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Episode Info: Welcome to the newest New York Real Estate Update from Brooklyn Made. This month’s roundup shows a New York City real estate market that just keeps marching on. It’s redeveloping and upgrading every day. New projects keep coming online. Despite recent softness in the data, there are many encouraging signs that the worst could already be behind us. 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… The darkest days of NYC retail could be behind us. At least some major companies seem to be making a comeback. In addition to new Apple and Nordstrom stores, PayPal has decided to open a physical store this year. The digital payment company’s new location puts it right on prime 5th Avenue real estate.   The Lower East Side’s Essex Crossing Development reports it is doing well too. All but two spaces have been leased. A new food hall just opened at the development, the 150,000 square food Market Line.   Also, look out for an array of holiday markets and seasonal pop-up shops across New York City.   These include: Union Square Park Bank of America’s Winter Village at Bryant Park Grand Holiday Bazaar on the UWS Grand Central Terminal The Turnstyle Underground Market Columbus Circle Brooklyn Flea & Smorgasburg Winter Market The Handmade Cavalcade in Brooklyn Heights Brooklyn Navy-Yard Brooklyn Holiday Bazaar in Gowanus Renegade Craft Fair at Brooklyn Expo Center Greenpointers Holiday Market   Even though national retailers seemed extra desperate this year, with Black Friday sales beginning back in October, over $700B is expected to have been splurged on this key day in the run-up to holiday shopping.   For investors, the one nagging fear is new commercial rent control laws. Recent residential rent controls are already expected to have cost the city $20M in lost revenues. New commercial rent controls would cap rent increases for office and retail tenants leasing 10,000 square feet or less. As well as manufacturing tenants leasing up to 25,000 square feet.   New changes went into effect for the EB 5 visa program in November. Most notably, there is a huge jump in the minimum investment amounts foreign nationals must bring to qualify for visas. The standard minimum investment is now $1.8M. It can be as low as $900k for those in low employment areas.   A new survey from Apartment List reports that many millennials have given up on the idea of ever buying a home. They plan to become and stay renters for life. Even among those who would like to buy a home, half have zero money saved for a down payment. Just 10% have $10,000 saved.   In addition to all of the existing online review websites, New York City landlords need to be on top of new ratings coming online. This includes a new blacklist of New York City’s landlords with the worst reputation for evictions. As well as the new 2020 letter grading system which r...
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