Two pollution plagued properties in Greenpoint Brooklyn have been sold to developers who must go through a costly cleanup process.
The vintage Arte Modern style former Harte & Co. factory building property located at 280 Franklin St. has been sold. The buyer, Bo Jin Zhu plans to build a 400 unit apartment building with 200 parking spaces. The building will have affordable apartments as well as market rate units.
The property was sold for $23.25 Million. The seller, 49 Dupont Realty Corp
Read more...As a kid growing up in Brooklyn, I first saw this truly unique and fairytale like home as a teenager. I didn't know then, that I would become a real estate broker, but I loved showing this curious and unusual home located at 8220 Narrows Avenue in Bay Ridge to my friends, from the outside, of course. We called it different names and one name is the gingerbread house.
Now, many years later this wondrous homemade of natural rocks and boulders, with an Arts and Crafts style architecture is on the market to be sold and has an asking price of $10.5M. This one of a kind home
Read more...According to a Gallup Poll conducted in April of 2014, people owning real estate properties and people who are homeowners have what is viewed as the best investments for the long term.
This comes as no surprise to us, your local real estate brokers who have listed and sold thousands of Brooklyn properties over the course of 27 years.
Read more...Clinton Hill Brooklyn is a neighborhood that is not only situated at one of the highest points in the borough, but is flying high with charm, sophistication and an incredible diversity of people, restaurants and things to do.
Clinton Hill is home to The Pratt Institute, located at 200 Willoughby Avenue.
Read more...Carroll Gardens, Brooklyn NY was always a low key, lovely and quiet neighborhood that has many charms but did not have the allure of Cobble Hill or Park Slope. The Carroll Gardens boundaries are Degraw Street to the North, Hamilton Avenue to the South, Hicks Street to the East and Bond Street to the West. Carroll Gardens today has become a neighborhood of young urban professionals and young families.
There are still many signs of the old Carroll Gardens with a distinct Italian American flair. Some of the established Italian
Read more...Crown Heights Brooklyn is a neighborhood of cultural and religious diversity, of century old Brownstones, of new glass and steel Loft buildings, of Brooklynites that have been here for decades and now becoming a neighborhood with many young families, young professionals and artists.
Crown Heights is an architecturally rich neighborhood with a housing stock of brownstone, brick and limestone townhouses on blocks and blocks of gorgeous tree lined Streets. In the Botanic Garden Greenest Block in Brooklyn contest,
Read more...Kensington Brooklyn New York is a neighborhood known for its diversity with residents from dozens of countries and where at least 20 languages are spoken. Today, Kensington is becoming popular with young professionals for the simple reason that it is one of the last affordable neighborhoods before you get to Windsor Terrace, Park Slope and Cobble Hill.
The housing stock in Kensington consists of wood frame Victorian homes as well as brick and limestone row houses. Along Ocean Parkway there are many pre-war and post war Co-op apartment buildings. The price range for residential property in today's real estate market in this lovely, tree lined Brooklyn neighborhood is as follows: One family homes are in the $725,000 to just under $1M range, two family homes and multi family homes are in the range of
Read more...In the huge densely populated borough of Brooklyn there is a neighborhood with a small town feel and vibe to it. It is Windsor Terrace. Sandwiched between the neighborhoods of Park Slope and Flatbush, Windsor Terrace is known for its true sense of community. The blocks that make up this neighborhood have almost no
Read more...As we reported in December of 2013 the presence of the Barclay Center a tremendous increase in interest and foot traffic has spurred the development of new hotel construction in the area. Two new hotels coming to the neighborhood are the Marriott Autograph Collection Hotel and the Intercontinental Group's Even Hotel. Along with this spurt of luxury hotel development, there is also an expansion of the BAM Cultural District taking place with the construction of The Polonsky Shakespeare Center and plans for 1,000 apartments to be built in this area in the near future.
There is clearly a Barclay Center ripple effect that has been and continues to be underway on Fifth Avenue.
Read more...On July 18th of 2013, we reported that developers RFR and Kushner Companies had purchased 6 buildings in the Dumbo neighborhood of Brooklyn from The Jehovah Witnesses. It is expected that this project will produce as much as 1.2 million square feet of commercial space. This commercial space would be a tremendous boost for the Brooklyn push to create a Tech Triangle in the Dumbo, Brooklyn Navy Yard and Downtown Brooklyn neighborhoods where technology companies large and small could find a home.
