Many of NYC’s biggest RE owners are not the typical landlords

The city of New York controls 184M sf, while QIA owns 11M sf

TRD New York /
Oct.October 20, 2016 07:00 AM

Many of New York City’s property giants don’t actually specialize in real estate. They are governments, institutions and sovereign funds.

The city of New York — which has 917 properties across 184 million square feet — has the largest real estate footprint, according a new ranking of non-landlord landlords by the Commercial Observer, citing CoStar data. That square footage is about five times the amount of space owned by Brookfield Asset Management, the city’s largest traditional landlord.

It comes as no surprise for some. “The city probably got a lot of their property through tax foreclosures, people not paying property taxes in the 1970s,” Bob Knakal TRData LogoTINY, chair of New York investment sales at Cushman & Wakefield, told the news website.

Out of the non-traditional landlords, it is governments, institutions and sovereign funds that have the biggest portfolios. The Qatar Investment Authority has 14 properties across 11 million square feet, while the Norwegian Government Pension Fund Global has the same number across 8 million square feet. The Trustees of Columbia University in the City of New York is close behind with 97 properties and nearly 7 million square feet. The Port Authority of New York and New Jersey owns 14 properties spanning nearly 6 million square feet total in the city.

“I think the real takeaway is that investors of all kinds continue to find New York commercial real estate more and more appealing given the alternatives,” Joseph Sollazzo, a real estate economist for CoStar, told the news website.

In July, The Real Deal looked at the city’s biggest landlords and their impact on the rental market. [CO]Miriam Hall


Related Articles

arrow_forward_ios

In London, WeWork already reaping rewards of planned Brexit: Global property

Community Housing Improvement Program director Jay Martin, RSA president Joseph Strasburg and Mayer Brown’s Andrew Pincus with the US Supreme Court (Credit: iStock and Wikipedia)

Behind real estate’s scramble to fight the new rent law in court

Sotheby’s to open new brokerage in the Middle East

CalSTRS will acquire Fairfield Residential and its nationwide portfolio

Speaker of the New York City Council Corey Johnson (Credit: Getty Images and iStock)

City Council approves package of 17 bills to strengthen tenant protections

VTS co-founder Nick Romito (Credit: iStock)

VTS raises $90M to join the ranks of unicorns

Clockwise from top: Related chairman Steven Ross, Mactaggart Family & Partners CEO Philip Mactaggart, a rendering of 456 Greenwich Street, and Caspi Development's Joshua Caspi (Credit: Getty Images, Mactaggart, and MHA Westchester)

Developers of bankrupt Tribeca hotel project think Related might be colluding with their landlord

“If you love your children, leave the building”: Simon Baron accused of harassing tenant over $3.5M buyout

arrow_forward_ios