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November 28, 2023

This Week’s N.Y. Deal Sheet: Weill Cornell To Turn Sotheby's HQ Into Research Labs

RXR's Michael Maturo Headlines The 2024 New York Forecast Event Jan. 31

Manhattan’s office leasing and sales markets showed signs of heating up as the year draws to a close, with several big deals signed in spite of a week shortened by Thanksgiving break.

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This Week’s N.Y. Deal Sheet: Weill Cornell To Turn Sotheby's HQ Into Research Labs

Weill Cornell Medicine has signed a lease to turn 200K SF at 1334 York Ave., Sotheby's soon-to-be-former headquarters, into a medical research facility, the institution announced. Sotheby's plans to vacate the 500K SF building in 2025 after buying the Breuer Building from the Whitney Museum earlier this year.The renovations to…

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Adams Vows New Crackdown On Landlords Of Illegal Dispensaries As State Reaches Deal To Issue New Licenses

Adams Vows New Crackdown On Landlords Of Illegal Dispensaries As State Reaches Deal To Issue New Licenses  

Relief has arrived for licensed cannabis dispensaries months after an injunction stopped hopeful New York marijuana retailers in their tracks and Mayor Eric Adams launched renewed efforts to take down illegally operating weed shops. Settlements have been reached for two lawsuits that had brought the state’s legal cannabis…

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Could The City Of Yes For Housing Opportunity Be The Answer To NYC’s Housing Crisis?

PRESENTED BY:   Ingram Yuzek Gainen Carroll & Bertolotti, LLP
 
Could The City Of Yes For Housing Opportunity Be The Answer To NYC’s Housing Crisis?  

For many New York City residents, finding a reasonably priced place to live is akin to finding an empty subway car during rush hour: Never say never, but the odds are stacked against them, especially with increases in rent prices.  Community Service Society conducted an analysis of the…

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Uncertain CRE Job Market ‘Like A Middle School Dance’ — And No One Is Making The First Move

Uncertain CRE Job Market ‘Like A Middle School Dance’ — And No One Is Making The First Move  

After big brokerage firms laid off hundreds in the last year to stem the tide of dwindling revenue, 2024 was expected to be a rebound year for commercial real estate hiring. Not anymore.  

Gripped by uncertainty about the state of financing and real estate transactions, job seekers and employers in CRE are eyeing each other but are unwilling to commit, according to industry analysts and top headhunters. 

“Everybody is waiting for somebody else,” CRE Recruiting founder Allison Weiss said. “It’s like a middle school dance. You have to wait for one person to get brave enough to cross the floor.”

The uncertainty surrounding the real estate market will bleed into the 2024 job market for CRE, likely leading to lower raises, limited hiring and continued personnel challenges, experts said. While earlier this year there were suggestions that deal flow would be back in early 2024, firms now expect next year…

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