The Next Chapter of CRE in the Big Apple: What Will the New NYC Normal Look Like?

NEW YORK, NY -- Against the backdrop of COVID-19, commercial real estate executives are tasked with enormous challenges and opportunities. This week, CAPRE brought many aspects of borough real estate into focus on a webinar titled “NYC: The Next Chapter.” The session included analysis of the federal stimulus, the outlook for current and future construction, capital raising in unusual times, and the potential for development/investment over the duration of 2020 and into 2021. Key questions included: How are decision makers managing the current environment? How do these unique dynamics influence their forward-looking business plans? What is the opportunity in today’s environment? And finally, what might the new NYC normal look like? The first half of the webinar was themed The Public and Private Sector Response: Big Picture State of the Market and Recovery and the tone was set by a pair of panelists offering a snapshot of the state of the market. “A lot of my mom & pop workforce retail portfolio have taken a hit, but have been able to make it work,” remarked David Shorenstein, Principal, Hildreth Real Estate Advisors. “The price point is sustainable for a lot of people [for example, out in New Jersey]. But in Manhattan, when you’re paying $20,000 a month, that is never going to be sustainable. That rent is probably more like $7,000 a month now.” Next, Neil Shapiro, Partner – Real Estate at Herrick & Feinstein chimed in about some particular…