Herrick partner and co-Chair of Real Estate Jonathan Adelsberg
New York City, the epicenter of commercial real estate, is showing signs of recovery after several years of economic downturn. The Big Apple’s resiliency in sectors like office and industrial is opening things up for more leasing activity.
Observers also closely watched Tuesday’s mayoral election, including Herrick, a full-service law firm with one of the largest CRE departments in New York.
“The talk of the town is how a new administration will impact NYC commercial real estate,” Herrick partner and co-Chair of Real Estate Jonathan Adelsberg said.
Adelsberg will moderate a panel on the future of development in the city at Bisnow’s NYC State of the Market event on Nov. 19.
Bisnow spoke with Adelsberg about market trends he is seeing in New York, how urban planning, investing and leasing will reshape CRE in the city, and how Herrick is helping its clients navigate headwinds.
Bisnow: What capital market trends are you seeing in New York City?
Adelsberg: We’re seeing some substantial development projects moving forward, but it’s a market with a lot of inconsistencies. There aren’t too many trades going on for Class-B offices. But with the mayoral election, it’ll be interesting to see what will change with the current state of the market.
Bisnow: What will be some of the key takeaways at Bisnow’s event?
Adelsberg: I’m interested in hearing from my friends in various sectors of real estate share their thoughts on the potential impact of the NYC mayoral election and federal financing for significant infrastructure projects, such as the Gateway project and the Second Avenue Subway expansion.
Bisnow: How are urban planning, zoning developments and public-private partnerships reshaping NYC’s CRE market?
Adelsberg: The city needs to foster economic development. Economic development is the lifeline for the organic growth of any city. I am hopeful the new administration will partner with the real estate community on projects while also reducing the level of bureaucracy. A continued focus on the partnership with the New York City Economic Development Corp. and the business community will enable the city’s ability to continue to grow and stay competitive nationally and internationally.
Bisnow: How is Herrick helping its clients navigate this changing environment?
Adelsberg: The Herrick real estate department handles every “food group” within CRE — and then some. If you are partnering or transacting with the city or state governments, you can rely on our depth and relationships in every area affecting the deal. We have a significant group headed by my partner, Patrick J. O’Sullivan Jr., while our land use and zoning group, headed up by partner Mitchell Korbey, has an extraordinary track record of navigating complex development matters and obtaining critical government approvals for clients.
Additionally, leasing activity is an indicator of how people see the direction of NYC. Our leasing practice has increased substantially, and we’ve been able to work with clients as they navigate any changes in the market. In that regard, I think the facts speak for themselves when you see occupancy rates and businesses investing more money and more people in New York.
Bisnow: Why did you decide to be a moderator at Bisnow’s event?
Adelsberg: I have a lot of fun at Bisnow’s events. They are a barometer of what’s going on in the city and in the real estate industry. It brings together people of various disciplines within the real estate industry. It’s a great forum to have these important and timely discussions.
Click here for more details about Bisnow’s Nov. 19 event.
This article was produced in collaboration between Herrick and Studio B. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.