According to the latest information on this project, the buildings will include a residential component. So far the building department has approved plans for removal of interior partitions at 55 Prospect St., 81 Prospect St., 117 Adams St., 77 Sands St., and 175 Pearl St. This deal also includes a hotel
Read more...In Downtown Brooklyn, on the corner of Boerum Place and Atlantic Avenue, there are currently 3 projects planned with 2 projects of the 3 already underway that will dramatically spruce up this corner of the neighborhood.
At 66 Boerum Place Midtown Equities is building
Read more...Brooklyn's Barclays Center has created a synergy of Real Estate forces in Downtown Brooklyn which is undeniable. The neighborhood is undergoing an amazing transformation as a result of Barclays being the #1 concert venue in America today. Many investors, developers, small and big retailers want to capitalize on the tremendous amount of travel traffic that Downtown Brooklyn now attracts.
There are two new trendy hotels being planned for construction just blocks away from Barclay's Center.
Read more...In recent blogs we have focused on real estate in some of the more high profile, hot neighborhoods in Brooklyn New York such as Fort Greene, Downtown Brooklyn, Dumbo, Bedford Stuyvesant, Clinton Hill, Prospect Heights etc... With the popularity of neighborhoods near Prospect Park, Prospect Lefferts Gardens is being recognized as a great neighborhood to live in.
A much more reasonably priced alternative to Park Slope on the other side of Prospect Park, Prospect Lefferts Gardens real estate has gotten the attention of Investor/ Developers as well as first time home buyers.
A few reasons for the growing interest in this wonderful Brooklyn neighborhood are a great housing stock consisting of many gorgeous blocks of beautiful, well kept brick and limestone
Read more...Before we get to talk about Real Estate, let’s just review the background and history of Sunset Park. Since the 1980's until today Sunset Park Brooklyn, NY has the largest Chinese community in New York City and has been known as Brooklyn's Chinatown. Sunset Park was at one time called Little Latin America, with over 50% of the neighborhoods population being Hispanic in cultural background and origin. These days Sunset Park is home to a wonderful diversity of not only Asians, but Hispanics, Finns, Norwegians, Italians, Orthodox Jews and others.
Now on to Sunset Park real estate. The borders of the Sunset Park neighborhood are between 65th Street and 42nd Street and from 3rd Avenue to 8th/9th Avenue. The two main hubs of Sunset Park are
Read more...On May 17th of this year we posted a blog on the popularity of residential real estate in the Brooklyn neighborhood of Bedford Stuyvesant with young home seekers and renters. As a result of this trend Commercial real estate in Bedford Stuyvesant has become very attractive to real estate investors and developers who want to accommodate newcomers to this neighborhood. Weissman Equities has just purchased 426 Bainbridge Street, a mixed use building where renovations will soon be under way. The retail mix for this Bainbridge Street property has not been decided yet. According to
Read more...We frequently write blogs about how wonderful Brooklyn, New York is to live in, work in, have fun in and invest in. Developers, investors and retailers seem to have fallen in love with Brooklyn New York and many of her incredible neighborhoods, such as Bedford Stuyvesant, Prospect Heights, Clinton Hill, Boerum Hill, Cobble Hill, Williamsburg, Bushwick, Bay Ridge and Red Hook just to name a few.
Sales figures indicate that in the investment property category of property types 498 buildings were sold in 362 transactions in the first half of 2013 and for the same period last year 426 buildings were sold in 301 transactions.
There has been a 21% increase in multi family property sales in the first half of 2013 and an increase of 36% of development site sales
Read more...Accord Real Estate Group is a boutique size Real Estate Brokerage Company, representing property owners planning to sell their properties. We are experienced and have a successful track record of selling Commercial, Residential and Investment properties in many Brooklyn neighborhoods.
What makes a top real estate broker? It is not what real estate brokers say but it is what their clients say about them. Over the course of many years our clients have been very happy with our dedication to providing them with the best personalized and professional brokerage service and we often exceed their expectations. How are we able to provide our clients with service and results that they expect from a top real estate broker? The answer to this is simple. At Accord Real Estate Group we specialize in one extremely important part of the real estate profession that is representing property owners in the marketing and sale of their properties. We proudly stand for our company motto – Experience, Integrity, Results.
