DID YOU KNOW? When Amazon pulled out of Long Island City, many felt the world had ended. But New York resilient (Never forget 9/11!) and here is an update from James Emden and Adam Baruch of COMPASS just a few weeks later:
- Amazon was initially slated to move into Long Island City's One Court Square longtime home of Citigroup. They'll be exiting either late 2019 or early 2020....and the building owner (Savanna) is negotiating a deal with Centene Corporation, a St. Louis based healthcare company, on up to 500,000sf which would leave 500,000sf left to lease. They have until June 30, 2020 to utilize a city tax credit for companies that move employees to the outer boroughs.
- Tishman Speyer's new development, JACX, is nearing completion and already completely leased out. The 1.2 million square foot of office and retail space has finalized leases with Macy's, WeWork, and New York Presbyterian. Once completed, it will be the biggest addition to Long Island City's office inventory since the Citicorp Building was built in 1990.
BOUNCE BACK WITH PASSION?
DID YOU KNOW? Most lenders consider small mortgages to poorer buyers as a higher risk and the volume of these loans is shrinking, further straining the affordability crisis: Lenders extended about 106,000 mortgages with balances between $10,000 and $70,000 in the U.S. in 2018, worth $5.1 billion, down 38% from almost 171,000 in 2009 (Attom Data Solutions). The drop-off at the bottom end of the market has been far swifter than at the top. Origination was down a more modest 26% for $70,000 - $150,000 mortgages, and rose 65% for mortgages above that range. (WSJ)