Tag: Real Estate (Commercial)

Start-Ups Flock to WeWork, Trellis and Other Low-Commitment Spaces

When Melissa Pancoast moved her financial literacy start-up, The Beans, into a WeWork office in San Francisco’s Salesforce Tower last May, most of the offices around her were rented out but unoccupied. As vaccination rates climbed and San Francisco flirted with lifting pandemic restrictions, her neighbors started trickling back in. Ms. Pancoast’s social calendar soon […]

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Vacationers Turned the Hamptons Into a Year-Round Home. Business Followed.

In the shadow of the oldest lighthouse in New York, summer in the Hamptons and Montauk once meant strawberry ice cream cones from a mom-and-pop shop, and Necco wafers and Pop Rocks from a candy store known for its fudge. For locals, an influx of new faces would wane at the onset of autumn. By […]

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Trump Completes Sale of Washington Hotel to Investor Group

But some would-be guests expressed frustration after they received calls telling them their reservations had been canceled. “They are just stiffing everyone,” said Jayson Woodbridge, a California winemaker who had a reservation for a weeklong stay at the hotel to attend his daughter’s graduation in the area. Last week, Mickael Damelincourt, the longtime manager of […]

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When the Textile Industry Was Forced Out of the Textile Building

The work-from-home era turned out to be a bonanza for textile companies. Remote workers started sprucing up their homes, especially after stimulus checks arrived. Adding to the good fortune, Midtown’s smaller landlords, hungry for commercial tenants after their buildings began to empty out during the lockdown, courted the ousted tenants of 295 with discounted rents. […]

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Chinatown Civic Groups Seek Reinvention, With Neighborhood’s Future at Stake

For decades, the Lee Family Association, one of the oldest civic groups in Manhattan’s Chinatown, has helped countless Chinese immigrants, working from its six-story building on Mott Street. Its latest campaign: a makeover, starting with moving the mahjong tables. “That’s just temporary — for the elders,” said Sonny Lee, 49, the head of the group’s […]

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Climate-Change Risks Get the Attention of Real Estate Investors

Efforts to capture some of that science and turn it into actionable data are growing. Over the past few years, for-profit services like Moody’s ESG Solutions and Archipelago and nonprofit research groups like First Street Foundation and Rhodium have evolved to quantify the physical risk of an asset. For projects in the United States, they […]

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Construction Defects Emerge at Pandemic-Era New Developments

“I don’t accept the excuse of the pandemic,” said Will Hodges, a 31-year-old software developer who bought a two-bedroom apartment at Hero in early 2021 for $100,000 below the asking price — a discount of about 8 percent, not including partial coverage of his closings costs. He said he thought the discount was in line […]

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Amid Soaring Demand for Warehouses, an Effort to Make Them Greener

Warehouses and distribution centers, decidedly unsexy buildings, became hot in the coronavirus pandemic as online shopping accelerated the rise in e-commerce and set off a frenzy of buying and building the boxy, low-rise structures, pushing up rents and increasing returns for investors. Now, as investors and others adopt carbon-reduction targets, the challenge is to make […]

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As Remote Work Becomes Permanent, Can Manhattan Adapt?

But in the current war for talent, with job openings near record highs, many companies say flexible work policies are key to gaining an edge over competitors. Women are also far more likely to cite remote work as a job requirement, according to research from Indeed, the job search website. During the pandemic, Unqork, a […]

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A Super Building for Fragile Times

SALEM, Ore. — A giant earthquake. A huge flood. Wildfires followed by choking smoke. An ice storm that knocks out the power for days. Four years ago, a group of employees at the Oregon State Treasury sat down and compiled a list of every conceivable disaster that could befall a government building. And last month, […]

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Vertical Farms Expand as Demand for Year-Round Produce Grows

A recently constructed 95,000-square-foot warehouse in Compton, Calif., ticks off all the boxes for the booming storage industry: 32-foot-high ceilings, a secure truck court and access to truck routes. But it won’t be used for cargo or storage. Plenty Unlimited, an agricultural start-up based in San Diego, is using the site for an indoor vertical […]

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Developers Fight to Keep 421a Tax Break Amid N.Y.C. Housing Crisis

The group supports the 421a replacement plan proposed by Governor Hochul. “We’re not going to argue to keep the existing program because of that disconnect, that’s an important disconnect that needs to be addressed,” said Basha Gerhards, the organization’s senior vice president of planning. REBNY claims that some tax relief is necessary in New York […]

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Online Brands Try a Traditional Marketing Strategy: Physical Stores

“When you open stores, your business gets much stronger in that region because people are passing by and can just walk in,” he said, adding that his clientele likes to “feel and touch our offerings and get that experience.” Mr. Soleimani declined to disclose his rent, but said he had a two-year lease with an […]

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Warehouses Transform N.Y.C. Neighborhoods as E-Commerce Booms

But the rise of warehouses has also sparked significant opposition. While they provide jobs and can lower residential property taxes by contributing to the local tax base, people across the region say the large hubs will lead to constant flows of semi-trucks and delivery vans that will worsen pollution and traffic congestion. Understand the Supply […]

