Info
Welcome to the Brooklyn Made Real Estate Show! The Brooklyn Made Real Estate Show is your gateway to all the best of Brooklyn, New York. This show is sponsored by...
show more
Welcome to the Brooklyn Made Real Estate Show!
The Brooklyn Made Real Estate Show is your gateway to all the best of Brooklyn, New York. This show is sponsored by The Ratner Team; your local Brooklyn real estate experts.
We love and live for Brooklyn. So we created this show in order to support thriving local small business communities and to introduce new residents to all Brooklyn has to offer.
Each week our show will feature local professionals and Brooklyn business owners that we are eager for you to meet!
show less
The Brooklyn Made Real Estate Show is your gateway to all the best of Brooklyn, New York. This show is sponsored by The Ratner Team; your local Brooklyn real estate experts.
We love and live for Brooklyn. So we created this show in order to support thriving local small business communities and to introduce new residents to all Brooklyn has to offer.
Each week our show will feature local professionals and Brooklyn business owners that we are eager for you to meet!
The Brooklyn Made Real Estate Show
The Brooklyn Made Real Estate Show
Welcome to the New York Office Market Update
23 FEB 2020 · Welcome to the New York Office Market Update Here we dig into the latest data and trends to find out what is really happening in the local Office market to help landlords, real estate investors, and developers make the smartest financial moves. So, what’s new in Brooklyn Office Market? Let’s take a look at the numbers… Although more new construction inventory appears to be hitting the market, creating more available office space, asking rents just keep going up. Big players like Microsoft and JP Morgan Chase continue to be bullish on NYC real estate and office space in the Big Apple. We’ve even seen major retailers stage a comeback. That includes Nordstrom, Apple, and even a PayPal store. Still, as Brooklyn office rents begin to compete with Manhattan’s, we’ve seen more major companies move and expand to Brooklyn. Even some from Fifth Avenue and Broadway. Technology companies appear to still be the hottest and fastest-growing tenants. A group that can benefit landlords of small creative office lofts and new office buildings Around 10% of all inventory is new or is still under construction and coming to the market from now through 2024. In Brooklyn Total inventory rose to 36.4M square feet Percentage available for lease decreased to 15.8% Absorption rate negative by 297,585 square feet Asking rents are up to $40.45 per square foot on average Asking rents in prime buildings in Bushwick and Williamsburg can be as high as $70 per square foot At least 2.9M square feet of office space is under construction Notable construction and renovation projects include: Four new major large-scale developments hit the market in Q3 2019: Panorama - 733k square feet Dock 72 - 220k square feet 25 Kent Avenue - 508k square feet 341 39th Street, Sunset Park - 214k square feet Notable upcoming projects include: The Wheeler in Downtown Brooklyn The Hall at Brooklyn Navy Yard 399 Sands Street 101 Fleet Place 12 Franklin Street 80 Flatbush 570 Fulton Street 625 Fulton Street Domino Sugar Factory aka Ten Grand One Willoughby Square 30-56 Gem Street 189 Pennsylvania Avenue Notable relocations and expansions from Manhattan to Brooklyn include: Rent the Runway 2U Amazon Time Inc American Transit Insurance Bauble Bar Koppers Specialty Chocolate Laundry Service Bjarke Engels Group Although delivery of new construction is expected to decline until 2022, that is forecast to be the year we’ll see the delivery of more new office space hitting the market and taking off again through 2024. Market Factors & Economic Indicators Unemployment stood at 3.7% as of October 2019 according to the Federal Reserve Bank of St. Louis. This could be negatively impacted over the next year or two due to new rent control laws and sweeping new labor laws eliminating the freelance workforce. An estimated 60% of Brooklyn workers worked remotely in 2019. New taxes could also be a factor. In addition to SALT deduction caps and new transfer, mansion tax, and higher property taxes, as well as online sales tax, some presidential candidates are threatening an array of new real estate-related taxes and higher income taxes. All of which could negatively impact employment. While the general economy appears to be holding strong for now, the 2020 presidential election and surrounding media mayhem and fake news is likely to lure many into waiting until after the vote to make their moves. Though following the herd in this way is sure to mean many missing out on the best leasing and acquisition opportunities. In summary… New York City office markets are perhaps in far better shape than retail. Notable global corporations continue to prize prime property here. Many are expanding their footprints, with more expanding into or relocating Brooklyn. This, in turn, is forcing up local rents. While a surge in new deliveries of newly built and redeveloped properties may show up as historically high vacancy rates in the data, a tapering off of this activity through 2022 should bring balance again. New buildings continue to support higher asking rents per square footage. A trend likely to be further fueled as less square footage comes online. Be sure to check out our multifamily reports for the latest data on the Brooklyn Residential rental market. As well as BK Lofts with over 40 creative loft buildings, private offices and art studio spaces. Find out more about the current market, competing listings, and where to get the best help in leasing or finding the space you need by contacting The Ratner Team. Check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live. Please send us your feedback, and let us know what you are experiencing in the market, and what you’d like more detail on in the next report… Thanks for tuning in!
Brooklyn Residential Sales Real Estate Market Report Q3 2019
14 FEB 2020 · Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 3rd quarter of 2019 www.NewYorkMarketReports.com Whether you already own or you’re looking to buy into the City’s fastest-growing market, we’re keeping you up to date so you can make the smartest moves. You’re listening to New York’s Real Estate Market Update from the Ratner Team. In this Brooklyn report, we cover the average residential sales in this sprawling borough of historic brownstones, rowhouses, and exciting new developments. Keep listening for the record-high sales of this quarter. Residential average sales prices for Q3 2019 in Brooklyn are lower compared to last year’s report, with a 7.1% percent decrease over 2018 ending up at $977,259. Median sale prices fell to $790,000 with a 2.2% drop. And this quarter, we saw a decrease of 10.4% percent in the number of transactions. Totaling 2,596 in Q3, 2019 compared to 2,898 in Q3, 2018. Properties stayed 81 days on the market in Q3 2019 vs 80 days in Q3 2018. New Development Condo sales in this 3rd quarter sold for an average of $1,076,090 at an average of $1,047 dollars per foot. That’s in contrast to $1,240 per square foot last year. This was a 15.6% percent decrease in price per foot from the same quarter last year when the average sale price was $1,210,357. The average sales price of new condos saw a decline of 11.1%. According to this quarter’s data, these properties are spending significantly less time on the market: this year. It took an average of 114 days to sell a new development property, versus 210 days in Q3, 2019. Existing condo sales prices are on a slight decline as well. The average condo sales price in the third quarter of 2019 was $1,053,084. A dip from $1,116,516 last year. And a 5.7% percent decline from the first quarter last year. The average marketing time for these properties decreased: 91 days on market this year, versus 92 days in Q3, 2018. Co-op sales prices increased this quarter. Selling at an average price of $637,848 dollars—an increase of 2.5% percent from last year’s $622,021 dollars. Selling time has also increased: co-ops sat on the market for 65 days in quarter 3, as opposed to 59 days in the same quarter last year. 1-3 unit family homes performed not as good as the co-ops and saw a decrease in and an increase in marketing time. This quarter, the average 1-3 family home sale price was $1,080,728 down 8.9% percent from $1,186,423 last year. Properties, on average, were on the market for 88 days, versus 83 days last year. The number of sales decreased as well to 1,246 vs 1,513 in Q3, 2018. The data shows that 1-3 family homes under $1,500,000 are still in high demand! In the Luxury Market this quarter, the average luxury property sales price was $2,669,402 That’s a pretty big decrease. Down 8.8% percent from last year. These properties also took longer to sell, being on the market for an average of 125 days, versus 109 days last year. Across the board, the average recorded price discount was 0.3% percent. Yet, it is important to note that at least homes are still rising in demand and value. Now, to Brooklyn’s top residential sales in September 2019: The top single-family sale in Brooklyn in Q3 2019 can be found in Cobble Hill. The selling price of 33 Strong Place was an incredible $3,450,000 – about $1,127 dollars per square foot. Taking the number one spot in Brooklyn, this Cobble Hill home at 33 Strong Place boasted a selling price of $1,127 square feet. The 3,060 square foot townhouse has 5 bedrooms, 3 bathrooms and sold in just 20 days. Bright open floor plan and good sized terraces definitely helped it sell. It is also legally two townhomes combined into one. Greenpoint took the top condo sale of the quarter. 