That has always been true in big cities, but work-from-home policies and the uncertain prospect of a safe daily commute, even years after the virus recedes, has been a boon for the company, Mr. Larrea said. The first week in October had a seven-day average of 520 infections citywide, close to what Mayor Bill de Blasio said was a key “threshold” of 550, The Wall Street Journal reported. We’re getting rid of about 700,000 square feet of real estate, which is about one-third of our New York portfolio, maybe about 25 to 30 percent. “People are expecting more from their space,” said Hasier Larrea, the company’s founder and chief executive, on a video call from his one-bedroom apartment in Williamsburg. COVID-19 Guidance for Real Estate”) was created to provide owners/operators of businesses in the real estate sector and their employees, salespeople/brokers and contractors with precautions to help protect against the spread of COVID-19 as real estate businesses continue to operate or reopen. New York could implement regionalized shutdowns again if hospitals approach capacity limits, under new measures introduced by Gov. “Everybody I speak to is out of [Small Business Administration] money, they’re out of [Paycheck Protection Program] money, they’re hanging on by a thread,” Famularo said. Commercial real estate bids there have fallen to … As the COVID-19 pandemic continues to unfold across the U.S., every day reveals new information and ramifications. Instead, many buildings are making incremental changes elsewhere, especially in the tight confines of elevators. Shopping. Rachel Fee, the executive director of the New York Housing Conference, a housing policy and advocacy nonprofit, will ask the city to underwrite the cost of Wi-Fi in new affordable housing projects and public housing renovations. “These were not on the radar whatsoever,” said Jon Clarine, the company’s head of digital services, noting that Covid accelerated the release of several products. A technician donning an electrostatic sprayer, designed to more evenly sanitize surfaces, cleans a play room at 575 Fourth Avenue in Park Slope. “This will not be easy at all,” de Blasio said during a press conference earlier this month. “It was on everybody’s mind, and keeping them away from guys like me,” he said. For half a century, New York’s growth policy, … The COVID-19 pandemic is having a greater impact on commercial real estate than the global financial crisis of earlier in this century. NYC real estate market under pressure as coronavirus pandemic halts sales New York City is the nation's largest real estate market, and the pandemic has caused a number of deals to go bust. Their Swiss Army-knife approach to furniture includes a sliding bed, desk space and storage. The report doesn’t expect demand for space in the country to start turning positive until the second quarter of next year. Without regular maintenance or application, many of these additions are ineffective, he said, and even the best regimens should not instill absolute confidence. A staff member at One Manhattan Square, a luxury condo on the Lower East Side, disinfects gym equipment with an electrostatic sprayer designed to more evenly adhere to hard surfaces. At One Manhattan Square, an 815-unit skyscraper on the Lower East Side that lured buyers with over 100,000 square feet of amenities, Extell has begun using a reservations app to regulate timed visits to spaces like the private bowling alley, basketball and squash courts. Earlier this month, de Blasio started to impose new restrictions on about 20 zip codes around the city — including those that contain Borough Park, Brooklyn, and Kew Gardens, Queens — affecting more than half a million New Yorkers. They are nevertheless in demand. “The longer this goes on without some legislative body thinking of a solution, the worse you’re making the problem for these tenants,” Riegel said. COVID-19 has spread to … New York Gov. “We’re all expecting that things are going to gradually reopen, though I believe people are beginning to see that even January may be too early,” said Douglas Durst, chairman of the Durst Organization. “It sounds more like marketing to me than science,” he said of some claims about ionization and other products. We thought we won. “It was kind of reassuring that Manhattan is not going to be closed down,” Famularo said. There are people that are waiting for a vaccine. Business assets hit hardest by the pandemic — those connected to restaurants and retail — had even larger drops during the second shutdown. But the restrictions started to ease in the late summer with workers heading back to office buildings and diners to restaurants, bringing some signs of life back to the real estate industry. Size matters