Leases
Indian restaurant opening in Alphabet City
Address: 202 Ave. A, Manhattan
Landlord: Highpoint Property Group
Tenant: Jhakaas
Lease size: 3,000 square feet
Asking rent: $150 per square foot
Asset type: Retail
Brokers: Meridian Retail Leasing's Noam Aziz represented the tenant. Current Real Estate Advisors' Michael Segerman represented the landlord.
Sales
Rockledge, PH Realty pick up another Brighton Beach building
Address: 3100 Brighton Second St., Brooklyn
Seller: Sentinel Real Estate Corp.
Buyer: Rockledge and PH Realty Capital
Sale price: Approx. $13 million
Asset type: Multifamily
Financings
Fortis finances bulk group of Dumbo condos
Address: 60 Front St., Brooklyn
Owner: Fortis Property Group
Lender: G4 Capital Partners
Loan amount: $89.8 million
Asset type: Condos
South Ozone Park storage facility lands financing
Address: 130-02 S. Conduit Ave., Queens
Owner: Joshua Weingarten
Lender: LoanCore Capital
Loan amount: $25 million
Asset type: Industrial
Taking public transportation will soon be easier for New York City public school students. City officials on Tuesday announced Student OMNY cards will replace MetroCards, allowing for tap-and-go trips on the subway and bus. Plus, the new cards will be valid for four free rides per day, 24 hours a day, all year long. Previously, [...]
The post New Student OMNY cards expand free rides to 24 hours a day first appeared on 6sqft.
As the impact of climate change becomes even more apparent, and sustainability becomes a greater priority across all sectors, New York’s clean energy transition has continued to gain momentum. According to the New York State Energy Research and Development Authority (NYSERDA)’s 2023 New York Clean Energy Industry Report, the state’s clean energy industry gained 5,800 jobs between 2021 and 2022, adding workers at a faster rate than the state’s overall workforce and in greater numbers than neighboring states.
With this transition comes a necessary reconfiguration of the workforce to support this sustainable future. Workforce development and training opportunities are critical components of building a clean energy economy that is resilient, equitable and inclusive of all New Yorkers. However, we must overcome barriers such as a lack of skilled talent, limited awareness of job opportunities among potential workers, and the need for more training opportunities.
The demand for clean energy workers is increasing at an unprecedented rate, but the current pipeline for a skilled workforce is lacking. In NYSERDA’s report, 45% of clean energy employers reported that it was very difficult to hire talent, and another 48% reported it was somewhat difficult.
To meet the growing demand, we must invest in education and training programs that can prepare individuals for these jobs, while ensuring that these opportunities are accessible to all, regardless of socio-economic background, education or previous work experience.
In Westchester County, we are actively expanding our capacity in the clean energy sector to support current and future employers, as well as our residents. One of the first steps we took was partnering with Sustainable Westchester, who works with our municipalities to implement clean energy initiatives. Together, we created a Clean Energy Careers Accelerator Program, which has been tasked with identifying the workforce needs of the sector and creating strong clean energy career pathways.
The Accelerator’s Careers Working Group, comprised of more than 30 employers and other key stakeholders, has evaluated the training programs currently available in the county and identified the gaps. In April, we hosted the inaugural Westchester County Clean Energy Careers Job and Resource Fair, which brought together employers and resource providers with job seekers, and also featured panels on training and job opportunities. The event drew more than 150 attendees, ranging from clean energy industry advocates, environmental leaders, and employers to job seekers and students. It provided job seekers the opportunity to explore clean energy career pathways and connected clean energy solution providers to a qualified workforce.
One of our partners in our ongoing efforts to support clean energy employers and job seekers alike is Soulful Synergy, a minority-owned workforce development agency dedicated to creating equitable and sustainable communities that provide free workforce training programs that serve as both an on-ramp for job seekers looking to enter or transition into the clean energy workforce, as well as upskilling existing workers. One of Soulful Synergy’s major initiatives is the Clean Energy Academy which is a collaboration between large industry stakeholders like Willdan Energy Solutions and local utility Con Edison, as well as small MWBE firms working together to recruit, train, and place jobseekers into meaningful careers within the industry. The program has successfully graduated more than 1,000 participants ranging from individuals currently working in the field looking to advance, those with backgrounds in environmental sciences looking to transition into the space, to those with little to no experience wanting to break into the industry.