21 India Street Unit #38A sold for $3,535,247. This amazing unit is located at a new Greenpoint development called “The Greenpoint”. “The Greenpoint” is a unique collection of 95 contemporary condominiums and over 350 luxury rental residences on the Brooklyn waterfront—a gateway to Manhattan and a destination in itself. Rising 40 stories in glass, steel, and brick, The Greenpoint, brings a new way of living to the neighborhood. Thoughtfully designed studio-to-three-bedroom residences offer spectacular views, airy living spaces, and excellent light. An amenity-rich lifestyle awaits with 30,000 square feet of space to live, work and play while the NYC Ferry is just outside your door offering convenient and direct access to Midtown Manhattan, Wall Street, Williamsburg, Long Island City and more. The development’s large retail component and new public waterfront park will bring additional life and energy to the increasingly vibrant Greenpoint waterfront. Strolling along the waterside boardwalks at twilight, you’ll feel all that makes Greenpoint a magical home. Amenities include: Private Porte Cochere, 24 hours Attended Lobby, Waterfront Terrace and Lounge, Co-Working Space, Billiards Room, Children’s Playroom, Fitness Center, Half, Basketball Court, On-Site Parking, Courtyard & a Sun Deck Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,675,000. Sprawling 3 bedrooms 2.5 bathroom apartment in a distinguished white-glove cooperative overlooking Prospect Park! Residence 11D located in the full-service 35 Prospect Park West, designed by renowned architect Emery Roth, is a stunning example of prewar elegance with a beautiful modern flair in prime Park Slope. A wide and airy gallery welcomes you into the gracious interior graced by hardwood floors, beautiful built-ins, recessed lighting, and refined finishes. Light pours into the home from windows on triple exposures that showcase amazing views of the city and landmark architecture. The large open living and dining room at the right of the gallery is a perfect setting for relaxing and entertaining. The contemporary renovated chef's kitchen is stylishly appointed with marble countertops, tiled backsplash, and stainless steel appliances including a Wolf range and Sub-Zero refrigerator. A powder room and laundry room sit conveniently off the living area. Three spacious bedrooms provide comfort for everyone. A private hall leads to the master bedroom with double exposures, generous closets plus a walk-in, and an en-suite bath with a soaking tub and shower, as well as to the second bedroom and shared full bathroom. Closet/storage space is exceptional throughout the apartment. This is complemented by a separate, dedicated 8'6" x 8'10" storage unit in the basement. For bargain territory, head to East New York & Gerritsen Beach. These least-expensive residential areas in Brooklyn had a median sale price of $560,494 for a single-family home this quarter. As far as Brooklyn is concerned, that’s a bargain. So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios. You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports. Plus, don’t miss our new 2019 News Report on Brooklyn’s Market in 2019 If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know and subscribe. We’ll put out new content and a whole new report every quarter. You can also find us on Facebook, Instagram & YouTube. Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or just acquiring an investment property? Email Us at Contact@TheRatnerTeam.com. We’re full-time professionals and always here to help! Thanks for listening.
Manhattan Residential Sales Real Estate Market Report Q3 2019
14 FEB 2020 · Welcome to the Manhattan Residential Sales Real Estate Market Report for the 3rd quarter of 2019 www.NewYorkMarketReports.com Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves. You’re listening to New York’s Real Estate Market Update from The Ratner Team. Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers, owners and investors alike. Here’s the data. Just make sure you keep listening for this quarter’s record-high sales. With an average selling price of $1,656,395, Manhattan’s Residential prices are continuing to drop over last year’s third quarter with an average price of $1,928,049. The average price-per-square-foot fell again this time by 5.3%. It’s now down to $1,524 from $1,610 a foot in Q3 2018. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck. Total transactions tallied in at 2,562 this quarter, down 14.2% from a total of 2,987 sales in Q3 2018. We expect Manhattan to maintain this downtrend at least until the end of the year. This dip is happening due to a combination of oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers, along with consumer uncertainty as to where the market is heading. The New Development market is experiencing a correction in prices as well, the average selling price of new development condos fell 12.4% percent in this third quarter to $3,796,985. That’s versus $4,332,408 in Quarter 3 last year. Prices in this market are still falling, and the time it takes to sell is decreasing, too. The average time a new development condo spends on the market is down to around 133 days, compared to last year’s 194 days. The data for Manhattan’s existing condominium sales is not as bad as new developments but It is also experiencing a price correction. Average sale price for condo sales ran around $2,366,833 in Q3 2019, compared to $2,661,716 dollars in 2018. However, the market time for existing condos has decreased dramatically, now averaging 95 days vs 109 days in Q3 2018. It took 14 days longer to sell a condo vs last year! Co-op sales fell 15.30% this quarter, recording an average sales price of $1,141,148. Market time increased fractionally as well, coming in at 88 days from 79 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look. Of course, even with an 18.9% decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $6,350,361, a huge difference from last year’s average of $7,831,042. Luxury properties have actually been moving almost the same as last year, staying on the market only 127 days this quarter, compared to125 days in Q3 2018. This is 1.6% lower than last year. Across the board, the average recorded price discount was 0.1% percent. Now for the top sales numbers for September 2019: The well-known neighborhood of Lenox Hill topped November’s single-family residential sales. The townhouse at 18 East 73rd Street sold for $27,000,000. Manhattan’s top sale was claimed by this Lenox Hill townhouse. The expansive 10,080 square foot property offers 6 bedrooms and bathrooms. Sitting between Madison and Fifth Ave, and newly renovated in 2017. A great combination of historic architecture and clean modern finishes. In Central Park South, the record condo sale for September 2019 goes to 220 Central Park South #56A that finalized for an incredible $41,748,250. 220 Central Park South is another signature project from master architect Robert A.M. Stern, developed by Vornado Realty Trust. The luxury residential condominium development includes an 18-story building called “the Villa” that will front Central Park alongside other comparably sized buildings. Behind the Villa is the 950-foot Tower, which will bring a total of 118 units to the high-end market. The Villa and the Tower will be connected via an arcade that includes a motor court on 58th St. The exterior features Stern’s favorite Alabama limestone punctuated with Juliet balconies, set-back terraces, and ornamental metalwork to give the new building a classic, old New York stature. The building, at 66 stories, offers grand views of Central Park. This September’s top co-op sold in Carnegie Hill for an impressive $11,500,000 at 1175 Park Ave #9A. Carnegie Hill took the top spot for NYC co-op sales with this 5 bedroom, 4.5 bath haven on Park Avenue. Sold at $2,704 per square foot, after being on the market for less than 60 days. Although still very dated, the unit enjoys a very modern kitchen For bargain-seekers who still want Manhattan real estate, Washington Heights and Harlem are currently the least expensive residential areas on the island—average condos in these neighborhoods sold for $615,000 dollars in Harlem & $505,000 in Washington Heights, with average co-op sales of $375,000 in Harlem & $446,900 in Washington Heights. You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports. Be sure to check out the new report on Manhattan’s piers - where to go, and how they are adding value to NYC’s communities. If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know and subscribe. We’ll put out new content and a whole new report every quarter. You can also find us on Facebook, Instagram & YouTube. Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property? Email Us at Contact@TheRatnerTeam.com. We’re full-time professionals and always here to help! Thanks for listening.
