City Planning through a Pandemic
As New York City looks to what is next for real estate across all asset classes, much was uncertain when The Real Deal spoke to partner and chair of Herrick's Land Use & Zoning group, Mitchell Korbey. Landlords and developers remain optimistic that tenants’ retreat from physical office space will be temporary, and that the appeal of company culture and visible brand identity will win out.
"This is a situation where we can’t afford the regulations to lag behind the market," said Mitch. "We need to be sure that as we come out of this crisis, we’re aggressive and creative."
The article also reports that Mitch stated that, "outside Manhattan the pandemic has emphasized the need for more mixed-use development, specifically more flexibility in zoning regulations in residential districts in the outer boroughs to allow for other uses."