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Episode Info: Welcome to the newest New York Real Estate Update from Brooklyn Made. This month’s roundup shows an ongoing NYC building boom, with skyscrapers reaching even higher. In the background, the rent control regulation debate is still sizzling hot and could have a sizable impact on the future of commercial real estate throughout New York’s boroughs. Yet, billions are still being plowed into the real estate investment market, and a nonstop chain of towers are still filing for permits, breaking ground and opening up sales. While there are still potential cracks and flaws in the property market, which could be opened by new regulations, most of the talk of a downturn appears to have subsided, with public opinion and transactions seeming to show new confidence in this strong market as the status quo for the foreseeable future. Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors.   In the commercial real estate headlines… NYC land prices continue to rise. While condo sales, retail, and Manhattan, in particular, continue to find their footing, land in Brooklyn has been trading at 6.5% more than in 2018, at $278 per buildable square foot. Laguardia airport’s new concourse is set to open this fall. Delta has already invested $4B in the project. 7 of the new gates will open later this year, with a total of 37 planned.  Last month we reported on Google’s continued high level investment in NYC. This month is it Facebook making moves. The social networking giant who is working on its own digital currency is reportedly looking to ink a new lease a Hudson Yards. Once closed Amazon may be the only tech giant now really missing out on the new surge in expanding here. The billionaires at One57 are getting some new neighbors, and not everyone is happy about it. A new homeless shelter right behind the famous building which has been setting sales records and sits on Billionaire’s Row. The shelter is to be located in the old Park Savoy hotel, and is expected to house at least 140 people. The old Hells Angels clubhouse in the East Village is getting new residents too. A new $10M flip is preparing a conversion into condos which will rent from $3,500 a month. Of course, the big news of the month is the new The Housing Stability and Tenant Protection Act of 2019. These new harsh and sweeping rent controls threaten to severely hamper landlords’ ability to raise rents. Even when units become vacant or are given substantial makeovers. Obviously, landlords groups are fighting to sue back. If they are unsuccessful, some worry the new rules will turn off lenders and financial conduits who won’t want to take the collateral. This year also marks the first ever Central Park squirrel census, which counted over 3,000 of these furry friends living in the heart of NYC. If you’re still commuting and doing business in the city Google Maps’ latest updates hopes to help you predict ju...
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