New York Real Estate Market Recap 2019 - Special Episode!
17 JAN 2020 · Welcome to the Newest New York Real Estate Update from Brooklyn Made. This year we’ve seen more big real estate moves in play, and see developers marching on with new projects that will continue to change the skyline and living trends over the next few years. The data continues to show the market is changing. Though there are a variety of factors that could tip the market, either way, this year. In this special episode, we’ll dig into the latest data and the most notable trends of the year. What’s happened in 2019, what to look forward to in 2020. Plus, the most impactful factors to watch over the next 12 months. Make sure to check out our special report on the next 100 years for Brooklyn and what planning and developments are going into place to shape it and sustain its place on the map and a more prosperous community for all those that call this borough home. The Real Estate Market in 2019 Looking back at our annual report this time last year it appears we called the market pretty well. The main theme 13 months ago was the peaking of the market. While new records were still being set, there were signs of some correcting. We’ve seen a lot of the same trends flowing through 2019. There have definitely been undeniable cracks deepening in some segments of the market. Yet, we’ve also seen some parts of the market outperform expectations, stay stronger than expected and even rebound. A dive into Brooklyn rental market statistics shows that overall the market is holding quite well, and prices are still high. Even though some gains maybe only being maintained by an equal amount of discounts, and landlord concessions. Though this gap may finally be closing. Still, it is impossible to deny that the data also shows that home sales are dropping off, more price cuts are happening, and both residential and commercial buyers and renters are gaining more negotiating power out there. Yet, on the commercial property front, America’s largest corporations show no sign of lack of appetite for new offices. In fact, some continue to set records with big, bold deals in prime locations. Factors that have been affecting the market and influencing these trends include: New construction levels Rumors of a pending recession New innovations and technology New tax laws A highly litigious business environment Returns on investment property One of the things everyone seemed to get wrong about 2019 was rising interest rates. In fact, global interest rates appear to have reversed course. Internationally negative interest rates have become more common. There has been more talk of pushing US rates to zero or below. While some mortgage rate offers are approaching the 5% range as predicted, Bankrate also reports many lenders are still offering long term fixed-rate mortgage deals at under 4% as of January 2020. Access to mortgage credit now appears to be more of a concern for 2020 than interest rates will be until at least mid-2021. 2019 brought some incredible new master-planned projects to the market in New York. They’ve added a lot of additional commercial and residential inventory to the marketplace. At least one developer has been sitting on 1,000 plus unsold luxury condos. Many have gone unsold for years. However, the amount of inventory hitting the market is expected to drop significantly this year, providing better balance in the market. Then it will grow slowly with new deliveries hitting the market more modestly though 2022. One of the most surprising and unexpected turn arounds of 2020 is retail. It’s no secret that Manhattan and even Fifth Avenue have been some of the most affected by the big shifts in retail over the past couple of years. Now, in the past few months we’ve seen a few major retailers attempting to stage a come back with brick and mortar, and even some very notable online and tech businesses setting up real shops on prime shopping strips. One of the biggest fails of the year, and perhaps the decade has been the demise of WeWork. The office giant who tied up an enormous amount of prime office space, and then lost investors tens of billions of dollars in value. We likely haven’t felt the full impact of this yet. Perhaps most impactful of all in 2019 was the institution of new rent controls and regulations favoring tenants over landlords. This definitely has caused concerns for real estate professionals, lenders and investors in both California and New York. These types of rules haven’t detracted from the demand for prime properties in these areas in the past. Though they certainly don’t ever seem to work to really help renters or the market either. The one bigger threat to the markets and national economy in 2020, is an expansion of California’s recent regulations ending freelance and remote work. With some 12 million freelancers on a single platform as of 2019 and as many as 60% of Brooklyn workers now working remotely, the impact of rules like these spreading to New York could create unemployment at the highest levels ever seen in America. It could be triple the rates seen in the Great Depression in the 1930s. The National Property Market While all real estate is local and every market is very different, one of the most significant metrics over the past year has been house prices. According to Realtor.com, the average asking price for a home peaked in May 2019 at $315,000. The Federal Reserve Bank of St. Louis even puts the average price of sold properties in Q3 2019 at over $380,000. Yet, as of January 2020, Zillow reported the median sales price of a home in America at just $236,900. Multifamily and other types of real estate have stayed in demand as domestic and international investors maintain their appetite for US property and search for yields and a safe way to diversify from the inflated stock market. Most Notable Property Deals in 2019 2019 kicked off incredibly strong with the record setting penthouse purchase by Kenneth Griffin for $238M. The biggest success of 2019 may have been the grand opening of the $25B Hudson Yards project. The most newsworthy was the deal that didn’t happen. The Amazon HQ2 debacle. The $2.5B deal in Queens that was ripped up due to the extreme incentives and breaks being used to secure the deal. Amazon has since announced it is leasing over 300k square feet of additional space in Manhattan. New Rules & Taxes It’s been a great and terrible year for taxes for New York real estate owners. Many are still coming to grips with the SALT tax deduction limits imposed starting in 2018. New ‘mansion’ taxes and real estate transfer taxes have added a heavy burden to sellers. Nassau County on Long Island has been especially hard hit. The county recently reassessed every property at peak values, resulting in many owners seeing annual property tax bills soar by as much as 50%. There is also talk of ending property tax relief checks which could further hurt lower end property owners. At the same time, local governments are still buying and holding property, which is taking revenue from tax rolls and increasing the burden on taxpayers. This year’s presidential election is also likely to significantly hinge on taxes. Some candidates have been very vocal about their goals to dramatically increase income taxes and implement a whole barrage of new real estate-related taxes, including a 25% flipping tax on investors. At the same time, NYC real estate investors have also enjoyed another year with many great tax benefit opportunities. They have included investing in real estate tax-free with self-directed Roth IRAs, Opportunity Zones, and 1031 exchanges. We never know how long these breaks will last, but they should remain available through 2020. As April’s tax deadlines approach investors should be seizing on the opportunity to restructure portfolios, maximizes write-offs, and max out contributions to self-directed 401ks and IRAs. Biggest Factors Impacting The Market In 2020 What’s in store for 2020? These factors will be major influencers in what we are reporting in a year from now. An anticipated surge in commercial mortgage lending