The Sinreich Group

Attorneys at Law

(212) 317-1131

The Sinreich Group is a New York City based real estate law firm that represents public and private sector clients in connection with the acquisition, development, leasing, financing, repositioning and disposition of real estate throughout the country.

Bite Size Breaking News

Welcome to Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

Shopping Centers Embrace Co-Working Office Tenants

Much has been said about the ongoing, and often painful, transformation of brick-and-mortar retail as existing properties struggle to stay relevant. One of the solutions that is being tested throughout the country is the location of co-working office tenants in shopping centers. The Sinreich Group has been instrumental in structuring a number of these transactions, and although these deals can be likened to fitting a square peg in a round hole, the initial results are trending in a positive direction. Learn more

Cities Around the World Face Housing Affordability Crises

According to a global housing affordability monitor created by Knight Frank, the gap between housing prices and global income hit $790B in 2018 as housing became less affordable in most of the world's big cities. The cities with the least affordable housing in 2018 were Amsterdam, Auckland, Hong Kong, Los Angeles, San Francisco, Sydney, Toronto and Vancouver. Cities that bucked the growing disparity trend included New York, Moscow, Singapore and Paris. Learn more

8M SF of Retail Real Estate is now 11M SF of Industrial

According to CBRE, over 20 former shopping centers or big box stores in the U.S. have been, or are in the process of being, transformed into industrial warehouses. Since 2016, 9 conversions have been completed, 5 are under construction and 8 are in the planning stages. The area with the most retail-to-industrial redevelopment is the Upper Midwest, which has suffered as a result of demographic shifts to other parts of the country. Learn more

Brookfield’s Latest Fund Significantly Exceeds Target

Brookfield announced that its latest real estate investment fund closed last week with $15B in equity commitments, exceeding its $10B fundraising goal. The fund has spent almost $10B on 10 transactions including the $6.8B privatization of Forest City and the $1.1B ground lease of 666 Fifth Ave in Manhattan. Prior to these transactions, Brookfield privatized Rouse Properties and General Growth, both of which owned national retail portfolios. Learn more

The Open Floor Plan Debate

Please join Ellen Sinreich and ULI NY for a lively debate on the merits of open floor plans for office space. Office space occupants including representatives from Google, LinkedIn and Mathworks will discuss the pro's and con's of both open and traditional floor plans and provide insight based on their efforts to optimize productivity and creativity. Learn more

Bite Size Breaking News

Welcome to Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

Walls in Motion: A Potential Office Space Solution

As the office space debate between open floor plans and private offices continues, movable walls may be the simple solution that appeals to those on both sides of this issue. As modern offices continue to experiment with designs that improve productivity and encourage creativity, demountable walls that enable multiple reconfigurations as space demands change, which are common throughout Europe, are gaining in popularity in the U.S. Learn more

Bracing For A Real Estate Downturn

Despite strong consumer confidence, lower unemployment, reduced tax rates and strong net absorption across property types and geographic markets, some real estate owners and investors are positioning their companies for a downturn. Strategies range from accepting lower returns, re-evaluating risk-reward requirements, focusing on niche markets, such as student and senior housing, and building up dry powder (cash) reserves. Learn more

Tech Dominates Office Leasing Nationally

According to Cushman & Wakefield, the technology sector accounted for 34.4% of all office leasing in 2018, which translated into low vacancy rates in tech-driven markets. As a result, 29 office markets enjoyed vacancy rates lower than 10%, the highest number of sub-10% vacancy rate markets since 2000. Leading the way were Puget Sound-Eastside Seattle with a 6.2% vacancy rate, San Francisco: 6.4%, Midtown South Manhattan: 7.2%; Charlotte, NC: 7.6% and Raleigh/Durham, NC: 7.7%. Learn more

Retail Landlords Partner with Ride Sharing Companies

Retail landlords including Simon, Taubman, Vestar and Macerich have entered into agreements with ride sharing companies Uber and Lyft that provide for amenity laden pick up and drop off locations within shopping centers, revenue sharing, promotional rates for riders and the sharing of ridership data. Cedar Realty Trust and Uber have gone one step further with an 8,200 square foot Greenlight Hub at River Park Center in Washington D.C., which serves as a central support location for Uber drivers and prospective drivers. Learn more

