Our buildings in NYC are rental luxury buildings, here are the state of our company’s health for 2019.
On the Office front:
We are so optimistic with our buildings, due to amazon coming to Long Island City and bringing 25,000 jobs which will increase office demand. Google and Facebook are also on the hunt for additional office space. New construction came online, and vacancies fell slightly. The co-working/shared/executive offices are also on an expansion hunt so new office supply should be readily absorbed.
The Retail for us has been great however:
Retail continues to be quiet with main activity being renewals of existing tenants. Only a few nationals’ brands are expanding in New York City.
Apartment’s Rents are up in our buildings throughout New York City. “The uncertainty caused by the new federal tax law have helped some would-be buyers into the rental market until they are more comfortable with making a purchase,” Said Kambiz Merabi Higher interest rates have had more of an effect on residential Condominiums than commercial, in New York City.