could help support the market through 2020. Leading this charge is life insurance companies who have said they plan to invest another $150B in these investments. The one thing that could derail these plans to plow billions more into the US commercial market is mortgage defaults. At least one of NYC’s most notable investors has already been losing properties due to defaulting on loans. That together with any deep correction could put the freeze on new financings. Declining residential property prices will be a significant factor too. Defaults on loans could lead to more discounts on the new Manhattan luxury condo inventory. Much of which has been sitting on the market for years. When home and condo owners start seeing hundreds of thousands of dollars in equity disappear and high rates of property owners in negative equity situations rise, fear can set in. All eyes are also on Manhattan retail. It is can really make a come back it will give markets a lot of fresh confidence. If they don’t pull off this new return to brick and mortar, then Brooklyn could be a major beneficiary as more retailers move to this borough. Tech will be a big driver too. Not only because the largest tech companies have been buying expensive chunks of NYC real estate. The efficiency new technology offers real estate investors and property managers will make all the difference over the next 12 and 24 months too. New tech tools mean being able to invest more accurately, and operate leaner and more profitably, even if rents are going up and asset prices remain high. Thanks to California’s crippling new laws, including the CCPA and freelancer law that went into effect on January 1st, 2020, more and more tech companies and startups are likely to choose NYC as their preferred headquarters. We’ve already been experiencing great traction in the creative loft and small office space market. There are gr
New York Real Estate News
22 DEC 2019 · Welcome to the newest New York Real Estate Update from Brooklyn Made. This month’s roundup shows a New York City real estate market that just keeps marching on. It’s redeveloping and upgrading every day. New projects keep coming online. Despite recent softness in the data, there are many encouraging signs that the worst could already be behind us. Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors. In the commercial real estate headlines… The darkest days of NYC retail could be behind us. At least some major companies seem to be making a comeback. In addition to new Apple and Nordstrom stores, PayPal has decided to open a physical store this year. The digital payment company’s new location puts it right on prime 5th Avenue real estate. The Lower East Side’s Essex Crossing Development reports it is doing well too. All but two spaces have been leased. A new food hall just opened at the development, the 150,000 square food Market Line. Also, look out for an array of holiday markets and seasonal pop-up shops across New York City. These include: Union Square Park Bank of America’s Winter Village at Bryant Park Grand Holiday Bazaar on the UWS Grand Central Terminal The Turnstyle Underground Market Columbus Circle Brooklyn Flea & Smorgasburg Winter Market The Handmade Cavalcade in Brooklyn Heights Brooklyn Navy-Yard Brooklyn Holiday Bazaar in Gowanus Renegade Craft Fair at Brooklyn Expo Center Greenpointers Holiday Market Even though national retailers seemed extra desperate this year, with Black Friday sales beginning back in October, over $700B is expected to have been splurged on this key day in the run-up to holiday shopping. For investors, the one nagging fear is new commercial rent control laws. Recent residential rent controls are already expected to have cost the city $20M in lost revenues. New commercial rent controls would cap rent increases for office and retail tenants leasing 10,000 square feet or less. As well as manufacturing tenants leasing up to 25,000 square feet. New changes went into effect for the EB 5 visa program in November. Most notably, there is a huge jump in the minimum investment amounts foreign nationals must bring to qualify for visas. The standard minimum investment is now $1.8M. It can be as low as $900k for those in low employment areas. A new survey from Apartment List reports that many millennials have given up on the idea of ever buying a home. They plan to become and stay renters for life. Even among those who would like to buy a home, half have zero money saved for a down payment. Just 10% have $10,000 saved. In addition to all of the existing online review websites, New York City landlords need to be on top of new ratings coming online. This includes a new blacklist of New York City’s landlords with the worst reputation for evictions. As well as the new 2020 letter grading system which rates buildings by energy efficiency. Landlords will be required to submit their data or face fines. For Brooklyn Real Estate News Last month we covered the new Brooklyn welcome sign in Columbia Heights, and developments at Dock 72 at the Brooklyn Navy Yards, and Fort Greene’s BAM Historic District. The month the big news is the groundbreaking of the new Tetris looking towers at Greenpoint Landing. The mega project spans 22 acres on the water and includes a 2.5-acre waterfront park. The two towers will bring almost 750 new apartments along with almost 9,000 square feet of retail space. When completed the project will encompass 11 towers with 5,500 residential units. In other boroughs New renderings reveal the design for the Bankside megaproject in the South Bronx. The industrial-looking glass towers cover 4.3 acres, with over 1,300 new apartments. In Queens, an old hospital is been transformed into a new mixed-use development. However, the Far Rockaway project could take 15 years to be completed. In Manhattan, the Lower East Side could be rebuilt at 10 feet higher as a flood protection measure. Local objectors plan to sue the city for approving the plan. The old Printing District of Hudson Square has become a major new tech hub with tenants like Google, Disney, and Nuveen. Residential rents remain strong. October data shows slight increases in rents over last year, even though around 40% of all new leases include some type of deals and concessions. Manhattan commercial rents may take a while to bounce back. They are down by 6% to 18%. Saks Fifth Avenue’s flagship store recent took a value write-down of close to $2B, or 60% from five years ago. Tribeca also seems to have lost a lot of ground. Prices there have dropped 30% to 45% year over year. On the bright side, this correction may also bring a lot of buyers and tenants back as they see more value. This includes many online retailers and tech workers who are putting their money back into physical assets. Such as one Instagram influencer who with just 100k followers was able to buy a $22.5M Park Avenue property with sweeping views. The expansive pad was listed for nearly $27M. Wood is back in. Wondering what to build or decorate with next? Timber is now being recognized as the safer, greener and more sustainable building material. It may even be cheaper and stronger than steel. In conclusion... While there continues to be some concern over the amount of unsold condo inventory, developers keep coming up with new deals. Residential rents seem strong. There are concerns and frustration over new commercial and residential rent regulations and even more over increasing taxes which seem to be having a negative impact. Still, the view from the top still looks great, and major retailers could be poised to turn things around. New rules are also putting pressure on investors to focus on even bigger deals. Get out there and make some plays while the prices are good. Though don’t neglect to take some time to explore NYC’s holiday markets and enjoy the season. Make sure you’ve checked out our new special episode on Brooklyn Startups too. Well, that’s it for this month’s round-up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com. Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible! Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.
