Feasibility Study Company Independent Feasibility Analysis

New York · Market Intelligence

New York Feasibility Studies

An independent, lender-grade feasibility practice for New York across SBA 7(a) and 504, USDA Rural Development, EB-5, and conventional capital. This page is our standing, sourced read on where New York markets are undersupplied yet constrained, how deals actually get funded on the New York City-versus-Upstate line, and where New York feasibility studies fail review.

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8.585M
NYC residents, July 20251
1.41%
NYC net rental vacancy, 2023 (lowest since 1968)3
$100B
Micron megafab, Central New York20
$1.66B
New York SBA 7(a) approvals, 202528
The New York Thesis

A statewide New York number is indefensible.

New York punishes the statewide average more severely than any other market in the country. It exhibits perhaps the most extreme intra-state divergence of any US state. New York City reached 8,585,000 residents in July 2025 and posted a net rental vacancy of 1.41 percent in the 2023 Housing and Vacancy Survey, the lowest reading since 1968.13 Over the same window, Upstate lost population, with deaths outnumbering births in 44 of the 48 counties outside the New York City metro region.4 The state as a whole is down a net 201,269 residents from its 2020 peak of 20,203,696, the largest decline of any state.2 A blended statewide vacancy or rent figure describes no actual New York submarket.

The same asset class routinely behaves in opposite directions. Self-storage is structurally undersupplied statewide, yet Manhattan sits at 2.1 square feet per capita on flat-to-falling rates while Buffalo runs even tighter at 1.8 and its street rates are rising.1415 The decisive regulatory fact is one competitors most often state backwards: New York is a full, strong Certificate of Need state, the exact opposite of Texas, which repealed CON in 1985. Applying a no-CON, market-driven supply assumption to a New York hospital, nursing home, or surgery center is catastrophically wrong.30

So we underwrite New York on two axes at once. The first is the New York City-versus-Upstate split that governs demand, supply pressure, and the funding channel. The second is a stack of New York-specific overlays that a demand read alone will miss: HSTPA rent stabilization, Local Law 97 decarbonization penalties, the 485-x and 467-m tax-abatement regimes, and the Article 28 CON gate. What follows is organized as a working desk: a live oversupply monitor, a funding-routing map, the review failures that sink New York studies, the regulatory edges that decide outcomes, and a per-metro demand fingerprint. Every figure is dated and attributed in the sources below.34

The Oversupply & Pipeline Monitor

Where New York markets stand, metro by metro.

A supply-pressure read for each metro and asset class, refreshed each quarter from named primary sources. A dash means we hold no current tracked reading, not that the market is balanced. Data current to Q2 2026.

Supply pressure: Oversupplied Balanced Undersupplied Softening / digesting
Metro / region Multifamily Self-Storage Industrial Office Lodging
New York City Undersupplied1.41% vac.; regulation-constrained Undersupplied2.5 sf/capita DigestingOuter-borough 6.8% vac. Bifurcated22.3% overall / 2.9% prime UndersuppliedLL18 shifted demand to hotels
Long Island Undersupplied No read Undersupplied5.2% vac. Softening No read
Hudson Valley Balanced No read UndersuppliedLast-mile driven No read No read
Buffalo BalancedStabilizing Undersupplied1.8 sf/capita; rates rising Balanced Softening Balanced
Rochester Balanced No read Balanced Softening No read
Syracuse / Central NY UndersuppliedMicron demand shock Undersupplied UndersuppliedMicron / Clay No read Balanced
Albany / Capital Balanced No read Balanced Softening No read
Southern Tier / North Country SofteningLegacy decline No read No read Softening No read

Readings compiled from sources 3–24 below. Vendor vacancy estimates for the same metro can differ; each figure is attributed at its point of use.

Multifamily: tight demand meets constrained supply

New York City is the country's clearest case of tight demand colliding with constrained supply. The 2023 Housing and Vacancy Survey, released by HPD in February 2024, recorded a net rental vacancy of 1.41 percent, the lowest since 1968 and down from 4.54 percent in 2021; at the lowest rent quartile, vacancy was just 0.39 percent.3 Yet two structural bifurcations a demand-only read misses define the market. Roughly one million units are rent-stabilized,5 and the 2019 Housing Stability and Tenant Protection Act permanently capped stabilized increases and closed most deregulation paths, collapsing the value and financeability of stabilized-heavy buildings; an NYC Independent Budget Office count found roughly 13,400 warehoused stabilized units by August 2023, more than double the 2017 figure.67 New free-market construction, meanwhile, is gated by 485-x construction-wage floors and Local Law 97 retrofit costs.1011 The correct read is undersupplied on demand, regulation-constrained on supply, and financing-impaired on the stabilized stock.

