'Nothing’s Gone Up’: Bureaucracy, Cost Of Capital Stifling Long Island Development

Development has been pretty static in Long Island over the past year — but industry players hope that will change soon as interest rates are expected to come down.

Exactly how much Long Island’s development market actually picks up is yet to be determined, developers said at Bisnow’s 2024 Long Island State of the Market event Thursday. Longstanding bureaucratic issues that have historically stymied the region’s development remain firmly in place, but players used to working in the region are seeing the light at the end of the tunnel.

“We're at the bottom of the U, and we're going to be on our way to the other side,” RXR Executive Vice President for Residential Construction and Development Joseph Graziose Sr. said at the event.The restrictive debt market, combined with the layers of permissions needed from Long Island planning boards, zoning boards…

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Blackstone, Rialto Push To Foreclose On McGraw-Hill Building After Signature Bank Loan Default

Blackstone Group, through its loan servicer, Rialto Capital Advisors, has filed to foreclose on the McGraw-Hill Building, the property backing a loan that Blackstone and Rialto acquired from the failed Signature Bank. 

The case against the building's owner, Deco Tower Associates, consists of two separate court filings. The first is a foreclosure filing on a $115M mortgage that Signature Bank provided in May 2019. The second is a money judgment for a $25M construction loan Signature Bank gave…

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How Project 2025’s Proposals Might Impact CRE

“Project 2025” has been the buzz phrase trending across the political sphere and business world for the last few weeks.

And the hotly debated 900-page blueprint for conservative governance took on new significance Monday in light of President Joe Biden’s weekend decision to abandon the 2024 presidential race — a move that instantly forced the already chaotic U.S. election into a new level of disarray. 

For commercial real estate, industry players who only care about their real estate business need to focus on just a few dozen pages in the Project 2025 tome. One slim section includes everything that has to do with U.S. affordable housing policy and how that could boomerang throughout the entire multifamily sector. 

The 900-page document takes a firm stance in support of maintaining single-family zoning in municipalities across the country, urging any future conservative administration to push back against the expansion of multifamily zoning.And together with suggestions for placing new limits on certain types of housing vouchers and eliminating federal transit subsidies,…

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