New York Real Estate News
24 NOV 2019 · Welcome to the newest New York Real Estate Update from Brooklyn Made. This month’s roundup shows a New York City real estate market that just keeps marching on. It’s redeveloping and upgrading every day. New condo prices, the completion of new projects in Brooklyn all seem to be great highlights. Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors. In the commercial real estate headlines… WeWork’s failure has already cost investors billions of dollars. Softbank alone has had to write off $5B already, and even deeper cuts are likely to come as it unravels. Unfortunately, the company with great aspirations just got too big too fast and maybe a victim of its own success and lack of a sustainable business model. This sadly doesn’t bode well for others in this space like Airbnb. Of course, its CEO Adam Neuman is still making out quite well from the deal. His termination package includes getting paid $1.7B to walk away, in addition to the $700M in stock he recently cashes out. Real estate tech still continues to attract substantial investments. Appraisal startup Bowery Valuation just pulled in $8M in funding from Lightstone. Billionaire real estate investor Sam Zell who recently predicted WeWork’s collapse now says new rent control laws are having a chilling effect on property development. Blackstone just turned a $7B profit on the portfolio of office properties they bought from Sam Zell for $39B back in 2007. An amazing feat considering the intense crash that followed their historic record-setting purchase. Still, the Real Deal reports that construction spending is expected to hit $190B within the next 24 months. However, even with continued growth, construction job growth is expected to peak within the next year, especially with new technologies that are replacing workers. BisNow says that the game has officially changed for NYC landlords. Instead of it all being about location, location, location, success is now all about the product, product, product. It’s all about making the upgrades to compete with new construction. If you aren’t bringing your properties up to date leasing will be slow and rents will be low. One of the hottest emerging spaces in commercial real estate leasing today is for film studios. At least for now, all the major media companies are vying for space to produce their own streaming content. We’ve seen Robert De Niro fund new studio spaces and Netflix on a land grab. Apple TV reportedly has $6B to fund original content production. Eventually, we will probably see a major roll up and consolidation in this space as viewers get tired of paying for multiple streaming services. For now, landlords see these long leases from national credit tenants as a great thing. In other news, NY has lost its lawsuit to repeal new SALT tax deduction caps. Along with NJ, MD and CT, NY saw its lawsuit shot down by a NY federal judge at the end of September. The new rules cut the average taxpayers' SALT deductions by more than half each year, to just $10,000. All while taxes, and especially property taxes keep going up. This has forced many business owners and wealthy individuals out. All contributing to a 45% jump in empty storefronts over the past decade. There are many options NY could use to reduce the tax burden and increase retention and appeal to new investors and businesses. Adding more taxes to turn off online retailers and businesses is probably one of the worst and most counterproductive. NYC home sales have stalled out, but this is only fueling more competition for rentals. Street Easy reports this has created the fastest pace of rent growth since 2016. NW Brooklyn rents are up another 3.5% to $3,115 on average. Even submarkets are seeing rents up to $100 a year over year. It’s a trend likely to continue as buyers hold off to see where the bottom of the market will land. 2 Hudson Yards penthouses have just listed for $59M, making them the most expensive sold below 42nd, if they achieve their asking prices. The supertall building designed by Skidmore, Owings & Merrill will also have an Equinox hotel and office space. For Brooklyn Real Estate News Brooklyn is getting a giant new welcome sign. Replacing the old watchtower sign at 30 Columbia Heights, the new welcome sign has finally received permit approval and aims to attract visitors and new businesses. As a part of the $2.5B master-planned development at the Brooklyn Navy Yard, Dock 72 is debuting its 16 story office building. It will include film studio space and other tenants. What will happen to the space dedicated to the now failed WeWork in the building is unclear. Fort Greene could be getting a new 24 story apartment tower and music school. The Gotham Organization has announced plans for this proposed new development in the BAM historic district, not far from the borough’s new tallest tower. In other boroughs Queen’s Skyline Tower has set the borough’s record for the most in anticipated gross sales, at over $1B. The tower topped out at 778 feet and is home to 802 residential units. Floundering developer Extell has come up with a new idea to move the 80% of its units that have gone unsold. One Manhattan Square on the LES has announced a rent to buy the program, which lets prospects test drive units for a full year. 400 bus stops in the Bronx are being axed as a new redesign plan goes into play. Investors may find this a mix of pain and new opportunities. You can now buy tickets to the Hudson Yards 1,100 foot high observation deck to check out the views. It’s no secret that Manhattan retail rents have been falling for the last couple of years, and many retailers have been resizing. However, no retailers are bucking the trend. Apple is reopening its flagship store. Nordstrom is opening a massive store in Midtown In conclusion... While there continues to be some concern over the amount of unsold condo inventory, developers keep coming up with new deals. Residential rents seem strong. There is concern and frustration over new rent regulations and even more over increasing taxes which seem to be having a negative impact. Though the view from the top still looks great, and major retailers could be poised to turn things around. Make sure you’ve checked out our new special episode on Brooklyn Startups too. Well, that’s it for this month’s round-up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com. Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible! Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.
Brooklyn Startups. Special Edition!
21 OCT 2019 · Welcome to the newest Update from Brooklyn Made. This month we are bringing a special episode on Brooklyn Startups! New York has surpassed Silicon Valley as perhaps the top startup ecosystem in the world. Brooklyn is certainly a major part of that, if not NYC’s main startup hub. We’re trendier, edgier, and far more appealing to new entrepreneurs and ventures. Recent estimates put the number of remote or independent workers in Brooklyn at about 60%. Many of whom either have their own businesses or work in startups. As of last year, there were 7,000 startups in NYC, 326,000 tech jobs, with over $10B being invested in local startups each year. It’s an estimated $71B sector that keeps growing. Google and other tech giants keep on making billion-dollar expansion plans in the Empire State to ensure they are close to the action. Now let’s check out 25 of the hottest startups happening in Brooklyn now... Biolite Biolite is a cleantech startup that began with the idea of creating camping style stoves that don’t require burning fossil fuels. Their new sustainable home cooking device can eliminate fuel consumption and emissions by 90% while powering LED lights and charging mobile devices. MiMedia Downtown Brooklyn based MiMedia is a cloud storage startup for helping people upload, organize, and manage their digital possessions from their mobile devices. They offer truly private sharing and a free 10 GB of storage to get you started. CredSimple DUMBO-based Credsimple is a healthcare startup with a SaaS product for simplifying the credentialing process. Kisi Based in the Brooklyn Navy Yard, Kisi made the Inc. 500 list of fastest-growing companies last year. They boast that their smart keyless door lock system powered by mobile phones is used by over 300,000 customers, on almost 8,000 doors and facilitates 6.2M unlocks per month. Their partners reportedly include the US Airforce, AngelList, CBRE, and Digital Ocean. Mouth Foods E-commerce startup Mouth Foods is based in DUMBO. They’re helping small-batch food makers grow their businesses by helping consumers discover new and delicious indie foods. Check out their monthly culinary gift box subscriptions and ice coffees. They’ve been featured in Business Insider, The Wall Street Journal, Huffington Post, Travel + Leisure and The New York Times. HowGood Greenpoint food tech startup HowGood helps provide transparency on food and its sources. Specifically, to help businesses understand and rank sources for sustainability. They rank everything from eggs to raw foods to tea. Among their partners, they count General Mills, Nielsen, and Walmart. Songkick The Brooklyn based ticket selling platform that moves more than 12 million concert tickets each month. They’ve even grown to expand and bring the service to LA, London, and Nashville. Use it to see live artists like John Legend, Metallica, YFN, and Post Malone. TuneCore TuneCore helps music artists sell their work online and keep their profits. They’ve paid out more than a billion dollars in earnings to artists. Use it to move your work on Spotify, YouTube, Amazon Music, Apple Music, and Google. Located in Dumbo. Big Spaceship Dumbo located Big Spaceship is a digital agency in adtech helping brands like Samsung, Capital One, West Elm, and BMW. Amplify Edtech startup, Amplify helps K-12 teachers make education more engaging for their students. They are in all 50 states and Washington DC, and over 21,000 schools across more than 9,000 school districts. Huge Dumbo’s Huge is an Adtech and branding company that was expanded to 14 locations worldwide. Etsy Dumbo born Etsy has been one of the great facilitators of many other new ventures all over the world. They now claim almost 30 million customers and vendors. A marketplace for finding and selling unique and handmade goods online. Now a public