Upstate is a different set of economies. Yardi Matrix in January 2026 named New York City among the strongest advertised-rent markets late in 2025 and among the largest 2026 delivery markets, while expecting only moderate growth across the low-supply Northeast.12 Buffalo is stabilizing after a long decline and reads balanced to undersupplied; Rochester and Albany read balanced; Binghamton and the North Country remain soft on legacy population loss.4 The exception is Syracuse, where the Micron megafab inverts the demographic story.

Self-storage: structurally undersupplied statewide

New York is structurally undersupplied in storage against a national average near 7.0 square feet per capita. New York City overall runs about 2.5 square feet per capita across 292 facilities, with the average ten-by-ten unit near $257 a month.13 Manhattan sits at 2.1 and Brooklyn at 1.65 square feet per capita.14 Buffalo is tighter still at 1.8, and, tellingly, street rates there rose 3.8 percent year over year to $138 while New York City rates were flat to down, precisely because the Upstate market is more supply-starved.15 One methodological caveat belongs in every storage study here: on a units-per-capita basis, some analysts argue Manhattan is effectively saturated, so the benchmark you choose drives the conclusion.14

Industrial: last-mile tight, outer boroughs digesting, Central NY transformed

New York industrial splits three ways. Long Island is undersupplied, with vacancy near 5.2 percent in Q1 2026 and asking rents around $33.49 a square foot.17 New York City's outer boroughs are digesting: outer-borough vacancy rose to 6.8 percent by Q1 2026, the highest in recent history, and the broader New York metro read reached 10.2 percent, above the national rate.1719 Northern and Central New Jersey, the region's last-mile backbone, stabilized near 7.1 to 7.2 percent after ten quarters of rising vacancy, with Class-A rents around $16.25 a square foot.19 Central New York is the transformative exception: Micron's White Pine Commerce Park, roughly 1,377 acres in Clay, broke ground on January 16, 2026 on a project of about $100 billion over two decades, with first-fab operation targeted near 2030 and massive downstream logistics demand.20

Office: the widest prime-to-commodity spread on record

Manhattan is the most-watched office market in the world, and it is bifurcating more sharply than any other. Overall vacancy remains near a record 22.3 percent on Cushman & Wakefield's inventory, though CommercialCafe's Yardi-based listing measure reads closer to 13.1 percent, a divergence that reflects methodology and geography rather than disagreement about direction.1718 The decisive dynamic is flight-to-quality: CBRE's Q1 2026 report put US prime vacancy at 12.7 percent while Midtown Manhattan prime vacancy fell to just 2.9 percent, the widest prime-to-commodity spread since CBRE began tracking in 2018.16 Trophy towers such as One Vanderbilt and Hudson Yards are effectively full while commodity Class B and C space languishes; Manhattan also led major-market office-employment growth at 1.4 percent year over year as of April 2026.18

Hotels and office-to-residential conversions

Lodging and conversions are the two upside stories. New York City average daily rate surpassed 2019 by more than 20 percent in 2023 and RevPAR ran about 14 percent above 2019, supported by three structural constraints on supply: Local Law 18 cut legal short-term rentals roughly 90 percent after full enforcement on September 5, 2023, migrant-shelter use took thousands of rooms offline, and a 2021 zoning amendment requires a special permit for new hotels.2122 Office-to-residential conversion is the signature 2026 theme: under the 467-m incentive enacted in April 2024, Cushman & Wakefield counts 9.5 million square feet of conversions slated to start in 2026, more than double 2025, and the NYC Comptroller estimates 467-m could unlock roughly 12.2 million square feet and about 14,500 apartments south of 59th Street.23 Because conversions are constrained by floor-plate geometry, that pipeline realizes as a steady stream rather than a flood.

Senior housing and the CON gate

National senior-housing occupancy ended 2025 at 89.1 percent and is forecast above 90 percent by the end of 2026.24 In New York, however, the binding variable is not market absorption; it is the Article 28 Certificate of Need regime that gates nursing-home beds and caps Assisted Living Program allocations. That regulatory gate, and the way it inverts the Texas and Florida logic, is treated in the regulatory section below.30

The Funding-Routing Map

How a New York deal actually gets funded.

