Brian Schwagerl, Esq., MCR

Facing post-pandemic challenges of vacant office spaces, the City of Boston is pursuing solutions to convert these spaces into much-needed housing. Innovative solutions are crucial for reviving empty office buildings. Our client-partner, Finegold Alexander Architects, has specialized in transforming historic buildings into high-end residences and hotels to serve Boston's evolving needs. Their forward-thinking expertise is exemplified by projects such as The Godfrey Hotel, which was converted in 2016 from a historic office building to a boutique hotel, and The Lucas, a condominium residence which was formerly the Holy Trinity German Church. Finegold Alexander Architects’ expertise in creating residences that preserve character and foster community positions them as a model for successful and sustainable development of office-to-housing conversions. To support these efforts, the city and state are offering substantial incentives, including up to 75% in tax breaks and $15 million in funding. These initiatives aim to revitalize neighborhoods, address the housing crisis, and mitigate significant revenue shortfalls for Boston. The shift to remote and hybrid work has left many downtown offices vacant, creating a unique challenge for cities: a surplus of empty space alongside a housing shortage. What creative solutions have you seen or heard about in your city to address both problems? Read more about Boston's approach in NBC News Boston's coverage here: https://bit.ly/3L9yvkw #HousingSolutions #SustainableArchitecture #Sustainability #SustainableCities #PropTech #BuiltWorld #Architecture #ArchitecturePR

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Do modular homes appreciate the same as stick-built or traditionally constructed homes? We are often asked the question and our latest post explains...https://buff.ly/3xdfESo #ResidentialRealEstate #WestchesterRealEstate #ModularHome #RealEstateTrends #MortgageRates #RealEstatePredictions

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As the dynamics of the real estate market continue to evolve, office-to-residential conversions are becoming a more feasible solution to address both office vacancies and housing shortages in New York City. Initially met with skepticism, this concept is gaining traction thanks to recent incentive programs and a shift in developer enthusiasm. Prominent developers like SL Green Realty Corp., Silverstein Properties, and GFP Real Estate are now exploring conversion projects, such as the transformation of 750 Third Ave. Supported by new state budget tax incentives, these projects are moving from theory to reality. While these conversions might not solve all of NYC's housing and vacancy challenges, they represent a significant step forward. At BOMA New York, we recognize the importance of adaptive reuse in revitalizing our urban spaces and creating a more balanced real estate market. To learn more about the potential impact of these initiatives, read the full article: https://lnkd.in/eeDB7QSQ #CommericalRealEstate #OfficeToResidential #BOMANY #NewYorkCity #AdaptiveReuse

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8% Of U.S. Office Buildings Are Taking Basically All The Tenant Activity. Article by Kayla Carmicheal, Bisnow. https://lnkd.in/eJJzxSiH #landacquisition #alternativelending #realestate #privatelender #commercialrealestateloans #bridgefinancing #bridgeloans #seniorhousing #landloans #constructionloans #retailloans #loanservicing

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Chronic undersupply of Seniors Housing looming, JLL finds: https://lnkd.in/enCiKbrP cc Anthony Oldfield #btrnews #btr #buildtorent #laterliving #seniorshousing #residential #builtenvironment

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Local Law 97 (#LL97) is reshaping the real estate landscape in NYC and setting a nationwide precedent on emissions and energy regulation in the built environment. Let's break it down: ● Buildings contribute to 71% of NYC’s carbon emissions. ● LL97 mandates emissions caps for existing buildings with a goal to slash city emissions by 40% by 2030 and achieve net zero by 2050. ● Buildings over 25,000 sq. ft. must comply with these caps beginning this year, with significantly stricter limits established for 2030. ● Nearly 50,000 buildings are affected. Approximately 11% currently exceed 2024 limits, and without changes, 63% will exceed 2030 limits. ● Exceeding limits could mean fines for building owners of up to $5 million per building annually based on the excess CO2 emitted. This signals a massive boost in investment in #proptech and #climatetech to drive decarbonization and mitigate risk and substantial penalties that will impact asset NOI and valuation. Following NYC's lead, many cities like Boston and Seattle have already introduced similar regulations, with many others planning to introduce new laws this year. Our latest guidebook provides a crucial toolkit for real estate owners and investors navigating the complex landscape of nationwide building regulations. It includes a detailed breakdown of both benchmarking requirements and Building Performance Standards (BPS) by city and state, as well as an in-depth look at LL97 and strategies some clients are implementing today in their NYC properties to avoid impending compliance fines. 🔗 Access the Guide: https://ow.ly/uro550RhaeX

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In the latest article from Real Estate Issues®, our peer-reviewed professional journal, Vladislav Ilic CRE REV MRICS discusses the harsh realities inherent in the eventual rebuilding of Ukraine. Read it here: https://lnkd.in/ewiMG_NX

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🏢 Check out our latest Q&A with Marci Auston, president of Slate, an Elements Studio. She talks about how office design has shifted toward prioritizing people. "In my opinion, this whole human-centered approach is what keeps things interesting," says Auston. "It’s about making the office a place where everyone feels supported and seen, and that’s really the key to a successful return-to-office strategy." #DESIGN #OFFICE #FEATURE #CRENEWS https://lnkd.in/gXMh_v7k

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The reconversion of office spaces into residential units is a growing trend driven by shifting market demands and urban development dynamics. As remote work becomes more prevalent and businesses adopt flexible work arrangements, the need for traditional office spaces has decreased. At the same time, there is a rising demand for housing in city centers and urban areas due to population growth, changing demographics, and a preference for proximity to amenities and services. Converting underutilized or vacant office buildings into residential units presents a practical solution for repurposing existing infrastructure and meeting the housing needs of urban populations. This reconversion trend also aligns with sustainable urban development goals by promoting mixed-use spaces, reducing commute times, and revitalizing urban cores.

