How NYC Developers Are Using 'Wink-Wink' Creativity To Add Housing As Pipeline Shrinks

On this episode, CBRE Global Chief Economist and Global Head of Research Richard Barkham discusses the outlook for commercial real estate as 2024 rapidly approaches. 

CBRE has delayed — but not canceled — its prediction for an economic recession, and on the show, Barkham talks about his expectation of weaker growth in the final stretch of the year, distress in the office environment and the turnaround in retail. He also lays out his view on where interest…

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In Case You Missed It...

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

After getting laid off as the head of real estate for a medical cannabis operator, Kristin Jordan realized she had a unique set of insights. Her background as a lawyer, her time working in the niche industry and her experience in real estate led her to found her own cannabis-focused commercial brokerage, Park Jordan, where she is CEO today.

Jordan and her sisters were adopted by Clarence Jordan, who was the director of a homelessness outreach organization in central New York. They spent their weekends volunteering there from an early age, with those experiences leading Jordan to garner aspirations of becoming a public defender as an adult. In New York’s cannabis industry, which baked social justice into the laws around who can grow and sell marijuana, she saw a chance to continue helping people.

Jordan recently sat down with Bisnow to talk about the headwinds the industry is facing due to its current legal challenges, the industry’s path forward in New York, and blurring the lines between personal and professional identity.

This interview has been edited for length and clarity.

Bisnow: You haven’t always been in cannabis real estate. How did you start your career? Jordan: One of my first jobs out of law school was with a landlord-tenant litigation firm with a solo practitioner who represented tenants. It got me in the courtroom…

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Decades-old clauses known as reciprocal easement agreements, or REAs, written into the leases of anchor tenants at the nation’s malls have torpedoed owners’ redevelopment plans for years. But as the retail landscape shifts, these REAs are beginning to lose their power, providing more flexibility for upgrades at the same time landlords seek ways to bring shoppers back to their properties.

These agreements, a relic of the mall development boom that took American suburbs by storm in the 1970s and 1980s, require owners to get consent from their biggest tenants before making significant changes to the property.

In the past, anchor tenants often saw these situations as an opportunity for a payout, landlords said. Now, faced with decreased foot traffic and the challenge of e-commerce, many of them have changed tack and are less resistant to redevelopments that are potentially key to the long-term viability of the…

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