What to Expect In 2019 — Join Us for ULI NY Real Estate Outlook 2019

Please join Ellen Sinreich and ULI New York for the annual Real Estate Outlook and presentation of Emerging Trends in Real Estate on January 29th at TheTimesCenter in New York City. Hear from industry veterans and development visionaries on where to place your bets in 2019 and key insights into the forces that are shaping the real estate business in the New York metro region. Learn more

Bite Size Breaking News

Welcome to Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

HAPPY NEW YEAR! What’s In Store for Real Estate in 2019

As we go to press for our first 2019 Bite Size Breaking News post, we’re keeping an eye on real estate opportunities and challenges as a result of the following: the widely predicted economic slowdown, new real estate technology tools, the co-working revolution, the transformation of brick-and-mortar retail, the proliferation of co-living facilities, cyber security risks, the acceptance of autonomous transportation modalities, and the continued growth of e-commerce.

Agrihoods: A New Community Focus Takes Root

Agrihoods are communities whose focal points are a working farm or community garden. In keeping with a growing emphasis on creating buildings and communities that contribute to health and wellness, agrihoods are gaining in popularity with both developers and residents. According ULI’s new report Agrihoods: Cultivating Best Practices, eight areas — land, food, finance, programming, communication, housing and design, people and partnerships — present strategies for developing and operating successful agrihoods. Learn more

A New Tool for Evaluating Public-Private Partnerships

The American Society of Civil Engineers estimates that in addition to a projected $1.88 trillion investment by state and local governments in public infrastructure between 2016 and 2025, an additional $1.4 trillion will be required to complete needed infrastructure improvements. To help public sector participants determine whether to access this additional capital through public-private partnerships, a research team at the Harvard Kennedy School of Government has created an interactive web-based tool, The Decision Tree, based on experiential input and interviews with public and private sector purveyors. Learn more

ULI NY Real Estate Outlook 2019

Please join Ellen Sinreich and ULI New York for the annual Real Estate Outlook and presentation of Emerging Trends in Real Estate on January 29th at TheTimesCenter in New York City. Hear from industry veterans and development visionaries on where to place your bets in 2019 and key insights into the forces that are shaping the real estate business in the New York metro region. Learn more

 2019 Real Estate New Year’s Resolutions To Consider 

Digitize, using paper is so 2018: Take advantage of technology based opportunities and solutions but beware of cyber risks in every facet of the real estate business including construction, leasing, investing and operations. Take advantage of constantly changing laws: stay on top of the changing legal landscape so you don’t miss out on new opportunities such as Opportunity Zones. Expand your comfort zone and learn something new: the markets are evolving at breakneck speed: get in on the opportunities that autonomous cars offer by monetizing your underutilized parking lot with town center amenities.

Bite Size Breaking News

Welcome to Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

Pop-Up Hospitality Provider Picks Up Residential Slack

Pop-up hospitality provider WhyHotel operates temporary hotel accommodations in vacant apartments during the lease-up phase of new residential developments. With 3 current locations in Arlington, Baltimore and D.C, WhyHotel just raised $10M and intends to open at six other D.C. area locations before expanding to other U.S. markets. Learn more

34 States Enact Sales Tax Legislation Targeting Out of State Retailers

Following the Supreme Court South Dakota v. Wayfair decision in June of this year, thirty four states will have enacted laws by January 2019 enabling them to collect sales tax from out-of-state retailers. Most of these states are enacting triggering thresholds similar to those of South Dakota, where online sales exceeding $100,000 or in excess of 200 transactions push the sellers over the sales tax threshold. Learn more

Brookfield to Convert GGP Malls into Mixed-Use Mini Cities

Having acquired GGP’s 125 mall portfolio for $14.8B, Brookfield has announced that it will redevelop 100 of those properties into what it calls mixed-use “mini cities” by adding office and residential uses and will sell the remaining 25. Learn more