About half the individuals who participate in the program are unemployed or underemployed at the start of training, with more than 70% achieving employment post-program and roughly 80% of graduates represent disadvantaged communities and priority populations. In addition to hands-on installation roles, Soulful Synergy reports that some of the biggest demands they see from employers are workers to fill roles in energy auditing and engineering analysis, finance and incentive administration, inspections, procurement and project management. Many of the Clean Energy Academy participants have transferrable experience that can help them succeed in these roles, including sales, customer service, data, and project management.
The ever-evolving state of the clean energy industry also impacts the workforce pipeline. Mount Kisco-based Dandelion Energy, which provides geothermal heating and cooling systems to homeowners, recognized the need for skilled drillers, but was having a hard time finding them. In response, Dandelion created its own training program for those interested in working in the field. This high-skill, high-paying job is well suited for individuals with backgrounds in industries such as construction, landscaping and excavating. Each trainee is partnered with an experienced driller on each rig, and within six months are able to move onto their own team with their own trainees. This learn-by-doing model is helping them fill the gaps in the industry and their own workforce.
The transition to clean energy is necessary for the health of our planet and creates the opportunity to build a more sustainable, equitable and prosperous future for New Yorkers. Developing and cultivating a clean energy workforce pipeline is a cornerstone of this work, and requires participation from local governments, businesses and educators. Investing in the skills and talents of our workforce ensures that the transition to clean energy is not just a shift in how we power our state, but a movement that lays the foundation for a brighter, greener future for all New Yorkers.
Bridget Gibbons is the Director of Economic Development for Westchester County.
Tuning in to the Olympics can inspire us to run, sail, leap, or roll back into our favorite athletic pastimes–or discover new ones. The 2024 Summer Olympics, hosted in Paris from Friday, July 26 through Sunday, August 11, will feature 329 events in 32 sports, from traditional sports like tennis and track to newcomers like [...]
The post Where to find–or learn–your favorite Olympic sport in NYC first appeared on 6sqft.
The landlord at a Long Island City luxury rental building took advantage of a controversial affordable housing tax break despite not abiding by the terms of the program, according to a new lawsuit from a small group of the property's tenants.
The suit accuses the Lightstone Group, a Midtown-based developer founded by David Lichtenstein, of violating the 421-a program in its Queens building Gantry Park Landing at 2-14 50th Ave. by manipulating the use of concessions, or months of free rent. Under 421-a, landlords must register an apartment's initial rent as what tenants are actually paying and base all increases off of that figure, but Lightstone registered the rents for Gantry Park apartments as higher than what tenants paid by not factoring in concessions, the lawsuit claims.
When it was time to renew leases, Lightstone based its rent increases off of these higher rents, essentially treating the apartments as deregulated despite getting the 421-a tax benefits, the suit says.
One tenant moved into an apartment in June 2021, for instance, and Lightstone registered the rent as $3,525 per month even though the tenant was paying about $2,750 per month once his concessions were factored in, the lawsuit says. This meant he was paying a "preferential rent," which in turn meant Lightstone could increase it only by as much as the Rent Guidelines Board allowed, according to the suit.
However, when it was time to renew this lease, Lightstone raised it by more than 30% to about $3,717, far more than the 3.25% increase allowed by the RGB, the suit claims. It accuses Lightstone of "camouflaging the preferential rent as a concession," allowing it to charge steep rent increases upon lease renewals, and seeks an unspecified amount of money from the court.
"Given the prevalence of all the cheating and the unabashed skirting of the requirements of the rent laws, our courts need to send a clear message that these kinds of shenanigans will not be tolerated," said Lucas Ferrara, senior partner at Newman Ferrara and an adjunct professor at New York Law School who is representing the five named tenants suing at this time with his colleague Roger Sachar.