Feasibility work exists to satisfy a specific reviewer, and in New York the first branch is always geographic: downstate routes one way, Upstate another. Knowing which channel funds your asset in your region is half the battle. This is the routing most feasibility pages never publish.

SBA district offices in New York
Three district offices administer SBA programs across the state, splitting cleanly on the downstate-versus-Upstate line.25
District officeRegion covered
Metro New York (26 Federal Plaza; Hauppauge branch)14 downstate counties: five boroughs, Nassau/Suffolk, and the lower Hudson Valley
Buffalo (130 S. Elmwood; Rochester branch)14 westernmost counties, Erie to Monroe
Syracuse (224 Harrison St; Elmira & Albany)34 counties: Central NY, Southern Tier, North Country, Capital Region

On the 504 side, New York is anchored by Pursuit, the former New York Business Development Corporation founded in 1955, and its Empire State Certified Development Corporation, which reported roughly $502.6 million in outstanding SBA 504 commitments at September 30, 2023.26 On the 7(a) side, national leaders dominate the league tables: the Coleman Report's fiscal 2025 data put Live Oak Bank first nationally at close to $3 billion in approvals, Newtek Bank second, and Huntington third by count with more than 6,000 loans, while New York-active community lenders such as Flushing Bank, Apple Bank, and Dime Community Bank remain frequent local names.27 New York businesses received $1.66 billion in 7(a) approvals across 4,679 businesses in 2025, an average loan near $355,000, placing the state well behind California, Texas, and Florida by dollar volume.28 For rural credits, USDA Business and Industry guaranteed loans route through the New York Rural Development state office in Syracuse; despite New York City's density, only about 13.5 percent of state land is USDA-ineligible, so most of the Southern Tier, North Country, Finger Lakes, and Western New York qualifies.29

  • Passive multifamily or mixed-use in New York City or downstateConventional, CMBS, or agency (Fannie/Freddie) debt; SBA only for owner-occupied. Model 485-x, 467-m, Local Law 97, and rent-stabilization status.
  • Owner-occupied commercial (medical, industrial, hospitality) in Western New YorkBuffalo District Office paired with a Pursuit / Empire State CDC 504.
  • A project in Central NY, the Southern Tier, or the North Country, including Micron supply chainSyracuse District Office; if rural, layer USDA Business & Industry from the Syracuse state office.
  • A rural project off the USDA-ineligible ~13.5% of state landUSDA Business & Industry or Community Facilities is the differentiated route; most Upstate land qualifies.
  • A capital-intensive owner-occupied manufacturer (e.g., Micron supply chain)Stack $5M 7(a) plus $5M 504 under the July 4, 2026 combined cap; add FY2026 manufacturing fee waivers and the 90% Made-in-America guarantee.
Common Review Failures

How New York feasibility studies fail review.

Each failure below is tied to a real New York number. These are the recurring reasons a New York study loses credibility with a lender or agency, engineered out of our deliverables before they ship.

  1. Statewide-average error

    Applying one blended New York vacancy or rent figure is the most indefensible statewide average in the country. New York City net rental vacancy was 1.41 percent in 2023 while Upstate lost population, with deaths outnumbering births in 44 of 48 counties outside the NYC metro region. A state mean describes no actual New York submarket.34

  2. Regulatory-constraint blindness

    The inverse of oversupply blindness is unique to New York: assuming you can simply build rental housing in a 1.41 percent-vacancy city without pricing 485-x construction-wage floors, Local Law 97 penalties, or rent stabilization is a catastrophic underwriting error even in the tightest market in the nation.1011

  3. Rent-regulation mispricing

    HSTPA (2019) permanently capped stabilized increases and eliminated most deregulation paths, crushing rent-stabilized values. The 2023 Signature Bank failure exposed the damage: the FDIC retained roughly $14.8 billion in NYC rent-stabilized loans across two ventures, about $9.0 billion and $5.8 billion, and the debt drew little bidder interest. Underwriting a stabilized-heavy building on pre-2019 assumptions is disqualifying.89

  4. Property tax mispricing

    New York City's class-based tax system is opaque and litigated; in Tax Equity Now NY v. City of New York, the Court of Appeals on March 19, 2024 revived claims that the system has a discriminatory disparate impact. Class 2 assessments and 421-a / 485-x abatements make effective tax burden a first-order variable, and taxes can consume roughly 30 percent of rental income absent an abatement.31