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Amongst Brooklyn's many historic and wonderful neighborhoods, Coney Island has a rich and varied history. Coney Island was at one time the playground for the very wealthy, then a gathering place for the masses and then experienced a decline. Today Coney Island is attracting a new wave of retailers and restaurants. According to Mr. Zane Tankel, owner of the Applebee's restaurant chain, "Coney Islands time has come. It's the renaissance of the neighborhood". Mr. Tankel has just signed a 20 year lease on a Surf Avenue spot and this newest Applebee's location was set to open on June 17th.
Read more...Commercial Real Estate in Brooklyn New York is more exciting than ever before. Today's blog touches on three different brilliantly creative, innovative and entrepreneurial, newsworthy occurrences in Brooklyn Commercial real estate news.
Mr. Baldev Duggal invested $5 million to transform a dilapidated ship repair facility located in The Brooklyn Navy Yard, into The Duggal Greenhouse,
Read more...In our blogs we occasionally like to glowingly describe some of Brooklyn's many amazing neighborhoods. The subject of today's neighborhood blog is Boerum Hill. There is an incredible variety of homes for sale in Brooklyn, NY.
Read more...Fort Greene Brooklyn, a historic neighborhood, considered to be part of Brownstone Brooklyn, has many gorgeous tree lined streets exhibiting an absolutely magnificent array of homes in the Neo Grec, Romanesque Revival, Queen Anne, Italian and Federal style.
The price range of these incredible homes has gone up dramatically and is in the multi-million dollar range. The rental prices in this neighborhood have also skyrocketed. For example, a studio apartment now rents for approximately $2,500.00 per month, one bedroom asking $3,500.00 and two bedrooms asking $4,700.00. Because of Ft Greene's popularity with renters and new home buyers there is high demand for new housing and several major residential projects are underway and set to launch in this neighborhood.
Read more...The Empire warehouses are located in the Empire Fulton Ferry section of Brooklyn Bridge Park at 53-83 Water Street. These buildings were built by architect Thomas Stone in 1869 and feature distinctive brick walls with round arch openings and iron shutters. The warehouses consist of seven contiguous buildings, four and five stories in height.
Ten design firms have submitted proposals to the Community Advisory Council (CAC). These proposals are aimed at generating income for the Brooklyn Bridge Park maintenance, preserving, restoring and reusing the landmarked buildings and transform the buildings into an exciting and dynamic destination that will work well with the park and the surrounding area. The designs include retail, office and cultural space.
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If you want to have a wonderful, fun and interesting day whether on the weekend or during the week please come to visit Prospect Heights in Brooklyn New York. Prospect Heights is one of many beautiful Brooklyn neighborhoods.
The two main streets that run parallel to one another through Prospect Heights are Vanderbilt Avenue and Washington Ave. You can stroll for hours amongst the magnificent trees, pastures and gardens at the 52-acre Brooklyn Botanical Garden or take a walk or bike through the gorgeous and sprawling Prospect Park designed by Frederick Law Olmsted and Calvert Vaux after they completed Manhattan's Central Park.
While a lack of a listing inventory of properties for local Brooklyn Realtors and real estate brokers to sell continues to be a problem, according to The Real Estate Board of New York in a recent published report, Brooklyn residential sales prices and activity are up.
Comparing the number of residential sales in first quarter of last year to the first quarter of residential sales this year, Brooklyn showed a 21% increase or $1.6 Billion while residential sales in New York City was up 23.4% or $8.1 Billion.
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Brooklyn's continuing popularity with buyers seeking a neighborhood with hipster appeal, great nightlife and close proximity to Manhattan has made Williamsburg Brooklyn a prime destination in New York. With Williamsburg's strong attraction to young singles and now young families local realtors, brokers and agents have seen an ongoing demand for properties for sale even in this difficult New York real estate market. With the purchase of the defunct Domino Sugar Factory on the Williamsburg waterfront for $186 Million last year the developer Mr.Jed Walentas, principal of Two Trees Management Company, is now planning to attract large companies such as Yahoo and JetBlue to Williamsburg Brooklyn, NY.
Read more...The construction of new Brooklyn residential properties had been greatly affected by the last recession. As a result, we are seeing much more development of rental units as opposed to condominium units. A slow economy and low consumer confidence along with the banks tight lending practices resulted in some development projects that were originally planned as condos to be switched to rentals. For example, one of the development opportunities that we at Accord Real Estate Group have in our inventory was planned as a high end condominium project.