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📑 Investment Market Insider | Builders Adapting to Higher Construction Costs 🏢 The challenge of escalating construction costs in NYC has had direct implications for property investments in CRE. As new building expenses remain high, developers, owners and construction companies are compelled to reassess their strategies to ensure the financial viability of CRE projects. ✅ This article by Bisnow explores how industry players are addressing the financial challenges associated with construction: https://lnkd.in/gsiyw_T4 #IntegrisVentures #RealEstateOperator #ConstructionCosts #CRE #CommercialRealEstate

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HOW CHANGING BEHAVIOR IS RESHAPING CRE -How demographics and psychographics are shaping CRE demand -Why migration trends are changing the CRE outlook -The new opportunities being created by evolving behavior . . .⁣⁣⁠ #nycrealestate #newyork #newyorkcity #manhattanrealestate #multifamily #newyorkrealestate #nycbuildingadvisors #realestatebrokernyc #stewartgroup #marcusmillichap #commercialrealestate

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While many #architects, #designers and #buildingowners are already familiar with the benefits of #EIFS with drainage, it is nice to see a publication with the stature of Metropolis Magazine showcase a compelling example of EIFS in action. Written by Sam Lubell, this article is entitled, "This Brooklyn Multifamily Community is Sustainable - and Affordable." Designed by Dattner Architects, Chestnut Commons is a 14-story brick and EIFS–clad building wrapped around a planted second-story terrace provides 275 deeply affordable units for formerly homeless people and low-income households in Brooklyn’s Cypress Hills neighborhood. The project is developed and operated by the Cypress Hills Local Development Corporation, MHANY Management Inc., and the Urban Builders Collaborative. The building is also Phius (Passive House) certified, which help it substantially lower emissions and surpass the Energy Code requirements of the City of New York. The building includes a "super-insulated building envelope" which - with other elements - significantly improve air quality, alleviate noise pollution, enhance thermal comfort, and reduce tenants’ energy bills by roughly half. As #modern, #financiallycompelling cladding systems that incorporate #insulation into the wall systems, it is not surprising that this building is largely clad in EIFS. From an #energyefficiency perspective, the #rvalue of EIFS is more than 20X greater than that of #legacy, #heavyweight building materials like #brick, #stone, #glass, and poured #concrete. From a #financial perspective, RSMeans Data from Gordian shows that other cladding systems, like #brick, #stone, #curtainwall, #precast and #metal are all much more expensive than EIFS on an installed basis in different building types and locations all over the country. Learn more at https://lnkd.in/eskqUBUZ or www.eima.com #eima #affordablehousing #carbonreduction #newyorkcity #metropolismagazine #dattner #valueproposition #performance #passivehouse #qualityoflife

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🌟 Celebrating Vincent Ryan, who has been named one of New York Real Estate Journal's "Ones to Watch: Industry Leaders." 🌟 Ryan shares his advice for new leaders, discusses recent projects and challenges, and lists his favorite books and podcasts that provide aspiring construction leaders with valuable knowledge, insights, and tools to excel in their careers and drive success in their projects. Read the full Q&A here: https://bit.ly/3VkfX6U

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Owners of 64 NYC office buildings weigh conversions to apartments   Owners of 64 office buildings in New York City are exploring conversion into residences, following the city's Office Conversion Accelerator Program, the Gothamist reports. The initiative aims to address the city’s housing shortage and support Mayor Eric Adams’s objective of creating 20,000 apartments from offices in the next decade. However, the new apartments are not within reach for low-income residents, with none of the converted buildings offering affordable rents. The city’s planning department is suggesting changes to allow office conversions in any location where residential development is permitted, and to lower the age of office buildings eligible for conversion.   Read more: rdco.io/g8BA_hAjsDA   #ThomasTitleandEscrow #CommercialRealEstate #TitleTrove #Office #Multifamily #NYC

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Ever wonder what it takes to manage pioneering projects in NYC like the first modular high-rise hotel or renovate offices for Fortune 500 giants? Devon Prioleau, founder of PRI-O-LEAU Development Group, LLC, has the answer. Discover Devon's background and the foundation of his success in real estate. From his unwavering belief in putting in the hours to be an expert to capitalizing on unique opportunities for financial gain, Devon's story is one of determination and community impact. Read the full story in the article and get inspired to take your real estate career to the next level.  🏙️👷‍♂️ https://lnkd.in/eBc4WWkD #realestate #propertymanagement #investing #NYC

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The NAIOP Sentiment Index is designed to predict general conditions in the commercial real estate industry over the next 12 months by asking industry professionals to predict conditions for their own projects and markets. https://lnkd.in/eugDAfcH

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From the aggressive closer to the analytical data wizard, negotiation tactics in CRE are as varied as the properties involved. While everyone has their own tricks, here's a breakdown of common CRE negotiation styles and the traits that define them. 🤝 Click the link to our article below. #CREBrokers #NegotiationStyles #ZYXCapital

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