Springgg is here - it's going to be in the 80's today - yeah I'm a bit excited!!! 

As we continue to move forward local businesses and the real estate market are reacting and reopening in exciting ways. Half of all New York City residents, or 3.29 million people, have received at least one vaccine dose as of last week, and one-third of the population has completed their vaccinations (including me!!!!). The new case rate is the lowest it's been in months and trending steadily downward. This all adds up to a far rosier outlook for spring/summer 2021, and a real estate market that's responding in kind. This month I give an update on the market, the trends in moving commercial space to resi space and all things NYC restaurants and rooftop bars and places to gather! 

Retail occupancy was already trending downward in the city well before COVID brought the world to a stop. The virus' impact on travel and tourism is expected to last years, and after 16 months of relegating workers to their homes, many businesses are rethinking their long-term office space requirements. The result is a need for commercial landlords and developers to rethink how their spaces can function optimally in a post-COVID world.

One attractive option is commercial-to-residential conversions that repurpose existing buildings to living space. The New York Times says the trend could potentially spur "a number of building conversions not seen since the crash of the late-1980s." But that doesn't mean orchestrating boardroom-to-bedroom conversions is effortless. Meeting size and space requirements, creating logical layouts and adding dozens, if not hundreds, of kitchens and baths to a building is expensive and time-consuming. So much so, that many distressed buildings, such as the Hotel Pennsylvania across from Madison Square Garden, are headed for the wrecking ball instead of the drafting table (Fun fact: I stayed there for Model UN in 1986).

That said, many commercial-to-resi conversions are already underway in office buildings across the city, and hotels provide another target-rich environment. At least seven hotels are already being transformed to senior living and rental housing, and Yellowstone Real Estate Investments just spent over $175 million for the Watson Hotel at 440 West 57th Street in the largest post-pandemic hotel deal. They will convert at least part of the 600-room building to market-rate housing.

Meanwhile, state lawmakers are pushing to ensure that these conversions include sorely needed affordable housing. State Senator Brian Kavanaugh, a Democrat who represents parts of Brooklyn and the Lower East Side, is sponsoring a bill that would allow developers to convert hotels into affordable housing without requiring the kinds of building permits needed for new residential properties.

In a city where reinvention is a way of life, a new wave of building conversions simply makes sense.

While the pandemic has ravaged New York City's restaurant and bar scene, there are glimmers of hope as establishments launch and rooftop bars — a summer-in-the-city mainstay — begin to reopen.

Eater notes that since last March, when the state first closed indoor dining, hundreds of new restaurants have opened their doors. Among the notable recent debuts is Gage and Tollner, a Downtown Brooklyn eatery currently booked for indoor dining a month out, and Twins Lounge a buzzy two-story Greenpoint bar with an upstairs atrium. John Fraser's long-awaited Iris restaurant in Midtown delivers a refreshing Mediterranean menu, while the Village's Cafedelia offers casual, counter-service Georgian staples. Those searching for Mexican food are spoiled for choice at Park Slope's Manjares de Mexico, Nomad's Seeyamañana and the East Village's Planet Taco. Bryant Park is a hotbed of new openings: Look for a new a Charlie Palmer Steak location, an Ample Hills Creamery scoop shop and a 5,000 square foot beer hall from the local Stout chain of pubs. Sounds like the perfect day to me!

For those yearning for a classic New York City rooftop dining and drinking experience, Eater's interactive map of outdoor establishments will keep you pointed in the right direction. Intriguing entries include Rooftop Reds, a winery smack dab in the Brooklyn Navy Yard complex. The Greens at Pier 17 are back this season, offering socially distant mini-lawns for outdoor dining and drinking. Uptowners will want to head to The Heights Bar & Grill, a Morningside Heights establishment that can be partially closed off during inclement weather. In the Meatpacking district, RH Rooftop Restaurant, Restoration Hardware's leafy rooftop space, is open for dinner and brunch.

No matter where your dining and drinking takes you, be sure to check the venue's website for information on reservations and guidelines. And don't forget your mask!