For the second straight year, Labor Day was cast as a flashpoint for post-pandemic office life. And for the second straight year, the holiday left properties feeling empty. After a surge in occupancy post-Labor Day, attendance already appears to be leveling off, Bloomberg reported. Kastle Systems card-swipe data on the week of Sept. 21 show occupancy in New York City, the country’s largest office market, was down slightly from the previous week at 46.1 percent.
A Brooklyn landlord was sentenced to jail three years after a fire at his building resulted in the death of an elderly tenant. A judge sentenced Flatbush landlord Evener Leon, 62, to six months in jail and five years of probation stemming from the 2019 fire, The City reported. Leon was convicted of criminally negligent homicide in May, though he was acquitted on manslaughter charges, according to Brooklyn Paper. The fire started during the early
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The bill marks the city’s effort to “stop the hemorrhaging” of small businesses who have struggled to transition to online sales during the pandemic
Apartment projects on Long Island have become so difficult that a developer who sought to build 44 units in Suffolk County might instead do a handful of single-family homes — if that. Bay Shore–based MR Property Builders is trying to chart a path forward after the Babylon Town Board voted against a rezoning proposal, Newsday reported. The unanimous decision was another setback in a project that has been steadily shrunk over a five-year period. The
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When residential dealmaking dries up, brokerages have to find unconventional ways to generate money. Douglas Elliman rolled out a payday loan service platform to its brokers, providing an alternate source of revenue as the industry braces for a down market. Tongo, a third-party platform backed by New Valley Ventures, Elliman’s investment arm, lets brokers borrow up to 75 percent of a pending commission for a 3 to 5 percent fee charged every 30 days. Tongo
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UPDATED Sept. 8, 2022, 12:45 p.m.: Whether it’s Amazon’s headquarters in Seattle, Meta’s campus in the Bay Area or a 30-story office and data center in Downtown L.A., Kevin Shannon has sold it all. The Newmark broker’s 33-person team has brokered nearly $7.5 billion worth of real estate deals this year alone. And while dealmakers tend to specialize in one or two asset classes, Shannon doesn’t discriminate. He’ll close the $730 million sale of a