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

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
Jared Kushner (Getty)
Jared Kushner looks to Persian Gulf for investment-firm financing
Jared Kushner looks to Persian Gulf for investment-firm financing
1439 Ocean Avenue in Brooklyn (Google Maps)
New York’s “worst landlord” pays the piper in $235K city settlement
New York’s “worst landlord” pays the piper in $235K city settlement
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Bruce Flatt of Brookfield Asset Management & 9 MetroTech Center (brookfield.com)
Brookfield puts MetroTech assets on the market
Brookfield puts MetroTech assets on the market
What drives tenants to find a new apartment? Twice as often as not, it’s the landlord. (iStock)
Landlords are their own worst enemy: report
Landlords are their own worst enemy: report
Brookfield Asset Management CEO Bruce Flatt (Brookfield, iStock)
Brookfield expects to make $25B from real estate portfolio
Brookfield expects to make $25B from real estate portfolio
Brookfield Reinsurance CEO Sachin Shah and Brookfield Property Partners CEO Brian Kingston (Brookfield)
Brookfield bets big on insurance as real estate investments ebb
Brookfield bets big on insurance as real estate investments ebb
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...