Clicks to Bricks Retail Will Continue to Accelerate

 According to How E-Commerce Brands Get Physical published by JLL, the expansion plans of 100 of the top online retailers will include the opening of 850 physical stores over the next five years. These retailers include Allbirds, Casper and Adore Me. While some major e-commerce brands like Bonobos and M. Gemi operate showroom locations without inventory, that accounts for only 15.1% of clicks-to-bricks stores. JLL found that more than half of the clicks-to-bricks retailers start with a pop-up store in New York City and more than one third then opened their first permanent location there too. Learn more

ULI New York Real Estate Outlook 2019

Please join Ellen Sinreich and ULI New York for the annual Real Estate Outlook and presentation of Emerging Trends in Real Estate on January 29th at TheTimesCenter in New York City. Hear from industry veterans and development visionaries on where to place your bets in 2019 and key insights into the forces that are shaping the real estate business in the New York metro region. Register here

Bite Size Breaking News

Welcome to Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

The WeWork Takeover — Losing Money & Gobbling Up Space

WeWork reported that it lost $1.22B during the first nine months of 2018, in spite of which its self-reported valuation increased to $42B as the result of a recent $3B investment from SoftBank. According to WeWork, it is the largest tenant in New York, London and Washington with 335 locations covering 15.5M square feet in 24 countries. By the end of 2018, WeWork projects that 400,000 individuals will be using its office space. Learn more

How Starbucks Affects Single Family Home Prices

According to the brokerage information website Zillow, as reported by McKinsey, the price of homes in Boston within a quarter of a mile of a Starbucks increased by more than 171% between 1997 and 2014, 45% more than all homes in Boston. Learn more

Bricks vs Clicks: Capturing 2018 Holiday Shopping Dollars

According to the International Council of Shopping Center’s research, 90% of holiday shoppers plan to make purchases from brick-and-mortar stores, and that rises to 95% if online purchases from brick-and-mortar retailers are included. Shoppers in general reported that they plan to spend an average of $706 on holiday gifts, while Millennials reported an average intended spend of $613, Gen-X’ers reported $896 and Baby Boomers reported $697. Learn more

Amazon’s HQ2 Locations — The Urbanization of Close-In Suburbs

Amazon’s choice of Long Island City, New York and ‘National Landing’, Virginia for its HQ2 headquarters locations is consistent with one of the trends noted in Emerging Trends in Real Estate 2019. Namely, that suburbs in close proximity to urban areas are themselves morphing into urban locations that combine housing, office, and retail uses with open space. Both Long Island City and National Landing share these characteristics, as well as close proximity to one of Amazon CEO Jeff Bezos’ homes. Learn more

U.S. Office Vacancy Stable in 2018 Q3

According to Urban Land Magazine and based on the most recent Savills Studley Report: National Office Sector, the 2018 Q3 vacancy rate for office space in the United States of 18.1% was unchanged from the prior quarter. San Francisco had the lowest vacancy rate at 9%, then Boston/Suffolk County at 9.7%, NYC at 11.6% and Austin at 12.8%. Learn more

Bite Size Breaking News

Welcome to Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

Q3 Retail Real Estate Results Up in Every Category

According to CBRE, retail real estate experienced increased sales, rents and occupancy levels in the 3rd quarter of 2018 across every shopping center category. Total retail sales increased by 6.1% year-over-year in Q3, net asking rents increased by 4.3% and the overall retail real estate availability rate (whether leased or not) fell slightly to 6.4%. Learn more

Walmart Town Centers

According to a recent presentation by Walmart V.P. of U.S. Realty Operations, L.B. Johnson, Walmart is planning to transform its parking lots into dynamic “town centers” offering a mix of uses including restaurants, shops, parks, entertainment and residential. Dubbed Walmart Town Centers, these projects will provide pedestrian connectivity from Walmart stores to ‘experiential zones’ designed hand in hand with local communities. The first of these developments is slated to occur at the Walmart Supercenter in Loveland, Colo. Learn more

Climate Change Poses Significant Risk to Institutional Real Estate

According to a recent study by Heitman and Four Twenty Seven, institutional real estate worth $360B is located in the top 20% of metro areas vulnerable to sea level rise. Gateway cities located in these areas, including New York, San Francisco, Miami, Ft. Lauderdale and Honolulu, continue to attract significant allocations of institutional real estate investment notwithstanding their exposure to climate change risks. Learn more

