Hostility to main new tasks appears to be receding. “We won’t proceed to acknowledge that now we have a housing drawback after which each venture that pops up, we vote in opposition to it,” Mayor Eric Adams stated at a press convention this fall, and it seems that extra of town’s determination makers are coming round to this mind-set. After opposing a venture in Throggs Neck for months, native Councilwoman Marjorie Velázquez got on board, and the Metropolis Council authorized plans for the 349-unit growth. Native Councilwoman Julie Received additionally bought on board with the roughly 3,200-unit Innovation QNS venture deliberate for Astoria after negotiations with the developer; the Metropolis Council authorized the venture on Tuesday. And native Councilman Francisco Moya is already an enthusiastic supporter of the two,500-unit Willets Point project deliberate for his district. Any new growth proposed for town will discover its detractors, however as New York’s want for housing turns into increasingly pronounced, the chance that a big new residential venture will fall via fully seems much less and fewer probably.
Residential rents are nonetheless going robust. Tenants loved a few yr of unprecedented leverage within the metropolis’s notoriously costly house market after Covid first hit. However landlords bought firmly back in the driver’s seat this yr and present no indicators of relinquishing that place anytime quickly. Residential rents spent a lot of the spring and summer time reaching document excessive after document excessive, and though they’ve been stabilizing extra in latest months, they have been nonetheless at a median of about $4,000 in Manhattan, $3,500 in Brooklyn and $3,100 in northwest Queens as of October, in accordance with Douglas Elliman. Low demand does appear poised to be a long-term drawback for town’s workplace buildings, however the reverse is true for its house buildings.
The weed outlets are coming. It has been nicely over a yr since New York legalized leisure marijuana, and the state not too long ago took two enormous steps ahead in rolling out the storefronts, approving construction and design teams to construct the dispensaries and the first round of retailers to function them. This could present a pleasant shot within the arm for town’s retail market, which has been dealing with main headwinds from e-commerce and the pandemic in recent times. Though there will not be sufficient shops to fully revitalize the sector—officers plan to license as much as 175 retailers all through the whole state—they’ll nonetheless present retail landlords and brokers with a serious new shopper for years to come back.
So Joyful Thanksgiving, New York actual property business. Attempt to maintain these items in thoughts whilst you slice right into a scrumptious piece of turkey. And when you nonetheless cannot fairly shake gloomy ideas of permanent remote work and fruitless tax negotiations in Albany, at the least do not forget that it might be worse. You possibly can be the crypto business.