Read more...There is no doubt that the housing market in Brooklyn New York has improved over the last 2 years. Sales of residential, commercial, mixed-use and investment properties have increased. However, many Brooklyn neighborhoods have a low inventory of properties available for sale at this time, especially Brooklyn neighborhoods in the Northern section of the borough such as the neighborhoods of Williamsburg, Greenpoint, Bedford Stuyvesant (Bed Stuy), Bushwick, Clinton Hill, Downtown Brooklyn, Brooklyn Navy Yard, Brooklyn Heights, Fort Greene (Ft Greene), Prospect Heights, Carroll Gardens, Cobble Hill and Boerum Hill. These Brooklyn neighborhoods are in very high demand for housing and investing because of their close proximity to Manhattan (NYC) and their uniqueness of character.
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In the ever changing real estate landscape and the trend of shifting boundaries of Brooklyn New York neighborhoods, Prospect Heights is one such neighborhood. There are many Brooklyn neighborhoods that have already experienced this trend. They are South Slope, the neighborhood that got its name from its neighbor to the east Park Slope, in an effort to capitalize on the allure and prestige of Park Slope. The boundary shift has also happened in Borough Park that now includes part of the Kensington neighborhood such as Parkville Avenue and Dahill Road; Manhattan Beach which now includes Corbin Place that used to be part of the Brighton Beach neighborhood; Fort Greene and Brooklyn Navy Yard; Clinton Hill and Bedford Stuyvesant, Williamsburg and Bushwick also have gone through the neighborhood boundaries change.
Read more...Growing up in Brooklyn, New York as a kid and then young adult, graduating from Brooklyn College and now as a licensed real estate broker marketing and selling properties in Brooklyn for over 25 years, I have had a unique opportunity to witness the evolution of Brooklyn, New York real estate. Even as a young kid, my identical twin brother and I would ride our bicycles through different Brooklyn neighborhoods to visit our friends. Things were much different then. Real estate in many spectacular Brooklyn neighborhoods has a rich historic architectural mixture influenced by residents from countries as varied as new comers who came here to live. Brooklyn New York real estate is in high demand like never before! While Brooklyn real estate has seen years of incredible value appreciation and sky high prices as well as a decline in value as a result of the economic, mortgage and housing crisis of 2008-2009, the market forces unique to Brooklyn real estate have stabilized since late 2011. The Brooklyn real estate market continues to remain stable resulting in increased selling and buying activity in many neighborhoods.
Read more...Williamsburg is one of many spectacular neighborhoods in Brooklyn New York that is in high demand by young families who are looking for a great place to live, raise their families and put down roots. And it’s easy to understand why. Besides an easy commute to New York City, families can choose from gorgeous new condominium constructions that have a spectacular views of Manhattan as well as coop apartments and 1,2 or 3 family houses.
Read more...When you are planning to sell your Brooklyn New York property for the highest, yet a realistic price, it's best to get advice from experienced Real Estate Brokers and agents. Please keep in mind that your property is worth, the most that the real estate market will bear at any given point in time, according to where the property is located (location, location, location), what the property type is (residential, commercial, mixed use, co-op, condominium, vacant land or a development opportunity) and what the current market conditions are in your specific neighborhood in Brooklyn.
Read more...Spend the day or choose to stay. We recommend that you visit the Red Hook neighborhood in Brooklyn, New York and spend the day shopping, relaxing and having fun. A little bit out of the way via public transportation, but easily accessible by car or New York Water Front Taxi. Red Hook is one of Brooklyn's most historic and interesting waterfront neighborhoods.
At the intersection of Columbia Street and Sigourney Street lies Old Todd Memorial Park, which is now home to Red Hook Community Farm, an agricultural oasis in Brooklyn. 
As Brooklyn Real Estate Broker for 25 years and Broker/Owner of Accord Real Estate Group I would like to share with you my understanding of the disappointing year to date sales statistics in Sheepshead Bay, Brooklyn. Even though the recent sales data for residential real estate indicates a decline in total sales from 78 in 2011 to 63 in 2012 for the period between May - August 2011 and May - August 2012, the sold prices have held steady for residential real estate in Sheepshead Bay Brooklyn, which is a good news. The breakdown for 2011 sales is as follows: 1-3 family homes - 28 sold, co-ops and condominiums - 50 sold. The breakdown for 2012 is 1-3 family homes - 22 sold, co-ops and condominiums - 41 sold.