company traded on the NASDAQ. goTenna Williamsburg’s goTenna helps bring connectivity when other Wifi, satellite, and mobile carriers aren’t there. They recently closed a $24M round of capital fundraising led by the Founders Fund. Gimlet Media Digital media company Gimlet media is headquartered in Gowanus. They specialize in narrative podcasts, with at least 11 shows, including kids’ channels and those covering startup life. Kickstarter Greenpoint’s Kickstarter platform has enabled over 16 million people back an enormous amount of other new startups. The original crowdfunding platform which has funded almost $4.5B across almost 500k startups and projects. Livestream East Williamsburg’s Livestream provides live video broadcasting tools for places of worship, education, sports, government, conferences and more. Clients include the Dow Jones, Tough Mudder and Spotify. Over 10M events use Livestream every year. According to TechCrunch, the service was recently bought by and integrated with YouTube competitor, Vimeo. Mindbodygreen Mindbodygreen is an online blog, a platform for video training and classes and event host focusing on wellness, spirituality, and the environment. Based in Dumbo. Makerbot Downtown Brooklyn’s Makerbot is a pioneer in the 3D printing space. Best known as one of the first to offer affordable 3D printers. Their printers start from a little over $1,000. They also provide printing materials and run the world’s largest 3D printing community. Call9 Based in Prospect Lefferts Gardens, Call9 has 100 local Brooklyn employees and has raised at least $34M in funding. Their backers include YCombinator. They specialize in the high tech healthcare space, providing emergency care to nursing home patients and residents. Motivate LLC Motivate is a bike-sharing startup with global reach, and are making cities greener and more accessible. They provide over 17 million rides in New York City each year. They employ over 800 people and have partnered with Citi and Lyft. Operating out of Industry City. Red Antler Dumbo’s Adtech startup Red Antler has helped brands like Vevo, Betterment, Birchbox, Google, Zagat, and Foursquare research and create digital experiences. Vice Media Digital magazine publishers Vice Media cover everything from entertainment to technology, lifestyle, the environment, politics and of course sex, drugs, and rap music. Paperspace Headquartered in Dumbo, Paperspace has been helping individuals and companies make the most of the new series of Chromebooks and Macbooks, by giving them access to all the programs, gaming and data they really love to use via virtual desktops in the cloud. They’re also heavily into machine learning and data science. SportsRecruits SPortsRecruits boasts having 100% of college coaches on its platform. This is where athletes and their families can connect with coaches and find the right college while simplifying the process of getting recruited. Based in Downtown Brooklyn. Work & Co This digital agency in Dumbo works on digital products for big brands like Lyft, IKEA, Apple, Epic Games, and Google. Zipari This health tech startup in Dumbo is striving to improve the interaction between patients and health insurance providers. They’ve partnered with Gartner and Salesforce and have brought together a team from WebMD, Disney, Deloitte Apple and more. In conclusion... Brooklyn has emerged as one of the top places in the world for entrepreneurs and startups. Our entrepreneurial spirit knows no boundaries. We’ve already got many of the most exciting ventures in the world being incubated and grown here. It will be exciting to see what’s next. Next month we’ll be back to our regular installment of New York Real Estate News. Make sure you tune in to catch up on all the latest developments and trends. If you are looking for your own space to startup or scale your business in Brooklyn, make sure you check out BK Lofts for over 25 of the best Creative Lofts, Offices and Studio buildings for entrepreneurs at www.BrooklynCreativeLofts.com Well, that’s it for this month’s round-up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best returns at NewYorkMarketReports.com. Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible! Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.
New York Real Estate News
30 SEP 2019 · Welcome to the newest New York Real Estate Update from Brooklyn Made. This month’s roundup shows a New York City real estate market that just keeps marching on. It’s redeveloping and upgrading every day. New condo prices, the completion of new megaprojects in Brooklyn and office leasing all seem to be great highlights. While there are still many units that will need to be absorbed into the market, transactions seem to show continued confidence in this strong market as the status quo for the foreseeable future. Keep listening to get the scoop on all of this, the most notable news this month and what it means for landlords and investors. In the commercial real estate headlines… WeWork’s IPO is probably the biggest news this month. The office giant has pushed ahead with getting listed on the NASDAQ despite quite vocal detractors, including millionaire commercial real estate investor Sam Zell and WeWork’s own lead investor Softbank. WeWork’s valuation has plummeted by more than 50%, from $47B to around $20B. The company is reportedly zoned in ongoing public to raise another $10B. While many are concerned that not only is the company on shaky ground, but presents a major threat to office markets in NYC and London. It is one of the largest office landlords in the world. Yet, has a dangerous business model, which left it losing almost $1B in the first half of 2019, on $1.5B in revenues. Many worry that it is unsustainable and could drag down both the real estate market and the stock market with it. Billionaire investor and deal maker Carl Ichan is the latest notable New Yorker to make the move to South Florida, along with his company. Part of a much larger migration of businesses and wealthy individuals who have been fleeing NY’s extreme taxes, including property taxes. Ichan has offered his employees $50,000 each to help with their move, if they set up residency in Florida as well. The industry thought it dodge the pied-a-terre tax with the last budget. With the effects of new rent controls still stinging, a renewed effort to tax real estate in NY even further is lemon juice on fresh wounds. Many are not happy about it. Many are frustrated that lawmakers just don’t see how damaging taxation and rent controls already are. We’ll have to see how this battle plays out. Despite being another big IPO that has been losing a lot of money, Uber has continued to spend big on New York real estate. Following its lease at Hudson Yards in the first quarter, the ride sharing company reportedly just signed a much larger lease at 3 World Trade. The latest figures show New York companies are spending over $1B a year on office space. A figure expected to rise by another $100M a year by 2020. Rents are up 40% since 2014, and demand may continue to keep them strong. While we recently covered the fact that a slow down in building permits and deliveries should bring balance to the market in the next few years, data suggests 25% of condo units recently coming to market remain unsold. 40% of units on Billionaire’s Row are unsold. While developers are unlikely to drop prices much, there could be plenty of incentives coming for buyers and renters. For Brooklyn Real Estate News Another rental tower has begun leasing at The Domino Sugar Factory megaproject. The 45 story building at One South First. With current promotional deals, studio leasing prices start at around $3,500 per month. Over at the River Park development in Cobble Hill, sales have just launched as well. There are just 48 apartments in this 20 story building. Although there are plenty of amenities to rave about, prices aren’t cheap. A 530 square foot studio starts at $1M. One of DUMBO’s last condo to loft conversions just hit the market too. One bedrooms at 168 Plymouth start at $1.4M. Williamsburg’s Moore’s Street Market is getting a nice makeover with $2.7M in donations to upgrade the indoor space that has been operating since 1941. Be sure to check out our special report on successful Brooklyn Startups and all they are achieving. In other boroughs One Manhattan landlord was just busted for turning 2 condos into 18 micro apartments. Each as small as 70 square feet and with ceiling heights as low as 4 and a half feet high. The owner faces close to $150,000 in fines, plus $1,000 a day until the units are restored. Life is hard for many living in NYC. Conditions aren’t always good. One condo buyer recently felt so hard done by they filed a class action lawsuit. All because the $3.6M condo didn’t have a $2,200 wine cooler. Finally, a little more sanity is coming to New York’s affordable housing. NYC’s affordable housing lottery is finally doing away with credit checks in order to participate. However, applicants will still have to provide proof of positive rental history. New York City landlords may soon have to register their first and second floor storefronts. The move is aimed at tracking vacant units, and then coming up with a solution to get them filled. The Union Square Tech Training Center recently celebrated breaking ground and is expected to open in 2020, and to create over 1,000 short term and permanent jobs. In conclusion... While there continues to be some concern over the amount of unsold condo inventory, prices still seem strong. Residential rents and commercial leasing seems strong. Big tech companies keep inking large leases. How this plays out over the next few years may largely depend on the success of WeWork and its post-IPO performance. There is concern and frustration over new rent regulations, and even more over increasing taxes which seem to be having a negative impact. Yet, luxury units are still commanding high rents, even when calculating promotional deals. Make sure you’ve checked out our new special episode on Brooklyn Startups too. Well, that’s it for this month’s round up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com. Thanks again to our sponsors, The Ratner Team, and Spartan Renovations for making these reports and delivering this valuable information possible! Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.
