Stadium Discussion

Where Do You Want The Stadium?

  • Manhattan

    Votes: 54 17.9%
  • Queens

    Votes: 86 28.6%
  • Brooklyn

    Votes: 16 5.3%
  • Staten Island

    Votes: 6 2.0%
  • Westchester

    Votes: 18 6.0%
  • The Bronx

    Votes: 108 35.9%
  • Long Island

    Votes: 5 1.7%
  • Dual-Boroughs

    Votes: 3 1.0%
  • Etihad Island

    Votes: 5 1.7%

  • Total voters
    301

SoupInNYC

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So this is good right? Progress?
It's not bad. But I wouldn't say it's a whole ton of progress. This report is the detailed deliverable following the ULI TAP being performed, and the initial debrief.

I gave a summary of that debrief here:

Comparing the two, nothing huge stands out at the moment as being new. I'm talking to a few folks on this and am looking to have an update on where things stand soon.
 

413Blue

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Would COVID-19 devalue the land for the stadium?
Possibly yes, for two reasons.
1.) Some have speculated that big companies may reduce office footprints in the coming years and increase WFH...ultimately reducing demand for office space and reducing land values. I don't see this trend gaining enough permanence to actually have any real impact though.

2.) Banks and especially non-banks may tighten commercial lending if they are damaged enough from this crisis. Couple that with investors licking their wounds, a natural decrease is seemingly inevitable. How long lasting and how deep of a fall is yet to be seen, but I do expect some damage to real estate values in the near to medium term.

So basically, yes! Covid-19 will at the very least provide a miniscule opportunity to acquire stadium real estate for less and financial conditions may even force some owners to sell property they hadn't planned to, but I'm not sure it has any impact on real estate around YS. Any Manhattan real estate is still not viable for a stadium.
 

Ulrich

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Possibly yes, for two reasons.
1.) Some have speculated that big companies may reduce office footprints in the coming years and increase WFH...ultimately reducing demand for office space and reducing land values. I don't see this trend gaining enough permanence to actually have any real impact though.

2.) Banks and especially non-banks may tighten commercial lending if they are damaged enough from this crisis. Couple that with investors licking their wounds, a natural decrease is seemingly inevitable. How long lasting and how deep of a fall is yet to be seen, but I do expect some damage to real estate values in the near to medium term.

So basically, yes! Covid-19 will at the very least provide a miniscule opportunity to acquire stadium real estate for less and financial conditions may even force some owners to sell property they hadn't planned to, but I'm not sure it has any impact on real estate around YS. Any Manhattan real estate is still not viable for a stadium.
That stadium site needs the GAL factory. They are a profitable elevator company and don’t need to move. Even if companies begin to WFH more, GAL cannot do that - they can relocate, and it sounds like they will because of the price being offered, but they don’t need to relocate, so if the price offered drops, GAL can hold firm and flick a finger at the negotiator. They hold all the cards right now - losing a season puts NYCFC behind the 8-ball and CFG doesn’t have to luxury of renegotiating. Hell, depending on what’s been signed, GAL could probably hold out for more if they wanted to be dicks about it.
 

Kjbert

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There are going to be significant structural changes in his NYC real estate is valued.
WFA. Wealth flight. Mass transit. Bankruptcies.
 
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Fantazma

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Wait until you see what happens to the value of office buildings when every company realizes how well people can work at home.
in a way im cool with that......rather WFH than having five people crammed in a table meant for three.

EDIT: open space seating was always trash
 
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Ulrich

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Wait until you see what happens to the value of office buildings when every company realizes how well people can work at home.
Wait till companies see what happens to their employees who can't stand working from home because of distractions from other family members and a lack of space. Throw in the IT security problems, lack of VPN bandwidth, using home bandwidth, and the delays caused by arranging video conferencing with the people that used to sit 20 ft away.....
 

413Blue

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Wait until you see what happens to the value of office buildings when every company realizes how well people can work at home.
I don't think so. WFH is not some new phenomenon an in fact, many companies had been restricting it over the years after an initial boom. I do expect an increase as many companies were forced to add the infrastructure and some employees will prefer it, but if I remember correctly most of the workplace studies have shown that workers are much less productive and harder to retain as WFH.
 

Gotham Gator

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Wait till companies see what happens to their employees who can't stand working from home because of distractions from other family members and a lack of space. Throw in the IT security problems, lack of VPN bandwidth, using home bandwidth, and the delays caused by arranging video conferencing with the people that used to sit 20 ft away.....
I agree with this. The notion that social distancing is going to demonstrate how easy and productive it is to work from home seems way off to me. If anything, the current situation is underscoring how important it is to be physically present. Zoom is no substitute for being able to share ideas in person and have meaningful interaction, not to mention all the impediments that Ulrich pointed out.

It depends upon the industry of course. For some things, it might be okay to spend time alone working on a particular project. But it doesn't work as well for sharing ideas and cooperating, and I don't think it ever will.