Can underused parking lots become NYC’s next big commercial real estate opportunity? In Queens, a developer spends $100M+ to build 145 rental apartments at Bay Terrace Shopping Center. For us, it’s a clear example of how developers can unlock new value from commercial properties while keeping existing retail businesses operating.

We are seeing something interesting in New York City commercial real estate. The office leasing market is now at its healthiest point since the pandemic. However, evolving financing options are supporting investors in converting older, vulnerable Manhattan office buildings into residential spaces. Is the building worth more as an office, or could its next chapter be residential?

In what could be a huge development for New York City commercial real estate, President Donald Trump and Mayor Zohran Mamdani met at the Gracie Mansion to discuss several issues affecting New Yorkers, including housing affordability, immigration, public safety and the proposed redevelopment of Sunnyside Yard. What exactly is being proposed around Queen’s 116-year old train yard?

What does the $75 million financing for Queens’ Whitestone Shopping Center tell us? It shows that capital is still available for retail when investors and lenders see strong fundamentals and a credible path to value creation. For brokers, that means taking a closer look at grocery-anchored centers, neighborhood shopping centers and older retail properties with redevelopment potential.

NYC needs roughly 700,000 additional homes over the next decade, yet new condo launches are projected to fall through 2029 as developers lean toward rentals and luxury projects. The city needs more housing, but the condo pipeline is moving in the opposite direction. So what’s happening to NYC’s new condo supply?

NYC’s one-year rent freeze runs from October 1, 2026 through September 30, 2027, limiting rent growth for stabilized apartments. From where we sit as NYC commercial real estate brokers, the biggest issue is not simply the rent freeze.

What happened to the Chetrit Group? If you have been around New York City commercial real estate, you have probably heard the Chetrit name. They were connected to major properties such as the Hotel Chelsea and the Sony Building, along with numerous other projects in New York and beyond.