Sheepshead Bay is one of many Brooklyn Neighborhoods that we service. The residential real estate market in Sheepshead Bay
Read more...The Real Estate and Development Committee of The Brooklyn Chamber of Commerce, held its 12th annual Building Brooklyn Awards Ceremony on July 12th.
The following are Brooklyn Building Award recipients for their innovative and neighborhood enhancing construction projects:
There has always been a group of "players" so to speak, that is in the business of Buying, Fixing and Selling properties and a group specializing in developing new condominium and mixed use projects in many established and emerging Brooklyn, NY neighborhoods.
We are seeing an increase in recent months in the number of people looking for investment and development opportunities in Brooklyn. There are several reasons for this like the weak economy and unpredictable stock market has created the necessity for many people to find alternative careers and ways to invest their money.
Read more...On May 4th of this year we posted our blog Historic and New Brooklyn NY Parks where we glowingly praised Prospect Park for its beauty and diversity of activities available to the public and Brooklyn Bridge Park for it's amazing location, innovative landscape design, neighborhood restaurant choices and the many ways to enjoy the park.
We have just learned and are happy to share the news that Toll Brother's City Living and Starwood Capital Group have been approved for a joint venture to develop an approximately 550,000 square foot luxury hotel complex on the upland of Pier 1 in Brooklyn Bridge Park.
Read more...In the last six months, Accord Real Estate Group, which primarily markets and sells an inventory of residential, commercial, mixed use, investment and development properties, has successfully sold most of their inventory. We are experiencing a noticeable increase in the number of transactions in all property types and investment opportunities. It is a clear indication that the Brooklyn Real Estate market is showing signs of improvement. We just closed on a lovely, brick two family house in good condition in Gravesend, where the purchaser's interest rate on their loan
Read more...Jeff Grandis and Anna Kader Broker/Owners of Accord Real Estate Group are very proud to introduce their new company website Accord Real Estate Group that was released in the beginning of May 2012. The main purpose of the new web site is to provide our clients with a cutting edge internet marketing exposure for their properties. Our website consistently achieves high search engine position results, which is a tremendous benefit to our clients. The new site is also very easy to navigate around and will provide visitors with a user friendly Real Estate website experience.
Read more...Had a rough week? Looking to pamper yourself, explore an amazing Brooklyn Neighborhood, be entertained by world class, cutting edge artists, dine on scrumptious and healthy food? Well according to Jeff Grandis Broker Co- Owner of Accord Real Estate Group, a licensed Real Estate Broker, Boerum Hill fits the bill just fine.
Boerum Hill is easy to get to via the subway, with the F and G trains stopping at Carroll Street and Smith Street. What you can expect when you arrive is a treat for all of your senses. Smith Street, an incredible main street in this neighborhood, is lined with some of Brooklyn's finest restaurants such as Wild Ginger located at 112 Smith Street. Wild Ginger serves a wonderful Pan Asian cuisine. The ambiance is soothing and lovely. Take a table in the rear for more privacy. You may want to try the seaweed salad, ginger pumpkin soup and for the main course the Malaysian Curry Stew is out of this world! The deserts are equally as delicious. You should try the peanut mouse chocolate cake.
Read more...With Spring just around the corner, many Brooklyn home owners want to know about recent market changes regarding their Brooklyn property values. A home owner may want to know if the substantial number of short sales or foreclosures that are taking place in their neighborhood and surrounding Brooklyn neighborhoods will effect their home's value. Other homeowners who are more knowledgeable about the Brooklyn real estate market want to know if the real estate cycle trending down for the past 3-4 years has come to an end. Has the market finally stabilized or are we headed for a further decline in home values?
Read more...The vibrant and diversified Brooklyn Real Estate Market is not a recession proof market. Experts and everyday people agree that the poor condition of the economy has had a dramatic effect on the housing market. The Brooklyn Real Estate Market has experienced a downturn in property values for some time now as well as in other US cities. Some homeowners who can no longer meet their monthly mortgage payments for an extended period of time because of hardship, i.e. due to job losses or reduced income, medical emergency, etc. face the possibility of their property going into foreclosure, where the bank takes back the property to be sold.