  5. Local Law 97 mispricing

    Buildings over 25,000 square feet face $268-per-ton CO2e penalties in the 2024–2029 period, with caps tightening about 50 percent for 2030–2034; roughly 57 percent of covered buildings are projected to exceed the 2030 caps, and REBNY-commissioned analysis put aggregate penalties as high as $900 million a year by 2030. Retrofit capex must be a modeled line item.11

  6. Construction-cost and union-labor mispricing

    485-x imposes minimum construction-wage floors, up to $72.45 an hour in Manhattan's Zone A, indexed 2.5 percent a year and avoidable only via a project labor agreement or full union labor. Ignoring wage-floor economics has already paused megaprojects and can flip a project from viable to insolvent.10

  7. Upstate population-decline capture-rate error

    Assuming growth-market absorption in a shrinking metro is a failure mode: Upstate population fell 0.4 percent from 2020 to 2024. The Micron-driven Syracuse boom and Buffalo's stabilization are real but localized and do not rehabilitate a Utica or Binghamton absorption assumption.420

Regulatory Edges

The New York rules that decide feasibility outcomes.

Four regulatory realities separate a New York study that survives review from one that does not. The first is the one competitors most often state backwards.

A full, strong Certificate of Need regime, the inverse of Texas and Florida

New York is a full, strong Certificate of Need state, the exact opposite of Texas, which repealed CON in 1985, and Florida, which repealed hospital CON in 2019. This is the single point competitors most often get backwards. CON is governed by Article 28 of the Public Health Law and 10 NYCRR, administered by the Department of Health and the Public Health and Health Planning Council, and traces to the nation's first CON law, the 1964 Metcalf–McCloskey Act.30 Establishing, constructing, or renovating a hospital, nursing home, diagnostic and treatment center, or ambulatory surgery center requires CON, as does adding beds or major medical equipment. Effective 2025, the Department raised full-review thresholds to the greater of $60 million or 10 percent of operating costs for general hospitals and $20 million or 10 percent for other Article 28 facilities.30 The feasibility implication inverts the Texas logic: because supply is tightly gated, market-driven oversupply risk for hospitals, nursing homes, and surgery centers is low, but the CON application is itself a lengthy, costly barrier to entry, with a nursing-home bed-need methodology and effective moratoria in many regions. Assisted living is regulated separately under Assisted Living Residence licensure, though Assisted Living Program beds are capped and state-allocated. A study that applies a no-CON, market-driven assumption to a New York hospital, nursing home, or surgery center is catastrophically wrong.

Rent stabilization, HSTPA, and Good Cause Eviction

Roughly one million units are rent-stabilized, and the 2019 Housing Stability and Tenant Protection Act permanently capped stabilized increases and closed most deregulation paths.56 The 2024 state budget added Good Cause Eviction under RPL Article 6-A, mandatory in New York City and opt-in elsewhere, with roughly 17 municipalities, including Albany, Rochester, Kingston, Poughkeepsie, and Ithaca, opting in by mid-2025.33 Any multifamily pro forma must class each unit by regulatory status; the stabilized stock cannot be underwritten on deregulation assumptions.

Local Law 97, 485-x, and 467-m: the cost-and-incentive stack

Three overlapping rules decide downstate feasibility. Local Law 97 imposes $268-per-ton CO2e penalties on buildings over 25,000 square feet, tightening after 2029.11 The 485-x program that replaced the expired 421-a imposes tiered construction-wage floors on larger residential projects, pushing the pipeline toward buildings of 99 units or fewer, which carry no wage requirement.10 Cutting the other way, the 467-m incentive grants up to 35 years of abatement for office-to-residential conversions that make at least 25 percent of units affordable at 80 percent of area median income, and it is driving the 9.5-million-square-foot 2026 conversion pipeline, though its value drops for projects not started by mid-2026.23

Tailwinds in the sponsor's favor

Several 2026 changes cut toward feasibility. The SBA doubled its combined 7(a)-plus-504 ceiling to $10 million effective July 4, 2026, letting a borrower stack $5 million of each and materially enlarging bankable deal size.32 Fiscal 2026 SBA manufacturing carve-outs waive upfront guaranty fees on smaller manufacturing loans and add a 90 percent Made-in-America guarantee for NAICS 31–33, directly relevant to the Micron supply chain.32 And the Micron megafab, with construction underway since January 16, 2026, anchors a generational Central New York demand shock for industrial and workforce housing.20

Metro Divergence

New York markets, distinct demand fingerprints.