A representative for Lightstone did not immediately respond to a request for comment.
The lawsuit was sparked by an investigation from the watchdog group Housing Rights Initiative, a frequent critic of 421-a that has helped spearhead similar lawsuits before. These include an ongoing case from early 2023 against Fairstead Management accusing the firm of violating 421-a in the same manner as Lightstone at 11-15 Broadway in Queens.
"When landlords cheat on affordable housing tax benefits, they are screwing both taxpayers and tenants," said Aaron Carr, founder and executive director of the group.
Gantry Park Landing was built in 2013 and stands 12 stories tall with 199 units and amenities such as a gaming lounge and fitness center, according to commercial real estate database CoStar and Lightstone's website. There are six available units in the project, ranging in price from $3,527 per month for a studio to $6,255 per month for a two-bedroom, according to StreetEasy.
The 421-a program provided developers with a tax break if they designated at least 30% of the units in their building as affordable housing. It was popular in the real estate community but more controversial outside of it, and a lack of enforcement was one of the main reasons why.
The program expired in June 2022, and the state replaced it with a comparable program dubbed 485-x in this year's budget. It also extended the completion deadline for projects already in the 421-a program from June 2026 to June 2031.
U.S. economic growth accelerated by more than forecast in the second quarter, illustrating demand is holding up under the weight of higher borrowing costs.
Gross domestic product increased at a 2.8% annualized rate in the April-June period after rising 1.4% in the previous quarter, the government’s initial estimate showed. The economy’s main growth engine — personal spending — advanced 2.3%, also more than projected.
A closely watched measure of underlying inflation rose 2.9%, easing from the first quarter but still above estimates, the Bureau of Economic Analysis report showed Thursday.
Even though the pace of growth picked up from the first quarter, the figures still represent a moderation from last year. Consumer spending and broader economic activity have cooled under the weight of high interest rates, which is simultaneously helping to tame inflation gradually.
That bodes well for the Federal Reserve, which is trying to pull off a soft landing for the economy and likely to start cutting interest rates as soon as September. However, it’ll be a fine balance to cool the labor market just enough without putting millions of people out of work, especially as unemployment has now risen for three straight months.
“This is a perfect report for the Fed, growth during the first half of the year is not too hot, inflation continues to cool and the elusive soft landing scenario looks within reach,” Olu Sonola, Fitch Ratings head of economic research, said in a note.
Treasury yields rose slightly and stock futures fluctuated after the report. Policymakers aren’t expected to cut rates when they meet next week.
Consumer spending was driven mostly by a rebound in durable goods like cars and furnishings as well as a more moderate advance in services outlays compared to the first quarter, according to the GDP report.
Government spending contributed more to GDP compared to the first three months of the year, boosted by defense spending. Residential investment subtracted from growth for the first time in a year as high mortgage rates kept a lid on sales activity and new construction.
Business investment grew at the fastest pace in almost a year, led by the strongest advance in equipment since the start of 2022. A separate report Thursday showed orders placed with factories for business equipment, excluding aircraft and defense, increased in June by the most since early last year. It’s a sign such spending will keep adding to growth in coming months.
Inventories added to GDP for the first time since the third quarter of last year, boosted by the biggest jump in the value of retail autos on record after a cyberattack hampered some dealerships’ abilities to process sales. That was mostly offset by net trade, with the deficit near the widest in two years.
Stripping out inventories, government spending and trade, inflation-adjusted final sales to private domestic purchasers — a key gauge of underlying demand — rose 2.6% for a second straight quarter.
Going forward, forecasters expect the economy to decelerate more notably in the second half of the year as the labor market loses steam, slowing income growth further and taking a bigger hit out of consumer spending. Recent earnings reports from PepsiCo, Nike and several airlines have also indicated Americans are starting to pull back and increasingly stretching themselves financially.
Separately, weekly initial applications for unemployment benefits decreased by 10,000 to 235,000 in the latest period, and continuing claims also declined. The claims data are prone to big weekly swings this time of year, which include holidays as well as school closures for summer break and annual auto retooling period for new model changeovers.