Author: Andreas Nakos

The surge in office-to-residential conversions confirms what we’ve been advising clients since the pandemic. New York’s office market is not just cycling—it’s recalibrating. Conversions won’t singlehandedly solve a 22%+ vacancy environment, but they are a meaningful pressure valve, removing obsolete supply, stabilizing challenged assets, and adding much-needed housing.

New York’s mall evolution isn’t just about retail decline. It’s about rediscovering the potential of land that has anchored communities for decades. As enclosed malls fade, mixed-use ecosystems rise — places that combine housing, health, entertainment, and everyday conveniences into a single, connected environment.

We walk through the three core manufacturing districts—M1, M2, and M3—and what each means for today’s CRE environment. While historically designed to separate industrial activity from residential neighborhoods, these districts have evolved dramatically. And as the City of Yes zoning updates roll out in 2025, we expect even greater shifts in how these districts shape commercial real estate.

NYC’s eight commercial districts define where and how businesses operate — from small community shops to high-rise commercial hubs. What do we know about the C1 to C4 districts that reflect the city’s diverse retail ecosystem, from neighborhood groceries to regional shopping destinations?

Expanding e-commerce trends have pushed this change. The Last-Mile Facility Text Amendment, a proposed zoning update that would require a special permit for new PDFs, means that large distribution centers would need to undergo a thorough public review and approval process before opening—ensuring that new developments are thoughtfully located and designed to minimize traffic, environmental, and community impacts.

From our vantage point as brokers, the OneLIC Plan is a catalyst for sustainable CRE growth. With nearly 15,000 new housing units, a surge in commercial square footage, and tens of thousands of new residents and jobs, LIC is poised to become a balanced live-work-play community.

545,000+ jobs across 47,000 industrial businesses are the backbone of NYC’s economy—and the Industrial Plan strengthens this foundation. With final adoption by end of 2025, the Plan sets the stage for a new era of industrial investment, freight efficiency, and climate resiliency. What are the 5 Bold Goals of this Plan?

We’ve been in New York commercial real estate long enough to see zoning shifts come and go, but nothing compares to the City of Yes plan. Air rights used to be a rare, niche play—one of those transactions we’d maybe see once every few years. Now? Everything has changed.

The New York City FC’s new stadium
in Willets Point, Queens will cover 23 acres (9.3 hectares) and combine world-class sports infrastructure with 2,500 affordable homes, a 250-room hotel, a 650-seat public school, and over 40,000 square feet of public space. The new neighborhood is designed to thrive year-round, with retail shops, restaurants, and community plazas that ensure Willets Point becomes a vibrant hub even on non-game days.

John F. Kennedy International Airport is in the midst of a monumental transformation—the largest in its history. With a price tag of $19 billion, the multi-phase redevelopment project aims to modernize terminals, streamline transportation, and elevate the travel experience. But perhaps the most compelling story is not just what’s happening at JFK—but what this means for commercial real estate in the surrounding area.