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Navigating Change: The NYS Budget’s Impact on the Real Estate Industry Robert Khodadadian | Commercial Observer

While the recently passed 2024-2025 New York State budget addresses a broad spectrum of crucial matters such as health care, public safety, artificial intelligence and education, it also introduces fresh legislation targeting housing-related concerns impacting landlords, tenants and developers. Since the expiration of the 421a program in 2022, the real estate industry has pressed lawmakers for new incentives to further the growth of the changing market landscape. The latest budget introduces three of the newly developed programs designed to aid the real estate industry with navigating the current challenges of today.

Affordable neighborhoods for New Yorkers

The new budget introduces Section 485-x, known as the “Affordable Neighborhoods for New Yorkers” program, which acts as a replacement for the expired 421a incentive program. This new program will exempt the construction of qualified multifamily dwellings from real property taxes in cities with populations of 1 million or more (e.g., New York City). Construction must have commenced after June 15, 2022, but no later than June 15, 2034, and construction must be completed by June 15, 2038.

Some qualifications include meeting certain construction wage standards and leaving income-restricted units as permanently affordable. The size of the construction project will affect: (1) how many units need to be set aside as affordable and (2) the duration of the tax abatements, which range from 10 to 40 years.

Additional requirements include retaining original payroll records and notifying the comptroller three months in advance of starting construction if the building will have more than 100 units. Failure to provide this notice can subject the developer to fines and penalties up to $5,000 a day as well as a forfeit of the tax abatements and exemptions provided under the new program.

However, if one signs a Project Labor Agreement (PLA) or agrees to 100 percent use of union labor, developers may bypass the reporting requirements and wage requirements.

Note, for projects already enrolled in the 421a incentive program prior to its expiration, the budget extends the program for an additional six years. Consequently, developers who broke ground before June 15, 2022, have until June 15, 2031, to complete construction.

Affordable housing from commercial conversions

The budget also introduces the “Affordable Housing from Commercial Conversions” program, which eases regulations and provides tax incentives to convert unused office space into affordable housing. Such property tax reductions could last up to 35 years, depending on when one files and receives the permit.

To qualify, work on the conversion must commence between Jan. 1, 2023, and June 30, 2031, and must be completed no later than Dec. 31, 2039. At least 25 percent of the new apartments must be affordable at a weighted average of the area median income (AMI), including 5 percent at 40 percent of the AMI. All affordable units must remain permanently affordable and permanently rent stabilized.

If the property is in an area of Manhattan south of 96th street, the tax incentive will provide a 90 percent discount off the effective residential rate. In all other areas, the tax incentive will provide a 65 percent discount. The tax break phases out in its final five years.

Good cause eviction law

The “Good Cause Eviction Law” was enacted to limit the ability of a landlord to evict a tenant from a residential unit. Now in order to evict a tenant, the landlord must have “good cause” to do so, which includes, but is not limited to, nonpayment of rent; nuisance; substantial damage, whether malicious or grossly negligent, to the premises or building; illegal use of the premises; or demolition. However, the law requires a landlord to obtain a court order to remove a tenant upon a showing of “good cause.” This policy automatically applies in New York City, whereas other localities may choose to opt in.

There are several exemptions to the “good cause” rule, including:

• Buildings constructed in 2009 or later are exempt for 30 years from the time of completion.

• Apartments with a monthly rent greater than 245 percent of the fair market rent.

• Units owned by small landlords who own 10 or fewer units within New York state.

• Owner-occupied buildings that contain 10 or fewer units.

The new provision enables tenants to challenge evictions resulting from rent increases greater than 10 percent of the existing rent or 5 percent greater than the Consumer Price Index, whichever is lower.

While the 2024-2025 New York State budget demonstrates a comprehensive approach to addressing pressing societal issues, its inclusion of targeted legislation signifies a recognition of the importance of tackling the housing crisis affecting landlords, tenants and developers alike. As these initiatives unfold, it remains crucial for stakeholders to collaborate and adapt to ensure the effective execution and long-term success of these measures.

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, The Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease

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Articles about Robert Khodadadian from Commercial Observer New York’s authority on commercial real estate leasing financing deals and culture.

