The June BFKP Real Estate News Blitz  

Have you been keeping up with real estate news this month? If not, don’t worry, we at BFKP have been keeping track of everything real estate in NYC for you! Here are some of the top stories from the world of NYC real estate that have sparked our interest this month. 

1. More People are Moving to Manhattan than Before the Pandemic (Bloomberg CityLab)

   “Even as the city’s population is still decreasing, more households are moving into Manhattan now than were moving in before the pandemic in 2019, according to moving data provided by Melissa, a global data intelligence and address analytics company. ‘New York City had one of the largest declines in the first stage of the pandemic and one of the fastest rebounds.'”

2. Rent increases of 3.25 percent and 5 percent for stabilized tenants are the biggest in a decade (Brick Underground)

   Starting in October, the two million New Yorkers who live in rent stabilized units can expect the biggest rent hike in a decade after a vote taken by the Rent Guideline Board. With landlords asking for even higher hikes, and tenants groups pushing for a freeze this was viewed as a middle-ground, compromise position.

3. Empty Wall Street Offices to be Revived as Apartments (Wall Street Journal)

   Two New York developers purchased 55 Broad Street with the intention of converting it into apartments, one of the largest office to residential conversions in the city’s recent history.

4. Congestion pricing a no-go ‘over the next year,’ Hochul says (NYC1)

   While state lawmakers approved a plan to charge drivers who enter Manhattan below 60th Street a fee back in 2019, its rollout appears to be indefinitely delayed.

5. New York’s 421a Tax Abatement Is Dead. Now What? (Commercial Observer)

   As expected the 421a tax abatement expired this month and now the debate begins about whether that will cause more pain to developers or New Yorkers in need of market-rate units.

6. NYC Has the Most Heavily Taxed Office Buildings in America, Report Finds (Commercial Observer)

   “The most heavily taxed office buildings in the country are in New York City, with 82 out of 100 properties with the highest tax bills located in Manhattan, according to an analysis compiled by PropertyShark. The real estate data company found that the most heavily taxed office tower in America was the 1968 General Motors Building at 767 Fifth Avenue, which has an annual tax bill of $75.3 million.”

If you’re looking for even more news, check out our new podcast Closed! where we discuss these topics and more with important figures from around the real estate industry. For those of you who are already up to date, let us know what you’ve been reading. If there are any stories you think we missed, please send them our way!