Welcome to the New York Office Market Update
6 SEP 2019 · New York Real Estate Market Updates www.NewYorkMarketReports.com Here we dig into the latest data and trends to find out what is really happening in the local Office market to help landlords, real estate investors, and developers make the smartest financial moves. So, what’s new in New York Real Estate? Let’s take a look at the numbers… Although more new construction inventory appears to be hitting the market, creating more available office space, asking rents just keep going up. Big players like Microsoft, JP Morgan Chase and WeWork continue to be bullish on NYC real estate and office space in the Big Apple. Among the most notable stats, this quarter is a 45% jump in new leasing in Midtown South, while Downtown Manhattan leasing fell 29% from Q1 2019. Financial West’s vacancy rates have swollen to over 22%, while Class B rents have risen to a new all-time high of $57.40 per square foot. In Manhattan Total inventory rose to 453M square feet Percentage available for lease is up to 9.7% Absorption was negative by over 1.6 million square feet Asking rents are up to $76.57 per foot Over 16.9M square feet of office space is under construction The highest asking rents were found in the Far West Side at $118.73 per square foot. The lowest asking rents were just $52.67 in the East Village Notable leasing activity included: Over 320,000 feet taken by AIG at the Rockefeller Center Almost 213,000 square feet taken by WeWork in Chelsea And Time Warner’s sale and leaseback of 1.5M square feet at 30 Hudson Yards In Brooklyn Total inventory rose to 35.4M square feet Percentage available for lease rose to 17.4% The absorption rate is up Asking rents are up to $40.45 per square foot on average Office space under construction rose to 4.6M square feet Notable leasing activity included Rent The Runway’s move from Manhattan to 10 Jay Street in Brooklyn, with 83,000 square feet of space leased. Notable construction and renovation projects include: 540 Fulton Street Domino Sugar Factory One Willoughby Square Deliver of new construction is expected to decline through 2022, providing more balance to the market, and potentially more fuel to raise asking rents. In Terms of Market Factors & Economic Indicators NYC employment stood steady at 4.6M in Q2 2019 Unemployment rose slightly to 4.3%, above the national average Vacancy rates rose to 10.5% Over 9M square feet of new office space is coming online this year. 84% of it is already reportedly pre-leased. With construction delivery expected to taper off over the next two years, landlords could find more support for even higher rents and availability tapers off. In summary… Overall this quarter’s data show a strong first half of the year for New York City office markets. It’s perhaps in far better shape than retail. Notable global corporations continue to prize prime property here. Many are expanding their footprints, with more expanding into or relocating Brooklyn, where rents are cheaper, and more space is available. While we should keep an eye on subleasing data, the strength of renewals, new and pre-leases suggest good balance in the market, and not much to fear from new developments coming to market. There appears to be no lack of appetite for great properties in new locations. While a surge in new deliveries of newly built and redeveloped properties may show up as historically high vacancy rates in the data, a tapering off of this activity through 2022 should bring balance again. New buildings continue to support higher asking rents per square footage. A trend likely to be further fueled as less square footage comes online. With unemployment so low, upcoming job numbers may seem lean, though there isn’t much more of the population to employ. How much more office space we will need and be able to absorb may depend on recruiting more residents to the state and continuing to make sure housing is affordable. Be sure to check out our multifamily reports for the latest data on the Brooklyn rental market. As well as BK Lofts for over 1,000 available creative lofts, private offices and art studio spaces. Find out more about the current market, competing listings, and where to get the best help in leasing or finding the space you need by contacting The Ratner Team. Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live. Well, that’s this quarterly NYC office market update. Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report… Thanks for tuning in!
