Cropsey Commercial WaterfrontsCropsey Real Estate's extensive background and experience in the Commercial Real Estate markets makes them uniquely qualified to interpret, decipher, and share information that's timely and relevant with its clients.
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- Written by: James Cropsey
RESTAURANT SOLUTIONS
Today as I was driving around visiting and inspecting properties and complexes, I was listening to a radio talk show as I usually do. After all, I might learn something by listening to industry leaders during work time instead of listening to music that I’ve already heard. The later I do on my own time.
The conversation revolved around the China Virus, Covid-19 pandemic, etc. implications for small businesses. In particular, restaurants and bars were singled out as the worst possible economic activity under these lock downs. The expectation is that this industry group will experience the highest failure rate of all effected industries. The projected failure rate is just under fifty percent (50%). The specialists were discussing that franchises and chains also are experiencing difficulties, but not as badly as the independent restaurant entrepreneur.
I manage several commercial and retail complexes and had developed a formula for restaurant success under multiple scenarios that has had great appeal to the operator. Since a number of my properties fall into a category of resort locations or tourist areas, I found that the franchises and small chains were quite resilient during bad economic conditions, but the stand-alone restaurant was not, just as in this pandemic.
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- Written by: James Cropsey
It was a hot day and I had the air conditioning on in the multi storied mixed-use complex, when I got a service call that the fan was out in the elevator. When I got there the fan was indeed out, but the elevator was stiflingly hot. I couldn’t think of what would make it so hot in there.
When the door closed, I realized what the culprit was. It was the fluorescent lighting. The top of my head was getting hot! Well, that got me to do a little bit of thinking, once my head cooled off!
What I learned was that the lights are on all day, all night and all year. Yes, 24/7/365! They never go dark because they are emergency lights. Even in a power outage, there would be battery backup on a portion of the lighting array. I guess the elevator manufacturers learned from the great blackout in New York City back on the 9th of November in 1965 that being stuck in a dark elevator cab for hours would not be pleasant! There are five 40-watt fluorescent bulbs that light the elevator car or cab. There were also two ballasts running these. All these items produce heat above your head. The cab was set up with space for 6 bulbs, but only five were ever installed.
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- Written by: James Cropsey
Who really pays and benefits?
Maybe I shouldn’t say this, but I have to admit when I am wrong.
Earlier this year I noticed a charge on my monthly electrical bill that I had seen before, but had forgotten what it was for. Specifically, it was on my New Hampshire Electric Cooperative bill that I include in my common area and maintenance (CAM) calculations. The line item was LT17X and listed as a delivery charge. There were two of these charges.
Well, I had a little time, so I called to find out just what these two items were for which the costing was $33.75 each per month. Doesn’t sound like much, but it adds up. That’s $810.00 per year! Yes, almost a grand in all!
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- Written by: Adam Mailloux
Making Money while Reducing Costs
Real estate ownership and management is constantly changing and it is important to be continually learning and adapting in this environment. The specific issue presented here is the concept of reducing costs or increasing income from owned or leased facilities with an analysis of the impact of energy deregulation.
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- Written by: James Cropsey
There's a lot of confusion in the development industry about the added cost and expense of building a pier over water or on filled land. As development and developers interest begins to focus again on major metropolitan areas, few sites remain in premium locations that use standard construction techniques. In order to secure a particular market, developers will have to think outside the box and consider sites that had been passed over by previous rounds of development.
One of these types of sites consists of the air rights situation. Whether this type of site is built entirely over a transportation use, such as a rail line in the case of the proposed Trump project in upper Manhattan or a highway in the case of Boston's anticipated Columbus Center, or on filled land in the case of Battery Park City in lower Manhattan, all these types of projects share a common construction thread. The construction must take place using piles and a deck over piles. This article will take a close look at this technique and explore some cost differentials in terms everyone will understand and then examine a few projects, both past and present, that use this technique.