more, now that everyone is at home. Andrew Cuomo on Monday ordered hospitals in the state to increase their bed count and identify additional staff as the number of Covid … For the most part, the companies do not sell directly to consumers, but to property managers looking to maximize the use, and appeal, of studios, one-bedrooms, and sometimes bigger units. COVID-19 implications for commercial real estate Preparing for the “next normal ... shocks such as an epidemic or a pandemic followed by an economic downturn have had an immediate to short-term impact on commercial real estate (CRE) asset prices, but minimal influence on transaction activity. Elevator disinfection tech has been a focus for both developers and concerned residents, but more time is needed to study their efficacy. “The overall impact is just a combination of economic and psychological pain,” King added about a second shutdown. “It would be catastrophic,” said James Famularo, president of Meridian Retail Leasing. When the first confirmed COVID-19 cases were announced in … Landlords can now sue for missed rent, but the courts aren’t putting these cases on the calendar, leading to a huge backlog, said Deborah Riegel, a lawyer at Rosenberg & Estis. Could pop-up retail become a COVID-19 solution for commercial real estate? Just a month after the second wave, those assets’ value fell by another 5 percent. Another crucial New York industry that has been impacted by the pandemic is real estate. You guys value being in New York. Cuomo puts it, but a rupture — one that has vast implications for New York. It can be a hefty commitment: Ori’s king-size “cloud bed,” a mechanical bed frame that can be raised into the air like a canopy to reveal a built-in sofa or desk, takes up 78 square feet, weighs about 1,140 pounds, and needs roughly eight-and-a-half-foot ceiling clearance. The Real Estate Board of New York has also offered guidance on conducting virtual ... residential and commercial tenants suffering due to the COVID-19 … However, as infections begin to creep up in some New York neighborhoods, fears of a second wave have started to emerge. A bed that descends from the ceiling when it’s needed and conceals the couch. Transforming furniture is hardly new — consider the folding Murphy bed, patented more than a century ago. Which technologies could propel the industry forward? “But square footage is the most expensive thing out there.”. Photo: Getty Images Reopening New York City is a bit like spinning a roulette wheel. (New York waited until June before it started to implement such reopenings.) “Microapartments” were supposed to be the wave of the future, but city dwellers … That could change as the companies ramp up efforts to sell to residents. A shelf system that splits down the middle and reveals an office nook when it is open. And the best way to justify exorbitant prices is no longer the building’s amenity package — it’s peace of mind walking from the lobby to the living room. Last week, the United Kingdom started a three-tier system to implement varying degrees of restrictions in different parts of the country, and leaders are considering a second set of lockdowns, the BBC reported. Many of these new features will bring big data to bear on a typically pen-and-paper industry. Some 80% of New York City’s retailers and restaurants are late in their rent. “This is not only in New York, San Francisco, Boston — we’re seeing this from Boise, to Minneapolis, to Houston,” he said, noting that their bookings have “quadrupled” from last year, without specifying sales, and that clients have purchased the company’s furniture in over 15 cities, mostly in rental buildings. There are more practical applications for the industry. “The question is, ‘How much risk is there, and how much do these mitigate it?’”. Read the latest edition of the Commercial Observer online! It can also monitor the number of people registered to enter the gym, for instance, and restrict access to those who haven’t made reservations. The gov’s executive order expands the COVID-19-related emergency moratorium on evictions and foreclosures of commercial properties until Sept. 20. As residential buildings’ ground-floor shops struggle to pay rent, some commercial landlords have stopped paying dues Ron DeSantis went a step further in late September and lifted all restrictions in the state. Cuomo extended a moratorium on most evictions in the state until Jan. 1, 2021, but what happens after that is anybody’s guess. “I don’t think people could take another shutdown. In September, Israel implemented a second full lockdown after it saw an increase in positive cases, Haaretz reported. We'll be discussing the current state of the NYC real estate market as well as the statewide data.New