Season 2, Episode #5 - Interview With Rocky Conway from New York Dogs Rock
16 AUG 2019 · What am I going to give in return, aside from the love for your dog and the caring. Walk in the streets of Brooklyn or any urban area you know you have to really be a detective. It's not just looking ahead and watching out for dogs, you gotta watch the sidewalks, the glass. Storefronts have good hearts and they leave out waterfalls in the summer. I will not let any of my dogs drink out of that. [01:00] Suzanne: Welcome to the Brooklyn made show I am Suzanne Lin. Today we're gonna be talking to a guy that well he just kind of rocks. His name is rock, Rocky Conway and he is a dog walker. [02:02] He's the owner for New York Dogs Rock in the Dumbo area. If you think it's just about walking dogs and it's an easy task and there's not a lot of skill to it, you are gonna want to stick around. Because Rocky has got a fascinating story about how he got into it. You're gonna hear his heart and his love of dogs, so let's just jump right into the show. Rock let's start off by talking about your love and passion for what you do and and how you got started? Rock: Absolutely, it started really with my mom getting me to be not so frightened around our superintendent's dog. His name was Russ, he was a cutie. So, she had me threatening to go over and had him and whatnot. But I basically would hide behind her. Suzanne: Yeah. Rock: Oddly enough a few years later, I ended up becoming his dog walker though there's no such thing as a dog walker in those days you know. [03:00] For 25 cents a trip which was a lot of money in 1966. From there, I know what I don't think I would have really remembered the story so clearly if I had not become the dog walker you know so many years later. Suzanne:Was your mom, she wanted to make sure you weren't afraid and she also had a love for animals clearly? Rock: She had a love for animals. Yes, we had a lot of alley cats in those days and because there was Mrs. Conway, but chucking the cooked food to the kitties. You know the trick and hearts and stuff like that. It all comes to the window and just understanding the rapport between people and animals. She was a very strong person but more so she, in this case, she was being supported with me as a child, which she did to my three older siblings. She was fantastic in that way. Suzanne: What a great inspiration, I mean we're recording this right the day before Mother's Day. You're kind of making me tear up, thinking about the love you have for your mom and what a huge influence here you know decades later. [04:00] Tell me about your business? Rock: The business is, it's a modest-sized dog-walking company and we're out sounding all corporate America. I am trying to expand so this way ironically I'll have more free time and I'll be able to run it better you know. As I say run it better it's being run to the max and my clients who actually are customers, they're not better words are so formal. I just won't be so consumed because what goes into it is promotions as well as the physical and psychological manifestation. They're taking care of the dogs you know they're like pills and I look at them for my being a 6-month-old baby to maybe a 10-year-old. You know you have to understand a lot of nurture and goes into this. Without sounding when I say psychology that it comes out of a textbook. I mean really understanding and that comes through love and being sincere. They all have their own personalities. Suzanne: Wow, I love the fact that you understand each dog is so different. [05:01] I mean you have a special relationship with each one. Rock: Yes, but as we know again it is a business that if you lose sight of that you'll find yourself out of business. This is why I buy offer packages; you know introductory, reduced fees for like when they first start walking with us for two to four weeks. If they use, they need multiple walks a day then they get at least a 5 percent discount, which just means that 20th walk is free. Suzanne: Okay. Rock: Everyone likes a bargain and my client make a lot of money. But you give something back and it's not just a sales pitch, be sincere what are people looking for you know and what they eating. We all have to pay our bills and I don't walk into their very lavish apartments and homes and think; well these people can afford anything. Everyone gets charged the same price for whatever they need. See some dogs need extra care so you have to boost up the price. We still understand. [06:02] Suzanne: Now you were talking about like some packages and discounts and stuff. Tell me what else, since we're talking about your business, what other services do you offer? Rock: I also do dog boarding and for those who don't know what that is understandably so. That means I have them stay at my home, if I do dog sitting then I stay with them. Sometimes you strike more for that because you are though kind of I don't want to use the word inconvenienced. But you're displaced you know and you have to, I mean I've stayed at someone's house well for two weeks. So, it's not just -. Suzanne: Oh wow. Rock: So, I got to live forever in middle-class. Suzanne: It's not always real convenient though. I mean so you are charging a premium for that. Rock: I do if you do use me on a regular basis. Which is usually Monday through Friday standard is like a half-hour walk, five days a week. If you're using me but almost every week how can I not give you a discount for dog boarding and dog sitting. [07:04] So, that's the kind of not just to get them to use my full-time, if they don't need it they don't need it. But again, it's always about giving something back. You know what I mean it's that conversation like we're having now. So, you hire me I appreciate it well sometimes I can't always take on a client that we can discuss later. But then what am I going to give in return aside from the love for your dog and the caring. Walk in the streets of Brooklyn or any urban area you know you have to really be a detective. It's not just looking at watching out for dogs, so watch the sidewalks the glass. This storefront has good hearts and they leave out dog water bowls in the summer. I don't mean to paint New York as a bad town but I will not let any of my dogs string out of that. Because who knows, evil person, evil country, might drop something in the water. Suzanne: Wow, I never thought about that. Rock: Well, I grew up born and bred I'm a Brooklyn, I don't know how heavy my accent sounds but it's. [08:05] Suzanne: So, I mean just some of the things you're talking about showing me that you have a very unique business model. What are some other things that maybe you haven't touched on that makes you sound unique? Rock: I would say, well, first of all, I don't even like using the word client even though technically they are. They are customers and what they do is that buying time for me you know. The time that they need for their dog, walks can be 20 minutes, 30 minutes, 40 minutes an hour. They can be a group walk or can be a solo walk. If it's a solo walk that means the dog is either very timid or just very aggressive. You said why would you walk with are aggressive? Well, they have a right to enjoy life too. Suzanne: Sure. How do you get business, I mean are you relying on social media or how does this work as word-of-mouth, what you do? Rock: Yeah, that's a good question. Dog walking as a whole, when it was at its early stages social media didn't exist with this. [09:03] It maybe existed for other businesses but this wasn't a big corporate business at that point saying. So, what we do is just flyers, word-of-mouth mostly. Which ironically even though I am really delving into social media recently. All my work in the past couple of years has come from what about. Restaurant owners, clients recommending me people that what it depends on what area you work in. So, tumble now is very much like Manhattan in New York City. So, they're mostly skyscraper big buildings with a concierge, I meet different people look at the front desk. So, they've often got me work and not for free if you know what I mean. You network with all the dog walkers, so maybe you'll trade-offs. He or she will say, I can't walk that dog can you walk it. I'll either give them cash upfront or I'll maybe see it, I have a dog in my area that, I want to walk the dog but I'm just too busy at that time. [10:04] There’re many variables yet have to keep yourself open. But the social media is a blessing to be honest because then you can sit at your phone or laptop and get the word out there. But now we're getting back to corporate America. Because it depends how big your budget is you know. Like when social media again when that was in its early stages, “oh look he's got an Instagram, she has a Facebook account, oh this company is on Twitter”. Now everybody is, even your carpenter any independent contractors you know. If the more you spend the more recognition you get. I have to be realistic because I'm a small company what my budget is. I put a very little down for Instagram and I got many more hits. If those hits turn into money so, therefore, I have more money to put into advertising. Suzanne: Sure. [11:00] Rock: Exactly, sauce the pillow up it's just to go in a positive direction you know. Suzanne: Rock, how did you get into dog walking? Rock: A mutual friend introduced me to a man by the name of Scott, who is a really good jazz musician. I'm a rock musician which the woman didn't know. But that's fine she meant well sweetheart of a woman. We did talk and it so happened that he was a dog walker and was going on vacation. I filled in for him and I briefly worked for the woman, he worked for then I thought I can do this for myself, I'm a Conway. I don't mean that arrogance it's going back to my mom giving us that strength that, you believe in yourself it will happen you know. I went and it's actually too long of a story, but I met a woman who hired the woman I was working for to walk her dogs. Her name was Nicole.
Welcome to the Brooklyn Made Real Estate Show! The Brooklyn Made Real Estate Show is your gateway to all the best of Brooklyn, New York. This show is sponsored by...
show more
Welcome to the Brooklyn Made Real Estate Show!
The Brooklyn Made Real Estate Show is your gateway to all the best of Brooklyn, New York. This show is sponsored by The Ratner Team; your local Brooklyn real estate experts.
We love and live for Brooklyn. So we created this show in order to support thriving local small business communities and to introduce new residents to all Brooklyn has to offer.
Each week our show will feature local professionals and Brooklyn business owners that we are eager for you to meet!
show less
The Brooklyn Made Real Estate Show is your gateway to all the best of Brooklyn, New York. This show is sponsored by The Ratner Team; your local Brooklyn real estate experts.
We love and live for Brooklyn. So we created this show in order to support thriving local small business communities and to introduce new residents to all Brooklyn has to offer.
Each week our show will feature local professionals and Brooklyn business owners that we are eager for you to meet!
Information
| Author | Brooklyn Made Real Estate Show |
| Organization | Brooklyn Made Real Estate Show |
| Categories | Society & Culture |
| Website | - |
| - |
Copyright 2024 - Spreaker Inc. an iHeartMedia Company
