BisnowTV: New York Real Estate Morning Update - presented by EisnerAmper
Credit Suisse economists refuted rumors of a possible recession in coming months, writing that the US wasn't in a recession now and wouldn't be later in the year.
The reasons for Credit Suisse's confidence comes from multiple factors, including the fact that manufacturing, which represents 75% of total industrial production, shows no signs of slowing, Chicago Fed’s National Activity Index is nowhere near -0.7% line associated with recessions despite experiencing a slight drop and the fact that only eight of the 23 US industrial subcomponents have slowed over the past year. To put that in perspective, almost all of these would be contracting in a recession.
NYC Landlords Brace for Tax Increases
NYC Landlords are opening their official “notice of property value” letters to learn they'll face steep property tax increases at a time when Mayor de Blasio has enforced a rent freeze on rent-regulated apartments.
City tax assessors have posted a 10.8% increase in preliminary assessments and projected taxes on apartment buildings, the biggest rise in at least two decades.
Chairman of the Rent Stabilization Association Aaron Sirulnick says the rising cost for owners is creating “a continual crisis."
Why the Bronx is going to Heat Up in 2016
After decades of repairing its image, the Bronx is attracting impressive investment in 2016. According to data from CoStar, the bureau saw 469 multifamily, retail and office transactions totaling $2.03B in 2015.
While commercial and retail projects have radically changed the borough, the real moneymakers are multifamily properties, which made up $1.6B of the year's transactions. The borough is also slated to see 8,000 new residential units come online in the next few years.
Amazon’s Secret Retail Store Plans
Amazon may be working on a plan to open 300 to 400 bookstores. The initiative is led by Amazon’s Steve Kessel, who designed the Kindle e-reader and opened Amazon’s first brick-and-mortar store in Seattle this past fall.
The e-commerce giant plans to unveil and open “other types of retail stores”in 2016. It’s not clear what these stores will sell, but Amazon's real estate team’s mission is to reimagine the physical shopping experience.
NGKF might be changing it’s name
Newmark Grubb Knight Frank might be changing its name in favor of the simpler "Newmark," although the name "Cantor" has also been thrown around.
Originally known as Newmark & Co., the firm joined forced with British firm Knight Frank in 2005. The new union soon bought a number of firms in the years after.
A common “Newmark” brand would remove behind-the-scenes politicking, establish a clear pecking order and sooth founders’ egos—a common issue with big M&As.
While legal paperwork is still pending, the company expects to unveil the new mononymous name on March 31.