Research & Insights

Block by Block: 1H21

A sense of optimism and excitement is being felt in the investment sales property market following the easing of COVID restrictions and the reopening of many businesses in New York City.

While the transactional numbers have yet to fully demonstrate that optimism, there are promising signs indicating that the second half of the year should return to the transactional averages of 2018.

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Quarterly Reports

Block by Block: 1H21

A sense of optimism and excitement is being felt in the investment sales property market following the easing of COVID restrictions and the reopening of many businesses in New York City.

While the transactional numbers have yet to fully demonstrate that optimism, there are promising signs indicating that the second half of the year should return to the transactional averages of 2018.

1Q21 Report Cover

Block by Block: 1Q21

The New York City investment sales market started the new year with the same muted market-wide performance that it ended with in 2020. While the first quarter’s results left much to be desired, we remain confident that the second half of 2021 will see a return to the long-term transactional averages as the vaccine rollout continues its momentum and businesses and people alike begin to return to the city.

2020 Market Update & 2021 Predictions

2020 will be remembered as the year New York City commercial real estate weathered a storm like no other. Before COVID-19 impacted our daily lives, 2020 was expected to be a challenging year for commercial real estate due in part to rent regulation law changes in 2019, tax increases, and what promised to be a turbulent election cycle.

Block by Block: 1H20

After a challenging year in 2019, 2020 started off in positive fashion with the first quarter showing promising returns in both dollar volume and transactions. The market finally began to show signs of life following the rent regulation changes in June 2019 as dollar volume and transactions appeared to be trending back towards long-term averages.

Block by Block: 4Q19

2019 was a tumultuous year for the New York City investment sales market. There was Amazon’s derailed plan for its HQ2 in Long Island City, along with sweeping rent reform legislation from the state government.

Even with external factors potentially wreaking havoc, the investment sales market finished 2019 with a total dollar consideration of just under $34B — a decline of 7% from 2018 but a slight increase (+2%) from two years ago.

Block by Block: 3Q19

As the new reality of stricter rent regulations becomes clear, the investment sales market in New York City continues to underperform its historical trend. That’s pushed the trajectory of industrial and retail in very different directions.

Block by Block: 1H19

The investment sales market in New York City continued its sluggish performance through the second quarter of 2019. But even in this environment, opportunity still exists in certain pockets of the city. So B6 tapped three of its brokers to find out where they see potential upside in their neighborhoods.

Block by Block: 1Q19

The investment sales market in 2019 got off to a slow start amid uncertainty in the broader economy and speculation about major rent reforms this summer. But even amid a market slowdown, development is continuing thrive.

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Insights

2020 Market Update & 2021 Predictions

2020 will be remembered as the year New York City commercial real estate weathered a storm like no other. Before COVID-19 impacted our daily lives, 2020 was expected to be a challenging year for commercial real estate due in part to rent regulation law changes in 2019, tax increases, and what promised to be a turbulent election cycle.

B6’s 2020 Predictions Report

Last year was a tumultuous one for the investment sales market in New York City. New rent regulation put a damper investors’ appetites after the state’s legislation passed in June. Even amid a roaring economy, 2H19 was a sluggish one.

As we head into 2020, there’s cautious optimism around the B6 offices. We surveyed our investment sales and capital advisory teams to gauge opinions on where the market is headed. Here’s what we found.

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Recent News

Wholesaler MySales Picks Up Queens Industrial Site for $25M

Commercial Observer
July 30, 2021

Wholesaler MySales just snatched up an industrial site at 75 Onderdonk Avenue in Ridgewood, Queens, for $25 million to be used as its new distribution center.

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Top Mortgage Brokers & Lenders 2021

Connect 2021 Top Mortgage Brokers and Lenders
July 27, 2021

B6 Real Estate Advisors is an investment sales, capital advisory and special situations firm focused on the middle market. The firm has operations in New York City and Northern New Jersey.

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Covid still slowing down city’s investment sales, but not for much longer: report

Crain's New York
July 22, 2021

The city’s investment sales market is slowly waking up from its pandemic-induced slumber.

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Jersey City development site Bergen Arch Plaza goes on the market

New York Business Journal
July 21, 2021

The Hoboken Avenue site has been approved for 524 residences, 28,500 square feet of office space, and 6,300 square feet of retail space.

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A vacant NYC lot Banksy used as a canvas lists for $2.49M

New York Post
July 15, 2021

A vacant Lower East Side lot that is zoned commercial and residential — and where famed street artist Banksy once painted — is on the market for $2.49 million.

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Diamond District building sold for $101M

The Real Deal
July 14, 2021

The nearly 80,000 sq ft, 12-story building at 576 Fifth Avenue, on the corner of 47th Street, has been home to several prominent diamond dealers.

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$101M Diamond District sale proof NYC is forever friend to investors, say brokers

Real Estate Weekly
July 14, 2021

A mixed-use building in the Diamond District had traded for $101 million in what the local BID hails as a sign of resiliency in the market in the face of COVID turmoil.

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Three-story building in Corona sells for $3.16 million

QNS
July 14, 2021

B6 Real Estate announced 106-20 Corona Ave. sold for $3.6 million.

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Midtown office building up for sale for $14 million

New York Business Journal
July 12, 2021

An office and retail building at 8 E. 41st St., between Fifth and Madison avenues, is for sale for $14 million. It sits close to the New York Public Library’s flagship location and to Bryant Park.

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Recent Commercial Real Estate Transactions

New York Times
July 6, 2021

For Sale $9.5 MILLION. 159 West 23rd Street (between Avenue of the Americas and Seventh Avenue).

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B6 adds new director to North Jersey capital advisory team

Real Estate NJ
June 8, 2021

B6 has bolstered its team with the appointment of Nat Buono as a new director in NJ, and the promotions of Lynn Marcello and Nicole Schmidt to the director position.

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RIMCO Lands $39M CMBS Loan for School of Visual Arts Building in Chelsea

Commercial Observer
May 28, 2021

B6’s Steven Sperandio negotiated the deal along with Matt Shatz, while Citi’s Eric Mirvis led the senior loan on behalf of the lender.

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