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High construction costs and market saturation all point to a recession within the next year as developers and other industry players travel back and forth to the drawing board to figure out when a slowdown of economic activity will happen and how to best prepare.
Urban Edge Properties, a real estate investment trust focused on urban retail real estate, has acquired two mixed-use buildings in the Midwood submarket of Brooklyn for $165 million.
Newport acquired a class-A asset with plans to add value by leasing up the remaining vacancy and developing the final shovel-ready 25,500-square-foot residential building which includes 30 additional units.
A recent lease reflects another trend with not only tenants expanding via existing vacancies but larger vacancies being redeveloped for multi-tenant use, given this space was originally a Best Buy and is now a Guitar Center and Spec's.
Commercial real estate services firm Avison Young has hired Dennis Sherry as senior portfolio manager of the firm's real estate management group. He joins the company from Newmark Knight Frank and is tasked to oversee operations and bolster client relationships.
New York-based owner and developer The Moinian Group launched its groundbreaking ceremony on Thursday to begin construction on the Hudson Arts Building in the West Chelsea submarket.