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Rumor has it that Amazon is eyeing Industry City as the site of its next logistics facility, the Commercial Observer reported. Skeptics argue that the story could be a ploy to negotiate a better deal for a new warehouse in Sunset Park, Brooklyn, when their lease expires at Liberty View Industrial Plaza, another industrial complex next door. Still, there's no question that Amazon wants a big distribution facility in Brooklyn.
U.S. economic growth slowed in the second quarter by less than forecast as consumer spending topped estimates, though weaker business investment and exports underscored the risks spurring the Federal Reserve toward an interest-rate cut next week, Bloomberg reported. Gross domestic product expanded at a 2.1% annualized rate, according to Commerce Department data that topped forecasts for 1.8%.
Landlords have griped for decades about the city's rent-regulation system, Crain's New York reported. But the vitriol reached a fever pitch last month, when the state Legislature passed a dramatic overhaul of the rules, making it significantly harder to raise regulated rents and convert affordable units to market-rate.
New York State's new rent-regulation law makes dramatic changes to housing rules-limiting rent increases after owners make major improvements and even after units become vacant and the rents have not been raised for years, City Journal reported. The law will likely lead to lower values for buildings with rent-stabilized units, potentially weakening the city's tax base.
Real estate investors have become increasingly optimistic about Sunset Park's industrial and warehouse assets, motivated by the neighborhood's proximity to major thoroughfares and relative affordability, Ariel Property Advisors reported. With New York's new rent regulation laws expected to dampen demand for multifamily buildings dominated by rent stabilized units moving forward, investors will pivot their focus to these properties, particularly given the growing need for e-commerce space.
A new report found that the western Queens area is continuing to see new development and rising rental prices, QNS reported. Modern Spaces recently released their Long Island City, Astoria, and Greater Queens Market Report for the second quarter of 2019. The report examines real estate trends for condos in Long Island City, Astoria and Flushing from April through June 2019.
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