{"id":1004701484,"date":"2024-02-08T05:00:23","date_gmt":"2024-02-08T13:00:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004701484"},"modified":"2024-02-08T05:00:25","modified_gmt":"2024-02-08T13:00:25","slug":"greener-pastures-ahead-for-nyc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greener-pastures-ahead-for-nyc\/","title":{"rendered":"Greener Pastures Ahead for NYC"},"content":{"rendered":"\n<p>\u201cLooking in the rearview mirror, we\u2019re leaving a disaster zone,\u201d Shimon Shkury, president &amp; founder of <strong>Ariel Property Advisors<\/strong>, said in his opening remarks at the company\u2019s bi-annual Coffee &amp; Cap Rates discussion. Yet, he noted, there are certainly greener pastures ahead.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2105a0a3bae&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004701486\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/greener-pastures-ahead-for-nyc\/shimon-shkury-at-property-advisors\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/shimon-shkury-at-property-advisors.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"shimon-shkury-at-property-advisors\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Shimon Shkury addresses what New York City can expect to see throughout this year in the bi-annual Ariel Property Advisors Coffee and Cap rates discussion. Image courtesy of Jordana Rothberg&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/shimon-shkury-at-property-advisors.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/shimon-shkury-at-property-advisors.jpg\" alt=\"\" class=\"wp-image-1004701486\" style=\"width:315px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/shimon-shkury-at-property-advisors.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/shimon-shkury-at-property-advisors.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/shimon-shkury-at-property-advisors.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Shimon Shkury addresses what New York City can expect to see throughout this year in the bi-annual Ariel Property Advisors Coffee and Cap rates discussion. <em>Image courtesy of Jordana Rothberg<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>New York City is poised, in my respects, to do well. Shkury noted that while there were difficulties to 2023, elements such as increased tourism, job growth and subway ridership paint a positive story for the year ahead in the city.<\/p>\n\n\n\n<p>Of course, there are headwinds. Of them, he noted geopolitical risks, mortgage maturities, difficult housing policy and an election year. The tailwinds, however, could outweigh these hurdles. Shkury said that an abundance of capital, the impact of mortgage maturities on pricing discovery, strong overall fundamentals, policy promises and affordable housing initiatives are among the list of pros.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nyc-s-road-to-stability\">NYC\u2019s road to stability<\/h2>\n\n\n\n<p>Last year, transaction volume in New York City dropped 29 percent when compared to 2022, according to Ariel\u2019s 2023 year-end report. This marks the lowest amount of activity the market has experienced in the last decade. But there are bright spots. Shkury noted that office occupancy rates rose 10 percent year-over-year in 2023.<\/p>\n\n\n\n<p>For office, there is value to be found among Class A properties, according to Shkury. Further, more companies are making \u201coffices their homes\u201d and investing into large areas to sustain and grow workforces. For example, MetLife signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/metlife-extends-400-ksf-lease-at-manhattan-skyscraper\/\" target=\"_blank\" rel=\"noreferrer noopener\">lease extension<\/a> at 200 Park Avenue, where the company will maintain its headquarters through 2038. Also, Fisher Brothers committed to a <a href=\"https:\/\/www.commercialsearch.com\/news\/fisher-brothers-jv-closes-largest-office-lease-of-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">765,000-square-foot agreement<\/a> in Midtown Manhattan.<\/p>\n\n\n\n<p>And even where there are office challenges, Shkury said that there is value to be found in the makeover of office spaces.<\/p>\n\n\n\n<p>Retail, too, is finding its footing. The property type has continued to show <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-return-is-the-sector-2024s-sleeper-hit\/\" target=\"_blank\" rel=\"noreferrer noopener\">resiliency and adaptability<\/a> throughout the city following the pandemic. Many brands are demonstrating they want to be located in prime locations throughout the city and are signing massive leases.<\/p>\n\n\n\n<p>Throughout 2024, Shkury is expecting to see growth in New York City. More transactions, he anticipates, will take place in the latter half of the year while overall prices should see some stabilization.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Ariel Property Advisors\u2019 Cap Rates and Coffee discussion, Shimon Shkury speculates that 2024 is looking up. <\/p>\n","protected":false},"author":3006,"featured_media":1004701486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,1600,21742,10,21747,21749],"tags":[49189],"class_list":["post-1004701484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-new-york","category-latest","category-northeast","category-office","category-retail","tag-ariel-property-advisors-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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