Opportunity Zone Regulations Issued

The Treasury Department and the IRS recently issued proposed regulations and guidance for the new Opportunity Zone tax incentives. These incentives were created by the 2017 Tax Cuts and Jobs Act to spur investment distressed communities throughout the U.S. Under a nomination process completed in June 2018, 8,761 qualified Opportunity Zones were designated. Investors in these zones will be able to defer tax on capital gains generated by these investments until December 31, 2026. Learn more

Cyber Security & Real Estate: What You Need to Know

The rise of intelligent buildings and the proliferation of technology throughout the real estate industry allow increasingly sophisticated cyber criminals greater opportunities to attack. Join Ellen Sinreich and ULI NY on November 7th for a conversation with leading industry experts about how to protect your real estate without crippling your ability to function. Register here

Bite Size Breaking News

Welcome to Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

Urban Land Institute (ULI) Fall Meeting

Thousands of real estate professionals gathered in Boston recently for ULI's Fall Meeting. Keynote speakers included Scott Galloway, NYU marketing professor and best selling author The Four: The Hidden DNA of Amazon, Apple, Facebook and Google and Harvard social psychologist Amy Cuddy who stressed that power is about confidence rather than arrogance. Learn more

Talent & Economic Diversity Connect 2019 Top Real Estate Markets

According to the 2019 Emerging Trends in Real Estate report, which was presented at the ULI Fall Meeting, the top real estate markets in 2019 will be Dallas/Fort Worth, Brooklyn, Raleigh/Durham, Orlando, and Nashville. In addition to talented labor pools and high business start up rates, the report cites the urban, industrial appeal of Brooklyn, the friendly business climate and cost structure of Orlando, and the projected growth of science and technology jobs in Raleigh/Durham and Nashville as key attractions. Learn more

Real Estate Technology Attracts $12.5B Investment

$12.5B has been invested in real estate technology over the past two years according to Brad Greiwe, managing partner of Fifth Wall, a realtech venture capital firm. Greiwe predicted, at the ULI Fall Meeting, that the real estate industry will undergo a radical transformation as a result of a multitude of technological innovations, including autonomous bulldozers, drones and other ‘robotic’ devices, as well as blockchain and other digital tokens that will facilitate fractional real estate ownership. Learn more

Affordable Housing for the Middle Class — A Missing Piece

The lack of affordable housing for the middle class is one of the biggest opportunities for home builders and multi-family developers according to a panel of industry executives who spoke at the ULI Fall Meeting. Skyrocketing land and construction costs have pushed developers to focus on the the top tier of the market. As a result, only 20% of today's new homes are affordable by 50% of the population, down from 2002 when 40% of new homes were affordable by 50% of the population. Learn more

Cyber Security & Real Estate: What You Need to Know

The rise of intelligent buildings and the proliferation of technology throughout the real estate industry allow increasingly sophisticated cyber criminals greater opportunities to attack. Join Ellen Sinreich and ULI NY on November 7th for a conversation with leading industry experts about how to protect your real estate without crippling your ability to function. Learn more and register

Bite Size Breaking News

Welcome to the inaugural issue of Bite Size Breaking News. We post every other Monday by noon. Have lunch with The Sinreich Group and get the latest real estate news in easily digestible “bite size” portions.

Brick-and-Mortar Retail Captures Back to School Sales

According to Shopping Centers Today, brick-and-mortar stores captured 74% of all school supplies purchased this year, and 88% of all back-to-school shoppers made a purchase in a physical retail store. Learn more

Commercial Real Estate Prices to Increase 5% Annually

45 economists/analysts at 32 leading real estate organizations surveyed for the semi-annual ULI Real Estate Economic Forecast project a 5% increase in commercial real estate prices per year over the next 3 years and a "modest" increase nationally in vacancy rates. Learn more

Cyber Security Creates Capital Opportunity

In 2017 1.4M square feet of space was leased nationally to cyber security firms, up from 800,000 square feet in 2016. 75% of this space was in the San Francisco Bay Area, with Washington, D.C. a distant second at just under 10% of the total, followed by Detroit, Dallas and New York City. Learn more

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