$18MM for a Development Site in MSMX
Recently, a small two-story retail building at 28-30 West 37th Street, which is situated on a 49’ x 100’ lot in the MSMX rezoning, sold for $18MM. Prior to the rezoning, this building/land would have been worth $5MM on a good day. Now, its value...
What is the Price of Land in MSMX
This past week, a small single-story retail building situated on a 25’ x 100’ lot sold for $10MM. Typically, pricing at this level for retail assets is reserved for markets like SoHo or the Upper East Side. In this case, however, a developer took a...
1165 Broadway Sells for $56MM
The $56 million sale of 1165 Broadway highlights strong investor demand for NoMad properties with credit retail income and long-term redevelopment potential under the new MSMX zoning, despite landmark constraints.
Conversions within the Midtown South Mixed-Use Plan (MSMX) are Underway
The sale of 254 West 35th Street is notable both for its pricing jump and for what it signals about post-rezoning feasibility in Midtown South Mixed-Use Plan (MSMX).
COPA (Intro 902): A Direct Threat to NYC’s Multifamily Investment Sales Market
As brokers who advise owners, sellers, landlords, developers, and investors across the five boroughs, we’ve seen policy swings before — but nothing as disruptive to the actual functioning of the investment-sales market as the proposed Community Opportunity to Purchase Act (COPA), also known as Intro...
The First Sale in the New MSMX Zoning
1181 Broadway — better known as the Baudouine Building — recently sold for $24 million, or approximately $875 per square foot. This represents the higher end of prices achieved for an office property in Midtown South, especially as much of the broader office market remains...
Midtown South Mixed-Use Plan
The Midtown South Mixed-Use Plan (MSMX) is a city-led initiative designed to address New York’s ongoing housing shortage by repurposing office buildings to residential use. The current zoning in the sub-districts (see map) only allows commercial uses as-of-right. The MSMX plan allows those areas to...
Atlantic Avenue Mixed Use Plan Officially Adopted: A New Era for Central Brooklyn
On May 28, 2025, the New York City Council voted 49-0 to officially adopt the Atlantic Avenue Mixed Use Plan (AAMUP), marking a major milestone in Brooklyn’s urban development. This transformational rezoning is expected to reshape parts of Crown Heights, Bedford-Stuyvesant, and Prospect Heights, unlocking...
OneLIC Rezoning Advances
NYC Planning has launched the OneLIC rezoning plan, targeting 54 blocks of western Queens. The proposal could bring 14,700 housing units, new MIH zones, and millions of square feet in commercial space—reshaping Long Island City for the next decade.
From Bust to Bet: The Case for Reinvesting in Rent-Stabilized Buildings
On a brisk October day just a couple of months ago, it was announced that Floyd Mayweather Jr. had inked a $402,000,000 deal to purchase 60 buildings with 1,000 rent-stabilized units from Josh Gottlieb’s Upper Manhattan portfolio. Countless professionals who have spent decades in the...
Learn more about "Liberty Inn" recently bought by Hyundai Motor America.
Downtown in NYC’s West Village neighborhood sits a 7,000 SF structure beside the West Side Highway. It is the last hourly rate hotel ($95 for two hours and $155 for six hours in case you are in the area) in Manhattan’s meatpacking district—a relic...
Bronx Rental Market on Fire
During a 1977 World Series game between the New York Yankees and the Los Angeles Dodgers, the blustery sports broadcaster of that era, Howard Cosell, remarked that the “Bronx is Burning,” and he wasn’t being figurative. During the televised broadcast, an ABC aerial camera panned...
Student Housing: A Bright Spot in a Tough Market
It’s no secret that it’s slim pickings these days when it comes to finding compelling CRE acquisition opportunities. And with several expected interest rate hikes on the horizon, investors are wise to pause before pulling the trigger on their next acquisition as its value could...
The Dons of Massey Knakal
They say it’s the teachings we pass on that make us immortal and, in this sense, Paul Massey and Bob Knakal have secured their place as the godfathers of investment sales brokering in NYC. Few in the business measure up and if you haven’t sat...
Housing Package Fails: Albany's Brazen Contempt for People of NY
When I was in my first year in law school, a professor once remarked the mark of a great lawyer is not the number of adversaries outplayed, but rather the deals successfully navigated across the finish line. A successful transaction involves compromise and often a...
Real Estate magnate Sam Zell
Every now and again someone comes along who changes the status quo and has a grand old time doing it. Someone liberated from societal constructs who truly doesn’t give a shit about what is thought or said of them. Or, as Steve Jobs once described...
Hotels and advantage of work from Home
The work-from-home, or WFH, phenomenon came about during the pandemic but, in my view, has always been somewhat of a misnomer. Perhaps anywhere but office, or ABO, is the more appropriate acronym as what it really involves is working from anywhere but the actual office.
Homelessness crisis and Homeless Bill of Rights
As a child when asked to clean my room, I would gather all of my scattered toys, games, and other nick-nacks, put them in a pile in the corner, and heaved a blanket on top. If you couldn’t see the mess, then it didn’t exist....
Ashkenazy vs Gindi: A Battle Between Billionaires
The story that unfolded last week, publicly anyway, could be described as a Greek tragedy with a modern twist involving two rivaling wealthy New York Jewish families with deep pockets, valuable real estate portfolios and lots of animus between them if only there was a...
Unlocking Doors: Plans that falls Short
The first step in fixing any issue is recognizing that there is a problem in the first place. According to an internal state housing agency memo, New York City has the makings of an affordable housing crisis with more than 61,000 vacant rent-stabilized apartments in...
New York's Lack of Affordable Housing
Call it good cause eviction or universal rent control, but the truth is a wretched legislative proposal by any name reeks just the same. A sincere and candid economist (preferably with one hand as President Truman liked them) will tell you that rent control is...
WeWork: A Tale of Wealth, Loss, and Collapse
It’s been nearly a year since we last checked in on WeWork when we wrote a blistering critique of its founder, Adam Neumann, who has demonstrated an uncanny ability to fail upwards and amass obscene wealth in the process. The WeWork narrative is one...
Nuanced Office Occupancy Data: Revealing Disparities in NYC
Understanding the office occupancy rate in NYC is important to a host of various stakeholders and, until now, the numbers have been reported broadly without much nuance. That is, the return to office numbers have focused on a single market average which shows directional trends...
Real Estate Tycoon Art Collection
Take out your pom poms and give a shout-out to real estate tycoon Harry Macklowe and his ex-wife Linda, who is said to have an “incomparable eye” for trophy-name modern and contemporary works of art.
How we navigated the 2020 CRE Market - By Andrew Levine
In early 2020, COVID-19 came to our shores and, like a dagger, struck at the heart (and soon the soul) of the most densely populated city in the United States. Newspaper headlines provided the daily death toll from the virus and soon New York City...
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