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July 29, 2024

AI, Power Prices Push New York Data Centers Down A Unique Path

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The artificial intelligence-driven data center boom will hit New York eventually, but it will look very different from other major data center markets.

AI, Power Prices Push New York Data Centers Down A Unique Path

New York has yet to see the AI-driven explosion of data center development that has emerged in other top industry hubs, due in large part to the New York market’s high energy prices. AI will be a significant growth catalyst for data centers in New York, industry leaders said at…

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Data And AI Are Reshaping How Retail Developers Understand Their Shoppers

At the American Dream megamall in New Jersey, each customer is a data point. 

Where they park their car, the path they take around the mall and each time they spend money informs the shopping center’s chief operating officer, Paul Ghermezian, of adjustments to make. And he is constantly sorting through the data.

“There's always going be that human element, but you're doing yourself a massive injustice whenever you're not embracing whatever is the newest and best and latest creative technology,” Ghermezian said Thursday at Bisnow’s National Retail Conference.

Data And AI Are Reshaping How Retail Developers Understand Their Shoppers

As artificial intelligence becomes more accessible, the real estate industry is exploring how to integrate it into properties across the country. On the retail front, the store of the future is here, and developers want to bring it to shoppers everywhere, property owners, architects and…

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The NYC Casino Race Comes Down To Who Can Clear The Local Political Hurdles

The NYC Casino Race Comes Down To Who Can Clear The Local Political Hurdles  

Titans of the real estate industry hoping to build a grand casino in New York City are battling for the prize expected to be worth billions, but their most important fight might not be against each other.

Instead, the winning bidders must win over the hearts and minds of their neighbors' local politicians — a task that looks increasingly daunting for some of the highest-profile bidders.  

This week, a state lawmaker representing the area covering Related’s Hudson Yards proposal has come out in opposition to the developer’s plan. Meanwhile, Mets owner Steve Cohen’s bid in Queens is squaring off with the area’s state senator, who has blocked development of the land at the heart of his bid.

Eleven developers, including SL Green, Silverstein Properties and Thor Equities, have been preparing proposals for casinos. Now, as the deadlines are slowly approaching, negotiations to get local buy-in have never been more important or precarious.

Each casino proposal  must go before a six-member Community Advisory Committee, with Gov. Kathy Hochul, Mayor Eric Adams, the local Senate and Assembly members, the local city council members and the borough president each appointing one individual to represent the local area. Two-thirds of…

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Brooklyn Borough President Opposes Resi Tower Next To Botanic Garden

Brooklyn Borough President Opposes Resi Tower Next To Botanic Garden  

Proposals for a 14-story residential building that would tower over the Brooklyn Botanic Garden have run into local political opposition. Continuum Co., led by Ian Bruce Eichner, has proposed developing a 475-unit residential property across the street from the gardens at 962-972 Franklin Ave. But the…

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Weekend Interview: L&L Holding COO Jamil Lacourt On Stark Office Realities, Mixing 'Church And State' In CRE

Weekend Interview: L&L Holding COO Jamil Lacourt On Stark Office Realities, Mixing 'Church And State' In CRE  

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

Over the last few years, NYC’s office market has been a source of pessimism, worry and nightmarish headlines for commercial real estate professionals as the pandemic hacked away at office revenues.

But L&L Holding Co., one of the city's most prolific builders of workspaces, had big plans when Jamil Lacourt joined in early 2020 — and the firm wasn’t planning on letting the coronavirus get in the way.

At that moment, L&L was in the midst of completing 425 Park Ave., the 670K SF, 47-story building anchored by Ken Griffin’s hedge fund Citadel that recently refinanced to the tune of almost $1B. It was also preparing to kick off plans to transform Terminal Warehouse, a

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Empire State Realty To Buy Brooklyn Retail For $195M

Empire State Realty To Buy Brooklyn Retail For $195M  

The owner of the Empire State Building, which primarily owns Manhattan office buildings, is making a nearly $200M bet on Williamsburg's retail scene.

Empire State Realty Trust has entered into agreements to acquire several retail properties on North Sixth Street in the trendy Brooklyn neighborhood for a total of $195M, according to ESRT’s second-quarter  earnings report released Wednesday. The company didn't disclose the locations of the properties, as the deals have yet to…

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