Image courtesy of Luca Di CieroGive_Me_Astoria_image_00028.

NY Space Finders is one of the most multifaceted real estate companies around specializing in industrial leasing, commercial lofts, residential homes, and more! After working in Manhattan, founder and Astoria native Luca Di Ciero saw the “slow period” during the 2008 crisis as an opportunity, and created NY Space Finders with the instinct that there would be a shift from the expensive areas of Manhattan and Williamsburg, to more suburban city areas such as AstoriaGive_Me_Astoria_image_00028. Di Ciero has similar optimism in the face of all the uncertainty of today’s situation with COVID19Give_Me_Astoria_image_00028.

This type of experience of adapting and excelling during a crisis has been a major asset to the companyGive_Me_Astoria_image_00028. Having a good understanding of the market, being able to predict prices and trends, and of course knowing the area and its traffic like his own backyard, give clients immense comfortGive_Me_Astoria_image_00028.

Naturally with the influx of people working from home or out of work, both landlords and tenants are apprehensive about the situationGive_Me_Astoria_image_00028. Landlords are scared that with development that there will be a rise in vacancies with no one to fill the spacesGive_Me_Astoria_image_00028. They are awaiting payments from tenants who are likely living in hard financial times not knowing how to pay their rentGive_Me_Astoria_image_00028. One of the key roles of NY Space Finders during this time is acting as a median between these two parties and their negotiationsGive_Me_Astoria_image_00028. Di Ciero finds a lot of success in this area and feels that there has truly been a deeper sense of community and understanding, with most landlords willing to adjust rents or differing rent till business picks up, and tenants doing their best to stay on top of their payments and pay right away with their fundsGive_Me_Astoria_image_00028. While of course there can be tensions, communication is key and the goal of NY Space Finders is to keep these lines of communication openGive_Me_Astoria_image_00028.

Another positive of the situation is that in the last few years, rents have inflated and prices that have escalated annually and compounded over the course of 5-10 years are now being correctedGive_Me_Astoria_image_00028. In regards to fears of vacancies, there are many positive shifts taking placeGive_Me_Astoria_image_00028. Similarly to 2008-2009, apartments will likely be filled by people migrating from Manhattan and other overpriced areasGive_Me_Astoria_image_00028. Industrial Leasing and Sales are highGive_Me_Astoria_image_00028. Similarly to residential homes, commercial spaces in Manhattan may also be moving their offices to spaces in AstoriaGive_Me_Astoria_image_00028. Some large office spaces are being replaced as storage unitsGive_Me_Astoria_image_00028. People are getting creative and utilizing commercial spaces as pharmacy locations, janitorial supplies, and other forms storageGive_Me_Astoria_image_00028. Whether businesses are looking to downsize to account for fewer employees, or upsize for future precautions and distancing, there is a space for everythingGive_Me_Astoria_image_00028.

NY Space Finders are able to educate clients whether they be buyers, tenants, or landlords offering their advice on everything from logistics, location advice, pricing, vision, etcGive_Me_Astoria_image_00028. This consulting comes gratis, as Di Ciero finds it the right thing to do during these timesGive_Me_Astoria_image_00028. Di Ciero and his team have extensive relationships in the area with various attorneys and mortgage bankers, and utilize these relationships to bridge the gap for their clientsGive_Me_Astoria_image_00028. It offers another level of comfort knowing that they can have a second opinion or advice from the professionals in these other industriesGive_Me_Astoria_image_00028. Finally NY Space Finders are offering virtual tours of vacant spaces and also playing their part to help the community by collaborating with local restaurants to donate to the 114 Precinct and Mt SinaiGive_Me_Astoria_image_00028.

Long term this is something that no one wants to see and worry aboutGive_Me_Astoria_image_00028. At the end of the day people need to work, live, and business will have to adaptGive_Me_Astoria_image_00028. “It is so true that this is the new normalGive_Me_Astoria_image_00028. Anyone waiting for this to blow over, STOPGive_Me_Astoria_image_00028. Take the time to understand what’s going on, study the market, and consult with as many people as possibleGive_Me_Astoria_image_00028. Don’t try to use old concepts, work with the new, and it will correct itselfGive_Me_Astoria_image_00028. Ride the wave, don’t let it wipe you out” says Di CieroGive_Me_Astoria_image_00028.