The impact of rent regulation - by Robert Khodadadian : NYREJ

Robert Khodadadian
For landlords, the playbook had long been simple and lucrative: buy run-down buildings that are, in New York lingo, rent-stabilize...
— Read on nyrej.com/the-impact-of-rent-regulation-by-robert-khodadadian
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The Impact of Rent Regulation

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The Real Deal - Robert Khodadadian

The Real Deal is the leading source for real estate news and information. Covering the deals developments and policies that matter.
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Robert Khodadadian | Commercial Observer

Oaktree Capital Management and Clearview Hotel Capital have secured $229 million of commercial mortgage-backed securities (CMBS) debt to refinance the joint venture’s Washington Hilton property, Commercial Observer can first report.
Morgan Stanley (MS) originated the CMBS single-asset single-borrower (SASB) loan in a deal that closed Friday for the sponsorship’s 1,107-key, 12-story hotel in Washington D.C. ‘s Dupont Circle neighborhood.

CBRE (CBRE)’s Tom Traynor, Tom Rugg and Lawrence Britvan arranged the transaction.
The fresh financing for Washington Hilton comes four and a half years after Oaktree and Clearview obtained a $225 million floating-rate refi from Barclays in November 2019.
The sponsorship acquired the hotel at 1919 Connecticut Avenue in 2016 for roughly $315 million from a joint venture between Lowe Enterprise Investors and the Canyon Johnson Urban Fund, Globe Street reported at the time.
The hotel was built in 1965. In 2017, soon after purchasing the asset, the new owners added 10,00 square feet of meeting space and 37 additional guest rooms, CO previously reported.
The iconic hotel previously hosted large musical acts in the 1960s and 1970s, including The Doors and Jimi Hendrix. In a historical context, the property was also the site of a 1981 assassination attempt on President Ronald Reagan by John Hinckley Jr. as the president walked out of its T Street Northwest exit.
Officials at Morgan Stanley, Oaktree, Clearview and CBRE did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, Finance, Refinance, Lawrence Britvan, Tom Rugg, Tom Traynor, Washington DC, CBRE, Clearview Hotel Capital, Hilton, Morgan Stanley, Oaktree Capital Management Commercial Observer Articles about Robert Khodadadian from Commercial Observer New York’s authority on commercial real estate leasing financing deals and culture.
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Robert Khodadadian is the founder and CEO of Skyline Properties. Throughout his career, Khodadadian has sold more than 100 investment properties, with gross total capitalizations of over $900 million.
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Top 5 Emerging Industrial Markets in 2024 - What is a Ground Lease?

# commercialbuildings #bobknakal #SkylineProperties #realestatenews #commercialrealestate #offmarketrealestate #nycrealestate #Tradedny #danielshirazi #manhattancommercialrealestate #ManhattanRealEstateMarket #Skyline #NewYorkCityRealEstate #groundleases #apartmentbuildings #Realestateinvestment #robertkhodadadian #groundlease #netlease #investmentsales #brokerage #offmarketbroker #TheRealDeal #CommercialObserver #NewYorkRealEstateJournal #commercialbuildings
https://robertkhodadadian.com/?p=123438

Brokerage Strategies for Older Properties - What is a Ground Lease?

Developers Snag $59M Construction Loan for Coral Gables Apartments - Robert Khodadadian

A developer is tearing down some old apartments, to build some new ones. A development group led by Erwin and Issac Sredni has snagged a construction loan and is moving ahead on a 145-unit apartment complex in Coral Gables. City National Bank of Florida provided the $59 million loan. The apartments would go up in a nine-story building, including nine live/work units where a small business could be hosted in the residence. The development would have 227 parking spaces. There would be an amenity deck on the fourth floor with a pool, gym and lounge. The project takes up 1.5 acres.
Coral Gables-based Behar Font & Partners designed the project.
The S. Florida Business Journal reports Coral Gables is a popular neighborhood for developers to build apartments because it has some of the highest rents in South Florida. The city is home to many corporate headquarters and financial offices, along with well-regarded restaurants and cultural attractions.
The post Developers Snag $59M Construction Loan for Coral Gables Apartments appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
Read MoreConnect CRE - Robert Khodadadian
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How Monday Properties Enhanced Operations for Employees and Tenants Robert Khodadadian | Commercial Observer

Articles about Robert Khodadadian from Commercial Observer New York’s authority on commercial real estate leasing financing deals and culture. Jennifer Burns is Executive Vice President, Asset Management and Operations for Monday Properties, a vertically integrated real estate investment firm that has completed over 86 property transactions, representing 36 million square feet and $16 billion in capital value, since 2002. For Commercial Observer’s “Women in CRE” issue, Partner Insights spoke with Burns about how Monday
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Pfizer Signs 230 KSF San Diego Lease - What is a Ground Lease?

