LandlordsNY Briefing for June 12th

Mayor Bill de Blasio and City Council Speaker Corey Johnson have agreed to an $89.15 billion budget for the fiscal year of 2019. Though slightly higher than the executive budget proposal the de Blasio administration released in April, the plan does not contain the $400 property tax rebate championed by the City Council, but does put record sums into the city’s so-called rainy day fund. Also of note, the budget contains $106 million to partially fund the “Fair Fares” program that will begin providing half-priced MetroCards to New Yorkers living below the poverty line in January 2019.

Gotham Gazette has more.

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Numerous office tenants are realizing that they have extra space, which isn’t great news for landlords. More than 600,000 square feet of subleased office space has become available in Lower Manhattan, oftentimes at a rate far lower than what landlords are asking. Furthermore, there is 14.3 million square feet currently under construction in Manhattan alone.

The good news, however, is supply is not outpacing demand. Leasing in Manhattan last month was over 4 million square feet. More importantly, the spike in subleasing isn’t caused by tenants migrating out of the area. It is likely caused by changes to the structures of the companies.

Crain’s New York has more.

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In a Landlords New York Minute – A (Very) Brief Look Around the World

The man who owns the bridge between Canada and Detroit is trying his best to stop the construction of a new bridge, a majority of United States senators will vote on a bill that will undo President Donald Trump’s ZTE deal, and President Trump conceded several concrete items to North Korean dictator Kim Jong-un in exchange for some stuff, several things, and a lot of let me worry about that. Dennis Rodman was on hand to make sure everything went according to plan. The Trump administration is taking a stand against the University of Michigan’s anti-bullying policy, has decided that domestic abuse and gang violence are not grounds for asylum, and is okay with separating families at the border. Meanwhile, Ivanka Trump and Jared Kushner have made a lot of money in the past year even though they’ve been working really, really hard for dad on super important stuff. In other news, paying doctors to hock opioids leads to predictably bad things, former New Jersey Governor Chris Christie has started a law firm about which former New York City Mayor Rudy Giuliani has said things that aren’t true, the Fed will likely raise interest rates tomorrow, IMF Managing Director Christine Lagarde is not optimistic about the near-future, China is testing roads paved with solar panels, and Ford has purchased Michigan Central Station. Meanwhile, John Travolta is eating pizza in Brooklyn today, fixing the “Verrazano” typo may cost $350,000, and Extell may soon build a major development in Yorkville.

An Ohio woman has a vial full of moon dust, the U.S. evidently has a pet tiger problem, either Florida has a scumbag problem or Kentucky has a hatchet wielding lunatic problem, a swarm of bees attacked a presidential candidate in Colombia, strange masses of seaweed are popping up on Caribbean beaches, “crypto chicks” are not a thing, there is at least one sexy cow in Britain, and the White House actually produced a short film that’s almost like a trailer to an action movie for the Kim-Trump summit. In related news, Jackyl is coming to the New York State Fair this summer, Def Leppard (with special guest Journey) plays Madison Square Garden tomorrow, and Poison will play Jones Beach on June 21. Unfortunately, you’ll have to travel out of state to see Ratt.

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