York City is among the most expensive and competitive housing markets in the nation. Destination dispatch is more common in commercial real estate, but could soon become more popular in residential buildings. Famed New York artist reveals how COVID crisis has him rethinking his real estate investment choices. A Covid-19 Real Estate Opportunity. Alex Elkin, the owner of Eastbound Construction based in TriBeCa, has begun using the foggers in high-traffic areas like package rooms, gyms and bike storage. Restaurants generally run on razor-thin margins during good times, but the loss of indoor dining, as they were forced to switch to take-out or to-go models, made survival even more precarious. Residential Real Estate. New for calendar year 2020 - Storefront Registry: You must register with the City if you own a property with ground-floor or second-floor commercial premises (storefronts). As the COVID-19 pandemic continues to unfold across the U.S., every day reveals new information and ramifications. “The biggest threat to the MTA and millions of New York riders is federal austerity, not the risk of COVID-19 infection in transit, which is very low,” Danny Pearlstein, a spokesman for the transportation advocacy group the Riders Alliance, said in a statement. When sealed, it’s a sleek TV console with shelving and a Scandinavian aesthetic; when it opens, with the aid of a low-profile track system, it splits down the middle to create an office nook with a retractable desk on one wall and a bookcase and standing-desk setup on the other. The virus has also reinforced the idea that some services should not be considered amenities, but utilities that are essential. In another, the air is treated with ultraviolet light (passengers are not exposed) and hydrogen peroxide that neutralize bacteria, mold and viruses. Andrew Cuomo designed to prevent surging cases of Covid … Many of the loft apartments open directly to the elevator, and residents were concerned with lobby air seeping into their space. Not that anybody was overlooking the collateral damage. Commercial real estate bids there have fallen to … “You’ve got a lot of owners in Brooklyn and Queens who may have three-family homes, or four- and five-unit buildings, where the rental income is their livelihood,” Riegel said. “We’ve surpassed our expectations,” he said, noting that the company booked $100 million in sales last year, and is on track to exceed that. In August, 87 percent of restaurant, bar and nightlife venues around the city reported they could not cover their full rent, according to a survey by the New York City Hospitality Alliance. The pool at the American Copper Buildings reopened in October, and residents must now make an appointment through an app to prevent overcrowding. It was used to great effect at Harbor Landing, a luxury rental in Glen Cove, Long Island, where neighbors received an alert to sing happy birthday to a young boy having a socially distanced backyard gathering. In a multi-unit deal with a property owner, an Ori assemblage costs between $5,000 to $10,000 per unit. An amenity space at One Manhattan Square, where the seating has been rearranged for social distancing. Business assets hit hardest by the pandemic — those connected to restaurants and retail — had even larger drops during the second shutdown. “And I also don’t believe that this is going to be the last one.”. Riegel added the eviction moratorium has been a Band-Aid that doesn’t address the problem facing both tenants and landlords: residents’ inability to pay rent  while owners still need to make mortgage and property tax payments. But the speed at which some of these technologies were deployed demands more scrutiny, said William P. Bahnfleth, a professor of architectural engineering at Pennsylvania State University, and chair of the epidemic task force at the American Society of Heating, Refrigerating and Air-Conditioning Engineers. That was a credit and liquidity crisis. Forbes Global Properties. The products also have software that can keep track of the items being stored. A Covid-19 Real Estate Opportunity. ... New York landlords have traditionally had the upper hand against commercial … Major retailers, such as Gap and Bed Bath & Beyond, have been unable to pay rent as well, leading many landlords to take them to court for payment, which could get much worse during a second wave. “It’s just going to prolong the present situation.”