https://bit.ly/4a9NtSk

Understanding the value of your property or potential investment is the critical first step in making the right sale. Whether you are an owner considering selling your asset or would like to know the current market value of your property, our asset evaluation will provide you with a thorough analysis of your investment property. Combining a complete financial analysis with the most up to date market data, our evaluation will help you establish the current market value of the asset. Skyline will not only review today’s pricing environment but will also explore every possible opportunity that could result in maximizing the asset's value. Such opportunities include, the sale, joint venture, refinancing, or repositioning of the asset.
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An affiliate of Howard Lutnick’s Cantor Fitzgerald bought the 15-story office building at 200 Metro Boulevard in Nutley from Prism Capital Partners for $131.7 million, or about $439 per square foot, Prism said Monday. The property made headlines two years ago as the site of one of New Jersey’s largest pandemic-era office leases. Located on Prism’s 1.4-million-square-foot ON3 mixed-use campus, about 10 miles west of Midtown Manhattan, the 300,000-square-foot building is fully leased to Japanese
Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or “quiet” real estate transactions, allowing buyers and seller to bypass traditional avenues and extraneous expenses of high-profile listings in the New York City area. Commercial Real Estate, Cross Post, Home Page, cantor fitzgerald, life-sciences, New Jersey, office market The Real Deal New York Read More
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$523B in Multifamily Loans Mature in Five Years; Five Cities At Risk: Report Robert Khodadadian | Commercial Observer

Articles about Robert Khodadadian from Commercial Observer New York’s authority on commercial real estate leasing financing deals and culture. Fannie Mae and Freddie Mac have originated more than half of the $1.1 trillion in outstanding multifamily loans set to mature within the next decade, and a stunning $300 billion in agency debt comes due in the next five years alone, according to a new report from Yardi Matrix. Moreover, the largest number of properties
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https://bit.ly/4aj87PX

New York City Real Estate Recovery

As a Manhattan-based commercial real estate broker, I've been closely involved in observing the surprising turnaround in New York City's real estate market following the COVID-19 pandemic. When initial projections suggested a recovery by 2025, the city defied expectations, rebounding ahead of schedule, fueled by robust job growth and a resurgence in population.

In my role, I've witnessed firsthand the resilience of New York City's real estate landscape. Despite a 5.4% population decline from April 2020 to July 2022, the city swiftly regained its footing, reclaiming all lost private-sector jobs by October 2023, with the unemployment rate dropping to 5.3% in September 2023. While challenges like office space vacancies persist, there's a palpable sense of improvement, especially in vibrant areas like Midtown and Lower Manhattan, which have bounced back to 74% of their 2019 levels.

Manhattan, in particular, has seen a notable influx of new residents, with over 17,000 newcomers welcomed by 2022. I've noticed this transformation in neighborhoods like the Civic Center and Lower East Side Manhattan, as well as popular spots in Brooklyn such as Brooklyn Heights and Williamsburg. However, challenges remain in certain inner neighborhoods of Brooklyn, where population declines persist.

As the city's job market gains momentum, we're seeing increased foot traffic in retail, dining, and hospitality sectors, particularly in bustling districts like Midtown and Lower Manhattan. Yet, despite the promising signs of a return-to-office movement, office space utilization remains below pre-pandemic levels, posing a significant challenge to real estate recovery efforts.

Amidst these challenges, Manhattan's office market has shown resilience, with a noticeable shift towards quality spaces. Buildings like One Vanderbilt, with its low vacancy rates and premium amenities, highlight the demand for high-quality office environments in the city.

Substantial investments in subway safety and infrastructure upgrades have restored confidence in public transportation, contributing to the city's overall recovery. Additionally, New York City's tourism industry is experiencing a resurgence, with plans to add 11,000 hotel rooms in the coming years.

In the housing market, we've experienced a remarkable boom, with record-low vacancy rates and soaring rent prices. However, challenges persist, including rising construction costs and changes in tax incentives for developers.

Looking ahead, I believe that New York's real estate recovery in 2024 will require innovative approaches and strategic planning. As someone deeply invested in the city's real estate landscape, I'm committed to navigating these complexities alongside my clients, ensuring that we seize opportunities for growth and development in this evolving market.

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Gural Wins Flatiron Building at Second Auction with $161M Bid

Buys out Silverstein for $40M, will complete renovation, conversion of landmark.

source https://www.globest.com/2023/05/24/gural-wins-flatiron-building-at-second-auction-with-161m-bid/

Flatbush Multifamily Complex Sells for $330M

Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M
Flatbush Multifamily Complex Sells for $330M

Moinian, Bushburg score deal that translates to about $700K per unit.

source https://www.globest.com/2023/05/19/flatbush-multifamily-complex-sells-for-330m/
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