Each metro carries its own economic base and its own supply position, and the New York City line divides two nearly opposite economies. These are the units of analysis for a New York study, and each anchors a dedicated market page.

Global gateway

New York City

Finance, technology, healthcare, tourism, and global headquarters across the five boroughs. Population reached 8,585,000 in July 2025 after a two-year rebound. Undersupplied on demand at 1.41 percent rental vacancy, but regulation-constrained and, for stabilized stock, financing-impaired.13

Suburban & defense

Long Island

Healthcare, defense, and logistics across Nassau and Suffolk, with suburban inflow since 2020. Industrial is undersupplied near 5.2 percent vacancy with asking rents around $33.49 a square foot.17

Logistics & exurban

Hudson Valley / Mid-Hudson

Last-mile logistics, healthcare, and exurban housing. Modest population growth since 2020; industrial demand is Amazon- and last-mile-driven, and multifamily reads balanced to undersupplied.

Advanced manufacturing

Buffalo

Healthcare, education, and advanced manufacturing across Erie and Niagara. Stabilizing after a long decline; self-storage is among the tightest in the state at 1.8 square feet per capita, with street rates rising.15

Optics & photonics

Rochester

Optics and photonics, healthcare, and education. Slow decline to flat population; multifamily reads balanced, and the metro has opted into Good Cause Eviction.33

Semiconductors

Syracuse / Central NY

Micron semiconductors, education, and logistics. The Micron megafab in nearby Clay, roughly $100 billion over two decades, breaks the Upstate demographic trend and makes Central New York the state's clearest undersupplied-and-tightening story.20

Government & nanotech

Albany / Capital Region

State government, education, and nanotech. Flat to modest population; multifamily reads balanced, and Albany was the first city to opt into Good Cause Eviction.33

Legacy & agriculture

Southern Tier / North Country

Legacy manufacturing, education, and agriculture around Binghamton and the North Country. Long-term population decline makes capture-rate discipline decisive; supply reads soft to balanced.4

By Asset Class

New York feasibility studies by asset class.

Each asset class carries its own New York demand drivers, from rent-stabilization status to office-to-residential conversion economics to the Micron industrial corridor. Explore the analytical approach by property type.

New York Questions

New York feasibility study questions.

Does New York require a feasibility study for an SBA loan?

Under SBA SOP 50 10 8, a feasibility study is discretionary rather than universally mandated, and lenders commonly require one for special-purpose properties and startup or ground-up projects that lack operating history. New York carries dense concentrations of special-purpose and owner-occupied collateral and splits between the downstate Metro New York district and the Buffalo and Syracuse districts Upstate, so feasibility analysis is frequently expected on New York SBA credits.

Does New York have a Certificate of Need law?

Yes. New York is a full, strong Certificate of Need state, the opposite of Texas, which repealed CON in 1985, and Florida, which repealed hospital CON in 2019. CON is administered by the New York State Department of Health and the Public Health and Health Planning Council under Article 28 of the Public Health Law and gates hospitals, nursing homes, diagnostic and treatment centers, and ambulatory surgery centers. Because supply is permit-gated, oversupply risk is low, but the CON application itself is a lengthy, costly barrier to entry, and a study that assumes market-driven supply is catastrophically wrong.

Which New York real estate markets are oversupplied right now?

As of Q2 2026, true oversupply in New York is narrow. Commodity Class B and C office in Manhattan is oversupplied, with overall vacancy near 22.3 percent even as Midtown prime vacancy fell to 2.9 percent, and legacy office in shrinking Upstate metros is soft. Most other asset classes are undersupplied: New York City net rental vacancy was 1.41 percent in 2023, the lowest since 1968, and self-storage runs about 2.5 square feet per capita citywide against a national average near 7. The dominant New York risks are regulatory constraint and financeability, not classic oversupply.

Who funds SBA and USDA loans in New York?

Three SBA district offices divide the state: Metro New York for the five boroughs, Long Island, and the lower Hudson Valley; Buffalo for the 14 westernmost counties; and Syracuse for Central New York, the Southern Tier, the North Country, and the Capital Region. On the 504 side, Pursuit and its Empire State Certified Development Corporation are the dominant statewide lenders. USDA Business and Industry guaranteed loans route through the New York Rural Development state office in Syracuse, and only about 13.5 percent of state land is USDA-ineligible, so most Upstate territory qualifies.

