It feels so good to be back! My feet belong on the streets of New York City!
Real estate is part of the “Phase 2” re-opening, and right now Phase 1 is scheduled to begin on June 8. However, that does not mean nothing is happening. Some people are moving out, some people are moving in, and some people are staying put.
There are transactions taking place. Many of those deals were done virtually, without ever viewing the apartment in person. A sign of new times!
It is no surprise that pending home sales are down significantly. The April report showed a 21.8% decline nationwide, much greater than expected. Still, in this same period, forecasters saw more demand and increased their expectations for 2020.
One of the most interesting transactions that took place was in the commercial space. Facebook decided to move forward with 740,000 square feet office lease at Farley Post Office, right next to Madison Square Garden and Penn Station.
In other huge news, a judge sided with Airbnb landlord on a case in New York City. Airbnb is illegal in New York. Is this an indication of a more relaxed policy on short-term rentals?
This month the Spotlight is on Property Tax! The New York City property tax levy has gone up every year since 1997. That’s 23 years in a row! Will the trend continue?