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The Next Level in Sustainability: Nature Restoration

When the online travel giant Expedia Group unveiled its $900 million Seattle headquarters in 2019, the 40-acre waterfront campus showcased numerous amenities: a bike path, a soccer field and a beach strewn with driftwood logs for sitting amid the sounds of surf. It also has some well-curated dirt. Landscape architects from Surfacedesign in San Francisco […]

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Creeks, Once Overlooked, Are Now Seen as Assets for Urban Renewal

The Federal Emergency Management Agency publishes maps outlining 100-year and 500-year flood levels, but Mr. Becker said even those maps did not go far enough. There is an inherent tension, he said, because people are drawn to water, and developers are likely to follow. “And developers love the creek land because it is often low […]

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An Art-World Capital, With Few Places for Artists to Work

LONDON — Francis Bacon sits facing the camera in a spacious studio littered with newspapers, paint cans and tattered rags, a large unfinished canvas directly behind him. The black-and-white photograph was taken by Bruce Bernard in 1984 in Bacon’s London atelier, a former coach house in the upscale South Kensington district of London, which he […]

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Say Hello Again to the Office, Fingers Crossed

Executives at the investment firm TIAA are especially proud of one aspect of their back-to-work plans: The company is on only its second round of setting a return-to-office date. They first hoped to bring employees back in January, but were derailed by the Omicron variant. Now the firm is targeting March 7. “We noticed other […]

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To Fill Empty Retail Space, Landlords Tap Doctors and Dentists

For landlords hit by store closures during the pandemic, well-funded health care providers, which tend to sign long-term leases, are suddenly desirable. “As the landlord thinks about what will happen if we ever go through a crisis again, they want things that won’t close — grocery stores, pharmacies and medical facilities,” said Ms. Scardina of […]

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Big Tech Makes a Big Bet: Offices Are Still the Future

Smaller tech companies, given their financial constraints, might have to choose whether to invest in physical spaces or embrace a more flexible strategy. Twitter has continued to add offices in Silicon Valley, and video game developers like Electronic Arts and Epic Games have expanded in places like Canada and North Carolina. But others have cut […]

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Spokane was the Next Affordable City. Now, It’s Too Expensive.

Mr. Silbar, the real estate agent, has sold it twice in the past three years. The first time, in November 2019, he represented a buyer who offered $168,000 and got it with zero drama. This year it went back on the market, and Mr. Silbar listed it for $250,000. Fourteen offers and a bidding war […]

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Warehouse Space Is the Latest Thing Being Hoarded

As retailers and logistics companies try to stockpile goods to hedge against supply chain problems, they are facing a new challenge: In many parts of the United States, there is little to no space available to stash the merchandise. The shortage of commercial warehouse and industrial space is the latest fallout from pandemic-fueled growth in […]

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N.Y.C. Struggles To Recover After Omicron Cases Surge

As the pandemic stretches into a third year, the Omicron variant has added another speed bump in New York City’s road back to normalcy, injecting fresh uncertainty into the economic outlook and threatening to worsen the city’s already lopsided recovery. Office workers were sent home again, reversing steady increases in subway ridership and hurting small […]

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John Arrillaga Sr., Who Helped Build Silicon Valley, Dies at 84

SAN FRANCISCO — John Arrillaga Sr., the real estate developer who physically transformed Silicon Valley into tech office parks from orchards and became a major donor to Stanford University, died on Monday in Portola Valley, Calif. He was 84. His daughter, Laura Arrillaga-Andreessen, announced his death in a post on Medium. His family declined to […]

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Kohl’s Receives $9 Billion Offer Backed by Activist Investor

The department store Kohl’s has received a roughly $9 billion offer to go private in a deal with an investment consortium backed by the activist hedge fund Starboard Value, according to two people familiar with the matter. The offer highlights the resurgent interest that activist investors are showing in department stores, as brick-and-mortar retailers have […]

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Why the Costumer of ‘The Gilded Age’ Is Being Driven Out of Business

Challenges began for Ms. Uffner in 2006, when the landlord of the building she occupied in Midtown “invited” her, as she put it, to break her lease early. He was selling the building and wanted her out, but moving thousands of racks of clothing was going to be an ordeal. At the same time commercial […]

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How Remote Work is Crippling New York City’s Commuter Rails

Before the coronavirus pandemic, more than a million workers commuted into New York City every weekday. Now, with the public health crisis entering its third year and another variant upending the rhythms of the city, employers increasingly view the five-day workweek in the office as a relic of the past, adopting more flexibility because their […]

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Trump Fraud Inquiry’s Focus: Did He Mislead His Own Accountants?

As prosecutors in Manhattan weigh whether to charge Donald J. Trump with fraud, they have zeroed in on financial documents that he used to obtain loans and boast about his wealth, according to people with knowledge of the matter. The documents, compiled by Mr. Trump’s longtime accountants and known as annual statements of financial condition, […]

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