What is a targeted employment area in New York for EB-5?

A targeted employment area qualifies an EB-5 project for the $800,000 minimum investment. In New York, rural areas outside any metropolitan statistical area and outside any city of 20,000 or more qualify as rural targeted employment areas with a 20 percent visa set-aside, while high-unemployment census tracts, including many in the five boroughs and legacy Upstate cities, can qualify as high-unemployment areas. Status is verified at the filing date using current unemployment data.

How is a New York feasibility study different from a national one?

New York exhibits perhaps the most extreme intra-state divergence in the country. New York City posted a 1.41 percent net rental vacancy in 2023 while Upstate lost population, with deaths outnumbering births in 44 of 48 counties outside the New York City metro region. A defensible New York study is built metro-by-metro, splits cleanly on the New York City versus Upstate line, and prices New York-specific factors competitors miss: the Article 28 CON regime, HSTPA rent stabilization, Local Law 97 decarbonization penalties, and the 485-x and 467-m tax-abatement dynamics.

Underwriting a New York project? Start with the market read.

Feasibility Study Company prepares independent New York feasibility and market studies, built to the standard your lender or agency applies. A methodology briefing walks through the analytical framework, the deliverable composition, and the current New York market data for your metro and asset class, from the five boroughs to the Micron corridor.

Request a methodology briefing
Sources

Data sources and dates.

Every figure on this page traces to a named authority. Real-estate readings are point-in-time and vendor-dependent; the same metro can differ across Yardi Matrix, CoStar, CBRE, and Cushman & Wakefield, so ranges are preferred over single points, and each figure is attributed at its point of use.