. Shopping. The city is already struggling with a recovery from the first wave — including an expected $9 billion loss in tax revenue over the next two years and the Metropolitan Transportation Authority warning of doomsday cuts without federal aid — that a second outbreak could curtail. Bumblebee Spaces creates modular storage and bed frames suspended from the ceiling that can be lowered or stowed away to clear floor space. Gov. Staff use an ultraviolet light wand to disinfect the buttons of an elevator at a new condo in Park Slope, Brooklyn. So far, it’s being tested in the company’s commercial properties. “They were so battered and stretched so thin. Neither de Blasio nor Gov. Illustration by Matthew Baek. All Real Estate; Commercial Real Estate. There’s expected to be a wave of closures in the future, and thousands of workers have already been laid off. New York officials warned Wednesday that the state’s hospitals need to brace for a mounting caseload, as the number of people needing hospitalization for Covid-19 … By comparison, your typical window air-conditioner has a MERV-8 rating or lower, and hospitals use so-called HEPA filters above MERV-16. Even without a second wave, Cushman & Wakefield’s “Global Office Impact Study & Recover Timing Report” released last month expects office leasing activity around the world to not reach pre-COVID-19 levels until 2025. There is an industrywide push to refine and better circulate the air in common areas, elevators and lobbies to reduce the spread of the virus, said Douglas Mass, the president of Cosentini Associates, a building systems engineering firm. Residential leasing and sales are also on … Still, the majority of big-city housing stock is too old to support the higher filtration standard, because the thicker filters require more air flow, and only buildings completed in the last 20 years or so can easily make the upgrade, Mr. Mass said. And we are keeping our popular locations, yeah. The nosedive in sales volume will cause a sharp reduction in collections of the city’s 2.65% real-estate transfer tax, which totaled $893.3 million in 2019, according to B6 Real Estate. They are futuristic takes on prosaic features, like ultraviolet wands in air ducts, and “Ghostbusters”-inspired blasters to hose down Amazon boxes. Now residents can reserve its use through an app. That will be the final blow.”. The infection rate has since started to decline, and leaders were expected to start easing restrictions over this past weekend. And those businesses are also the ones likeliest to feel the most pain in New York City if a second set of shutdowns hits. Andrew Cuomo signed an executive order Thursday expanding a coronavirus-related emergency moratorium on evictions and foreclosures of commercial properties until Sept. 20. In New York, commercial real estate is taxed at rates several times higher than owner-occupied homes are. The rental market in New York City could be in for a beating as long-time residents are considering a permanent exodus in the wake of the coronavirus pandemic, real estate experts warn. A plausible middle-of-the-road scenario for NYC's real estate industry after the coronavirus pandemic will still involve a slowdown and recovery period for the rest of 2020. “We need to be very mindful of under-researched technology that can be harmful for vulnerable communities.”. During the first wave, those assets lost 25 percent of their value and have already lost another 10 percent, Haaretz reported. There’s no going back to the old ways. Learn how this shift has affected the commercial real estate market and how businesses have handled the transition back to in-person work. But it’s Israel that could provide a glimpse into what New York City’s real estate is in for during a second wave. ... 2020 in New York City. By Greg Englesbe Real Estate Retail. After the horrific spring, where New York City was ground zero for COVID-19 and residents spent months largely confined to their apartments, with the state and local governments implementing strict lockdowns to slow the spread of the highly infectious coronavirus, by September, it looked like the worst was over for the city. As city residents and businesses continue to take a hit, the fallout from Covid-19 is delivering a blow to the local real estate market. Commercial Real Estate's Coronavirus Reckoning COVID-19 has been bad for commercial real estate, but there is hope This guidance applies to residential property management entities, real estate salespeople/brokers, People would be afraid to come into offices, afraid to come into the city.”