Read more...Whether you are searching for a reputable and reliable Brooklyn realtor to give you an accurate opinion of your home's value in today's market and to assist you with the sale of your property or if you are planning to purchase a house, commercial property, mixed use building, vacant land to develop, a condominium, a co-op apartment or a multi family property Jeffgrandis.com might be your #1 web destination on the internet. We have in our company inventory real estate listings that have good value for what they are, where they are and for the kind of market that we are currently in. For example, we are now offering 2 parcels of vacant land at a very reasonable price with great zoning for development in Clinton Hill, a very desirable and up and coming Brooklyn neighborhood. Also in our inventory of properties for sale is a large brick vacant 4 family house with good income potential at a very reasonable price located in East Flatbush. This property is perfect for a handy, do it your self investor looking for a low risk high return first investment property or an investor with a large portfolio of properties. We also have several listings of great values in co-op apartments for sale. One apartment is completely renovated and 2 blocks from the beach in Brighton Beach.
Read more...With its amazing choice of neighborhoods and lifestyles, shopping and transportation conveniences, majestic parks, a rich diversity of architectural styles, world class entertainment and dining choices Brooklyn NY real estate has become the number one choice for home buyers, business owners and investors to buy real estate properties. At Accord Real Estate Group we are proud of our long standing track record of excellent results in representing sellers and assisting buyers with their sale or purchase of Brooklyn New York real estate. From Sheepshead Bay to Bensonhurst, from Dyker Heights to Sunset Park, from Brooklyn Heights to Windsor Terrace, from Manhattan Beach to BoCoCa and many other Brooklyn neighborhoods, we at Accord Real Estate Group know Brooklyn NY real estate and we know that you deserve only the finest personal attention from experienced real estate brokers and agents when you are planning to sell or to purchase a property. If you are planning to sell real estate in Brooklyn New York you can rely on us to bring you the best price possible in today's market. If you are planning to buy real estate in Brooklyn NY for the 1st time, shopping for a Brownstone, Co-op, Condominium, Brooklyn Townhouse or if you are an experienced investor looking for a multi family, mixed use or commercial property or if you are a business owner, looking for a building to set up your business, we listen very carefully to your needs and expectations to find just the right property for you. In addition to our brokers and agents we are working with a wide range of professionals, who can assist you with every aspect of preparing to sell or to purchase real estate properties in Brooklyn NY including cleaning out and cleaning up a property in preparation to sell, staging and making necessary renovations to make the best 1st impression when showing your property, real estate attorneys, movers, mortgage brokers etc.
Read more...Residential property sales for the first quarter of 2010 showed bright spots in several Brooklyn neighborhoods, based on the business transactions made through the efforts of Accord Real Estate Group. For example, a detached brick two family house in Sheepshead Bay, sold in one week at full price, and there were many other interested, qualified buyers in need of a good house. Another example is a brick 3 family house in Bensonhurst, that sold relatively quickly at close to asking price and again there were many other qualified buyers interested in this house. Still another example of a Brooklyn neighborhood bright spot is a handyman's special brick 3 family house in Ft Greene. The house is located just 2 blocks from Fort Greene Park on the Myrtle Avenue side of the park and it was sold relatively quickly for a great price considering the amount of work needed to bring the house up to good condition. These sales, in my opinion as a Brooklyn Real Estate Broker, are a direct indication that the Brooklyn Real Estate Market is improving.
Read more...The Brooklyn Real Estate market in 2009 was a year that most if not all brokers, agents and realtors are glad is behind us. As a broker for 22 years selling Brooklyn Real Estate in many Brooklyn neighborhoods, I've seen in the last year that few Brooklyn neighborhoods saw any price increases in property values. For most Brooklyn neighborhoods, since we have been in a downward trend price wise, for the last 3-4 years prices remain at the lowest level since last real estate boom. While the 2010 Brooklyn Real Estate Market is expected to bring an improvement in sales volume, meaning, there will be more people selling and buying properties, I do not foresee an increase in property values yet and commercial property sales will still be slowed. Most mixed use and commercial properties will be difficult to sell in this overly cautious lending environment and slow business forecasts.