  1. U.S. Census Bureau, Vintage 2025 Population Estimates; NYC Department of City Planning (March 2026 release). New York City population 8,585,000 as of July 1, 2025.
  2. City Journal analysis of U.S. Census Bureau Vintage 2025 estimates. New York down a net 201,269 from the April 2020 Census (record 20,203,696), the largest decline of any state.
  3. 2023 New York City Housing and Vacancy Survey (NYCHVS); NYC Department of Housing Preservation and Development (HPD), released February 8, 2024. Net rental vacancy 1.41 percent.
  4. Empire Center, Upstate population analysis (December 2025). Upstate down 0.4 percent 2020–2024; deaths outnumbered births in 44 of 48 counties outside the NYC metro region.
  5. New York City Rent Guidelines Board. Approximately one million rent-stabilized units.
  6. Housing Stability and Tenant Protection Act (HSTPA) of 2019 (Laws of New York 2019, Ch. 36).
  7. New York City Independent Budget Office (August 2023); NYC Comptroller Spotlight (2024). Roughly 13,400 warehoused rent-stabilized units.
  8. Federal Deposit Insurance Corporation, press releases PR-23-107 and PR-23-106 (December 2023). Signature Bank rent-stabilized loan ventures of approximately $9.0 billion and $5.8 billion.
  9. The Real Deal (November 2023); Bisnow (June 2026). Rent-stabilized debt distress; OceanFirst $1.4 billion loan purge following the Flushing Financial merger.
  10. RPTL §485-x ("Affordable Neighborhoods for New Yorkers"), enacted April 2024; NYC HPD rules (December 16, 2024); Anchin, Nixon Peabody, and Rosenberg & Estis analyses (2024–2025). Tiered construction-wage requirements.
  11. Local Law 97 (2019 Climate Mobilization Act); NYC Accelerator; Level Infrastructure analysis for REBNY (2023). $268 per metric ton CO2e; roughly 57 percent projected to exceed 2030 caps; up to about $900 million per year.
  12. Yardi Matrix, national multifamily outlook (January 2026).
  13. StorageCafe analysis of Yardi Matrix data (March 2026). New York City 2.5 square feet per capita; 292 facilities; average ten-by-ten unit $257 per month.
  14. StorageCafe / NAIOP (January 2025). Manhattan 2.1 and Brooklyn 1.65 square feet per capita; StorageMart units-per-capita dissent (Manhattan effectively saturated).
  15. RentCafe analysis of Yardi Matrix data (April 2026). Buffalo 1.8 square feet per capita; street rate up 3.8 percent year over year to $138.
  16. CBRE, Q1 2026 U.S. Office Market Report. U.S. office vacancy 18.6 percent; prime vacancy 12.7 percent; Midtown Manhattan prime vacancy 2.9 percent; widest prime/non-prime spread since 2018. U.S. life-sciences lab vacancy 23.2 percent (Q1 2026).
  17. Cushman & Wakefield / Greystone (2025–2026). Manhattan overall office vacancy about 22.3 percent; outer-borough industrial vacancy 6.8 percent (Q1 2026); Long Island industrial vacancy 5.2 percent, rents about $33.49 per square foot; 9.5 million square feet of conversions slated 2026.
  18. CommercialCafe analysis of Yardi data (June 2026). Manhattan metro listing office vacancy about 13.1 percent; office employment up 1.4 percent year over year.
  19. CBRE (Q3 2025); NAI James E. Hanson (July 2026); Wiss/CoStar (2025). Northern & Central New Jersey industrial vacancy about 7.1–7.2 percent, Class-A rents about $16.25 per square foot; New York metro industrial vacancy 10.2 percent.
  20. Micron Technology; Empire State Development; Onondaga County IDA (OCIDA); Engineering News-Record (November 2025). White Pine Commerce Park about 1,377 acres; approximately $100 billion over 20-plus years; construction began January 16, 2026; first-fab operation targeted near 2030.
  21. HVS, New York City lodging analysis using CoStar/STR data (2024). 2023 ADR more than 20 percent above 2019; RevPAR about 14 percent above 2019.
  22. NYC Local Law 18, short-term rental registration (fully enforced September 5, 2023); NYC Office of Special Enforcement (2025). Legal short-term rentals cut roughly 90 percent.
  23. RPTL §467-m office-to-residential conversion incentive, enacted April 2024; NYC Comptroller Fiscal Note 6-2025; Cushman & Wakefield and Corcoran Sunshine via Bisnow. 9.5 million square feet of conversion starts slated 2026; up to about 12.2 million square feet and 14,500 units south of 59th Street.
  24. NIC MAP Vision; McKnight's Senior Living (October 2, 2025). National senior-housing occupancy 89.1 percent (Q4 2025); forecast above 90 percent by end-2026 (projection).
  25. U.S. Small Business Administration, New York district office directory (SBA.gov, 2025–2026). Metro New York, Buffalo, and Syracuse district offices.
  26. Pursuit / Empire State Certified Development Corporation; Empire State Development; Capitalize Albany. SBA 504 lender; approximately $502.6 million in outstanding 504 commitments at September 30, 2023.
  27. Coleman Report, fiscal 2025 SBA 7(a) data. Live Oak Bank first nationally (approaching $3 billion, up 44 percent); Newtek Bank second; Huntington third by count (6,000-plus approvals).
  28. GoSBA Loans analysis of SBA data (2025). $1.66 billion in New York 7(a) approvals across 4,679 businesses; average loan $355,000; average rate 10.61 percent; behind California, Texas, and Florida.
  29. USDA Rural Development, New York State Office (Syracuse; State Director Richard Mayfield); USDAProperties land-eligibility analysis. Approximately 13.5 percent of New York land is USDA-ineligible.
  30. New York Public Health Law Article 28 and 10 NYCRR; Metcalf–McCloskey Act (1964); Public Health and Health Planning Council; Greenberg Traurig and Garfunkel Wild analyses (2025). 2025 CON review thresholds ($60 million / $20 million).
  31. Tax Equity Now NY (TENNY) v. City of New York, New York Court of Appeals, March 19, 2024 (4–3), 2024 NY Slip Op 01498.
  32. U.S. Small Business Administration, Policy Notice 5000-879058 / News Release 26-52; combined 7(a)-plus-504 cap raised to $10 million effective July 4, 2026 (announced May 18, 2026 by Administrator Kelly Loeffler); NAGGL. FY2026 manufacturing fee waivers and 90 percent Made-in-America guarantee for NAICS 31–33.
  33. New York FY2025 budget housing deal (enacted April 20, 2024); Governor Hochul / New York Division of Budget; New York Attorney General. Created 485-x, 467-m, and Good Cause Eviction (RPL Article 6-A).
  34. Brookings analysis of U.S. Census data (2025). New York metro population up 291,111 in 2023–24, then up 32,361 in 2024–25 as immigration slowed.