. Buyers will upsize. These are the touch points for a host of new or newly valuable technologies emerging in the post-Covid housing market, from rent-regulated apartments to luxury condos. “Now that they’ve isolated per zip code, that seems to have loosened up the business community as a whole. Should a second wave hit, the office and retail markets would likewise have to deal with an MTA that is already pleading with the federal government for a $12 billion bailout, after the pandemic tanked ridership levels. Even with people returning to work, the MTA doesn’t expect fare and toll revenues to reach pre-pandemic levels until 2023, creating a $10.3 billion drop in revenue, the report found. “Retailers are going to try to cut their losses; landlords are going to try and maintain and make payments to the bank. And, this will no doubt seep into the multifamily market as well. ALBANY — Gov. But its chief executive, who now conducts business over video calls, is mulling reducing its footprint. In all cases, most experts agree that there is no substitute for social distancing and face coverings. More than 23,000 people died, office leasing nosedived, thousands of restaurants are expected to close, retailers have been filing for bankruptcy left and right, and there have been reports of residents fleeing to the suburbs. New York City is not alone in dealing with the beginnings of what could be a second wave. The products range from $3,500 to $4,000 per elevator. In recent weeks, neighborhoods around Brooklyn and Queens have started to see increases confirmed cases. But in markets like Manhattan, where apartments cost an average $1,532 a square foot last quarter, and studios sold for a median price of $495,000, the company is betting the math will pay off. The city's commercial real estate market could be in for even more pain if a second wave hits New York City. Location matters less, now that the office is the kitchen. They seem to be more confident that they’re not going to close the entire city down.”, Citron added that it was an important point that office buildings in Manhattan — which still haven’t had full staff return to work — not having an outbreak as “good news.”, “The landlords are taking it very seriously and the tenants are working with them,” he said. “What changed is that people spend more time at home,” Mr. Murthy said, and they “realize that traditional architecture is broken.”. Here are some of the products and ideas that could stay with us long after the pandemic. A s the U.S. grappled with the spread of the coronavirus in May, Florida got the jump on most of the country and began to roll back restrictions for bars and restaurants. The coronavirus could be the crisis that finally propels the tech-averse real estate industry into the 21st century. Of the 500 polled by the group, 34 percent said they couldn’t pay a dime. “Think back to the spring, to everyone who needed access to unemployment benefits, and to remote learning,” she said. The agency is “reliant on a return to 2019 ridership levels by 2023,” a goal which a second wave could tank. New York’s Covid-fueled retail apocalypse hits condo and co-op owners. “Landlords [have] got to deal with that.”. The people I’ve spoken to said, if there’s a second wave, I’m done.”. It has also been among the most hard-hit by the COVID-19 pandemic. All Real Estate; Commercial Real Estate. “I am in full support of innovative technologies, but we must work to ensure the proper research and testing goes behind it,” Ms. Clarke said in a statement. One model introduces ionized particles into the cab to disinfect the air. Forbes Global Properties. And it remains unclear whether these improvements will reach the workaday housing market, or remain a luxury niche. This problem looms especially large in the areas seeing a resurgence in COVID-19 cases because they’re filled with smaller owners. And don’t be surprised to see building staff donning what look like the proton packs from “Ghostbusters.” More commonly seen in hospital settings, building managers are beginning to use electrostatic sprayers, a battery-operated pack and fogger that positively charges the particles of a liquid disinfectant to coat surfaces more evenly. ... 2020 in New York City. Without proper precautions, he said, “the reality is none of these things is going to protect you if you’re sitting two feet away from someone.”. ... How Covid-19 is affecting New York… Al Shehada, the general manager at the American Copper Buildings, uses a key fob to interact with a destination dispatch elevator system, located outside of the elevator cab. The further behind tenants fall in rent, the less likely landlords will see any rent from them, which could further deplete the city’s tax base, as owners will be unable to cover their bills, Riegel said. Andrew Cuomo have broached reimplementing full shutdowns around the city, but another one could prove the death knell for many struggling small businesses, experts said. The fate of four major REITs whose assets are concentrated in New York City — Empire State Realty Trust, SL Green Realty… Filed under Commercial Real Estate, development, new york city, Real Estate, 11/21/20. 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