Read more...Jeff Grandis, a Brooklyn Realtor for 22 years points out that across the spectrum of properties for sale in Brooklyn New York today, whether Commercial, Residential or Mixed Use, buyers are out there shopping for values and buying. For example, whether it is a 1,300 Square Foot 3 bedroom 2 bath Luxury Condominium in Brighton Beach for sale at $535,000 or a one family 3 bedroom 2 bath duplex home for sale in Midwood for $450,000, or an extra large 2 family 3 bedroom over 2 bedroom house for sale in Sheepshead Bay for $689,000,or a mixed use building with one store and one 2 bedroom apartment for sale in Flatbush for $499,000 there is plenty of activity from qualified buyers and deals are being made. Grandis further points out that there are so many all cash investors out there hunting for deals and finding them at all price levels and property types. Now is truly a great time to buy. Even with the economy in a shambles and so much uncertainty and insecurity that exists in many peoples minds about what direction to turn in for a safe investment, Brooklyn Real Estate is still a solid choice for the long run.
Read more..."That's right" says Jeff Grandis, a Brooklyn Real Estate Broker, who proudly announcesthe launch of a completely redesigned and upgraded version of his web site. The web site is very helpful and informative to both sellers and buyers of Brooklyn Real Estate. There is extensive information on many different neighborhoods, such as architectural influence, lifestyle information, school information and much more. Please visit the different pages at www.jeffgrandis.com or call Jeff Grandis at 917-804-3198, your lifelong Brooklyn resident and your Brooklyn Neighborhood Real Estate Broker. You can also e-mail to Jeff at jeff@jeffgrandis.com
Read more...In the fascinating and fast paced world of Real Estate in Brooklyn New York, occasionally we like to step back and comment on community related issues, special events, neighborhood trends, the business of real estate and important and not so important news in the form of blogs. I have been a neighborhood Real Estate Broker for many years and I would like to share my knowledge of the Real Estate business with you. I hope that you find that the blogs we are posting on this page to be helpful and informative. Please feel free to browse through these blogs and respond if you wish to. I welcome your e-mails with constructive ideas and comments. Thank You, Jeff Grandis
Read more...The fact of the matter is according to Jeff Grandis of jeffgrandis.com when working with a buyer a professional real estate broker must take the time to get to know that buyers needs in terms of what they can afford to spend, the amenities of the home and most importantly the location of the home". Is that home located near schools, houses of worship, transportation, shopping, fishing boats, beaches, libraries, a bicycle path, jogging trail, restaurants and cafes, night-clubs or other families with young children for their kids to play with? As a Real Estate Broker for over 25 years Grandis says we don't just sell buyers the walls, ceilings, floors, room sizes, a certain architectural style home, kitchens and bathrooms. We are selling them a lifestyle that is just right for their individual lives and unique needs. It is not an easy task, but its very gratifying when you can put all the right elements together for your buyers. For more information on selling different lifestyles or any questions regarding selling or buying Real Estate in Brooklyn New York call Jeff at 1-917-804-3198 or e-mail.
Read more..."What a difference a year makes", states Jeff Grandis of Accordrealestategroup.com. Last year at this time both buyers and sellers were completely confused about the change of market forces from a seller's market to a buyer's market. As a result many buyers sat on the fence and did not buy, thinking that the market will finally crash and prices will tumble. Well, according to Jeff Grandis in fact there was a price adjustment downward in many Brooklyn Neighborhoods. The adjustment was as much as 15% in some neighborhoods and less in others. For example, Midwood, Madison, Gravesend, Homecrest, Sheepshead Bay experienced a significant price adjustment. The downtown neighborhoods of Dumbo, Park Slope, Fort Greene, Clinton Hill, Carroll Gardens, Cobble Hill, Boerum Hill, Brooklyn Heights, Williamsburg and Greenpoint underwent a less severe downturn in price. Many sellers realized that the time of tremendous increases in price for their properties was over. Now, if a seller wants to sell, they have to be much more realistic about their expectations price wise says Grandis, who has been listing and selling Brooklyn Real Estate for over 19 years. According to Jeff Grandis, 2007 should be a much better real estate market. Now most sellers and buyers understand the changes that the Brooklyn real estate market have undergone. It was like a big storm, and now there seems to be a welcome calm. Sellers now know that they have to be realistic about price and buyers now know that prices have stabilized so if they need to buy, now it is a great time.
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