Chambers Holds Another PPE Distribution Event

QUEENS CHAMBER NEWS & EVENTS EXPERTS DISCUSS STATE OF REAL ESTATE

BY BENJAMIN FANG

The Queens real estate market is starting to gain momentum again. That analysis was made by broker, landlord and data experts who spoke on a panel hosted by the Queens Chamber of Commerce last month.

Stephen Preuss, vice chairman at Cushman & Wakefield, said compared to March, April and May, the Queens market is in a “much more favorable position” overall.

“I hope that will continue through September,” he said, “which will be a real time of consequence for the last two quarters of the year.”

According to Jerry Pi, chairman of Pi Capital Partners, which is a landlord for retail, office and residential units throughout Queens Michael Wang, co-chair of the Real Estate Committee, said he is optimistic about the borough’s future. and Manhattan, collections have also been “pretty stellar.” in the first few months of the the market are currently performWang, founder of Project Queens

Although rent collection is pandemic, Preuss said, because ing. The top performer is the and co-chair of the Queens down overall, in July residenlending was not available as the industrial sector, which Preuss Chamber’s Real Estate Comtial rent collection was about 95 liquidity market shut down. said is the only asset class where mittee, noted that the borough’s percent. On the retail end, Pi As a commercial landlord, Pi pricing and availability have not retail sector does well due to an said every retail store they have, said he worked out most of his changed. abundance of mom-and-pop busiwhether it’s in Jackson Heights, company’s renegotiations back in According to the Cushman & nesses. Elmhurst or FlushWakefield executive, “There’s so much density ing, has opened. The weakest performing sector for “ YOU’LL SEE MORE NEW CONSTRUCTION IN QUEENS vacancy rates for industrial properties are just 3 to 4 percent. because franchises also want to be here,” said Wang, who moderated the panel discussion. “PostPi’s company is the office sector, with CATERING TO WHAT WE THINK Although mixeduse and smaller mulpandemic, it seems like the quality companies, whether a Fortune most employees THE NEW OFFICE ENVIRONMENT tifamily homes, which 500 or mom-and-pop, are looking working from home. Preuss said small WILL BE. I’M BULLISH ON WHAT are the “prototypical Queens assets,” were for space.” As for office buildings, despite to mid-cap priorities, COULD HAPPEN AS THE NEW initially hard hit by the the downturn Preuss said he between a few million dollars to $25 million, are starting to transact. The MARKET FOR OFFICES GROWS. ” - STEPHEN PREUSS pandemic, buyers are coming back around because they’re usually safe havens for invesbelieves companies will look for more boutique types of spaces that are closer to home. “You’ll see more new construchigher-price prodtors, Preuss said. tion in Queens catering to what ucts, meanwhile, are The hardest hit sector we think the new office environstagnant and not seeing the tracMarch and April. As a result, their of all is hotels, which has been ment will be,” he said. “I’m bulltion as pre-COVID. storefronts reopened. so affected that some owners are ish on what could happen as the

“The institutional buyers are “The most important thing for starting to convert them into other new market for offices grows in really stuck in the mud,” he said. landlords to do is keep our spaces uses like homeless shelters. Queens.” “They aren’t able to navigate the occupied,” he said. “We’re just “As of last month, we have Preuss added that he thinks the red tape and steps to get that trying to keep businesses to stay. more hotels in construction than borough will come out of the ecocapital.” I’m not trying to put people out hotels that exist in Queens,” Prenomic downturn a lot stronger.

Commercial real estate was of business.” uss said. “We were at saturation “I get the feeling it’s Queens’ heavily impacted by the pandemThe real estate experts also disalready.” turn to shine,” Wang said. “I’m ic as well. There was no volume cussed how different sectors of Real estate broker Michael optimistic about Queens.”

QUEENS CHAMBER NEWS & EVENTS CHAMBER HANDS OUT PPE ON METRO

BY BENJAMIN FANG

Dozens of business owners and workers lined up at Community United Methodist Church on Metropolitan Avenue in Middle Village last Wednesday for a personal protective equipment (PPE) distribution event.

Hosted by the Queens Chamber of Commerce, the giveaway included free face masks, face shields and even thermometers for businesses on the commercial strip.

Salvatore Crifasi, president of the Middle Village Chamber of Commerce and a Queens Chamber board member, said the PPE can be used for employees and customers alike. The day before the distribution event, Crifasi walked up and down the avenue to hand out flyers to local stores.

“Everyone appreciates it,” he said. “We’re getting a good turnout.”

Crifasi, who began his own commercial and residential real estate firm in Middle Village in 1979, said businesses are struggling with more than just the COVID crisis. He noted that they’re also struggling with the challenges of online shopping.

The business leader is also worried about the restaurant industry, predicting that half of all restaurants in the area will not reopen. He called on government leaders to restart indoor dining.

“You can go to the gym, you can go bowling, you can demonstrate, but you can’t eat indoors in a restaurant?” Crifasi said. “It’s ridiculous. It’s hurting the businesses.”

As a member of the Board of Directors for the Queens Chamber, Crifasi said he’s telling other business owners to reach out to the chamber for help. He said owners need more resources like online classes and seminars to survive the pandemic.

“I made my money here,” Crifasi added, “and I feel like giving back to the neighborhood and the

Queens Chamber staff joined Congresswoman Grace Meng (far left) and board member Salvatore Crifasi (center) for the PPE distribution event.

Queens community.”

Congresswoman Grace Meng attended the PPE distribution event and spoke to business owners as well. She said though New York City is no longer in the peak of the pandemic, businesses should be equipped with the proper PPE to feel safe enough to come back.

“I’m proud to work with the Queens Chamber to meet the businesses and meet people where they are, where the need is,” Meng said. “That’s why we’re doing this not only here in Middle Village, but around the district as well.”

The congresswoman is a cosponsor of the Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive (RESTAURANTS) Act, which would create a fund for food and drinking establishments that have suffered economic hardship due to the pandemic.

The bill would establish a $120 billion restaurant stabilization grant program, which would provide aid to cover the difference between revenues from 2019 and projected revenues through 2020. The maximum grant amount is $10 million.

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