Realty Tax Challenge Corp.

Nassau County Executive Laura Curran on Monday proposed sending direct cash payments of $375 to some 300,000 county property owners, using $100 million in pandemic aid from the federal government.

There’s little room for error with New York City projecting a $12 billion deficit over the next three years with losses across the city’s tax sources, including commercial real estate revenue. Real property tax is the city’s single largest source of tax revenue making up more than half of the city’s revenue. #CommercialProperty #CRE #propertytax

New York City won't look the same after the pandemic is over. "The new, New York City will just look a little bit different," said Barbara Denham, a senior commercial real estate economist with Moody's Analytics. "A lot of people will want to come back to work but in terms of needing office space, we're just not going to be needing to expand and if anything most companies will probably shrink their footprint, their office footprint over the next few years," Denham said.

Landlords and homeowners are struggling to pay their property taxes. Unpaid taxes rose to $1.3 billion this month, or about 4.5 percent of the $30 billion total due this year. The arrears are split between commercial and residential property owners. Nearly 5 percent of the city’s apartment buildings, co-ops, condominiums and one- to three-family homes haven’t paid property taxes. #propertytaxes #nyrealestate #cre #commercialrealestate

A drone media company said it has experienced a major boom in the commercial real estate (CRE) segment of its business thanks to lockdowns that restricted travel, site visits and in-person meetings in CRE sales. Instead of in-person visits to properties, CRE brokers are using professionally shot drone photos to attract buyers and close sales. The company said that sellers also use their services for roof and construction inspection, land surveys, and maintenance updates. #commercialrealestate #cre

Working from home will blur the 20th-century divide between residential and office districts. The postwar middle-class dream was a big car outside a suburban home. Now it’s multifamily housing and good restaurants in mixed-use neighborhoods. But to encourage this change, cities need to can old zoning laws that specify single uses for buildings or entire neighborhoods. #commercialrealestate #cre #retailrealestate