The State Labor Department reported that New York has regained all of the private sector jobs it lost during the recession and that at 7,319,600, the number of private sector jobs in the state is at an all time high. New York State had a net gain of 115,900 private sector jobs in April 2012 compared to April 2011, and New York City had a net gain of 66,100 private sector jobs in the same period. The state’s unemployment rate in April 2012 was 8.5 percent, unchanged from the previous month. The city’s unemployment rate in April was 9.5 percent, slightly lower than 9.7 percent recorded for March.
Banks have started easing lending standards for commercial real estate and are more willing to increase their commercial real estate portfolios, according to an article by the Costar Group. The article said that Fed Chairman Ben S. Bernanke noted that large banks have more than doubled their cash and securities holdings since 2009 and increased the credit quality of their assets. Overall, the banking sector has more liquidity.
Streeteasy.com reported that the median listing price of sponsor sales listings marketed on its site increased 10.1 percent to $1.5 million in Manhattan, and increased 19.5 percent to $735,000 in Brooklyn in April 2012 compared to the same month a year ago. Year-over-year, the total number of listings declined 12.4 percent to 1,246 in Manhattan and dropped 27.5 percent to 463 in Brooklyn.
The NYC Economic Development Corporation and Empire State Development have issued an RFP to redevelop a 42,000-square-foot site located in the heart of Harlem’s commercial and cultural core at 121 West 125th Street, between Adam Clayton Powell Boulevard and Lenox Avenue. The site is currently used as a 450 space parking garage. The city and state agencies said the site has the potential to create as much as 363,000-square feet of commercial space, including a visual or performing arts facility.
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In March 2012, there were 50 multifamily transactions in New York City comprised of 62 buildings totaling $392.365 million in gross consideration. This represents a 43 percent increase in transaction volume, a slight 6 percent decrease in building volume and a minor 3 percent decrease in dollar volume compared to February 2012, which saw 35 transactions comprised of 66 buildings totaling $404.335 million in gross consideration.
March 2012 figures were up 14 percent in transaction volume, 27 percent in building volume, and 88 percent in dollar volume compared to March 2011, which saw 44 transactions comprised of 49 buildings totaling $208.630 million in gross consideration.
“The March numbers reinforce our belief that 2012 will be a very strong year for the multifamily market,” said Shimon Shkury, president of Ariel Property Advisors. “From rising rents to the availability of financing to the scarcity of product, the scales are clearly tipped in favor of sellers.”
Below are key highlights from the Multifamily Month in Review, NYC:
Manhattan (below 96th Street): Manhattan activity lagged somewhat from February numbers, but March remained a relatively strong month nonetheless. The borough saw 10 trades consisting of 15 buildings totaling $212.827 million in gross consideration. Compared to February (which saw several portfolio sales), this represents a 23 percent drop in transactions and a 50 percent drop in the number of buildings but all together it equals a marginal 3 percent decline in dollar. In contrast, Manhattan’s March 2012 figures represent a tremendous improvement from March 2011 figures.
Northern Manhattan: Northern Manhattan sales activity declined somewhat compared to both the prior month of February and March 2011 figures. For the month there were five transactions made up of six buildings totaling $32.668 million in gross consideration. Notably absent from recent multifamily sales has been the neighborhood of East Harlem as trades have been highly concentrated in Central Harlem, Washington Heights, and Inwood.
The Bronx: With 12 transactions consisting of 13 buildings totaling $59.270 million in gross consideration, The Bronx also showed significant improvement from a lackluster February, which saw only three transactions consisting of five buildings totaling $13.7 million.
Brooklyn: For the month, Brooklyn was most active in terms of transactions, leading with 22 buildings trading across 18 transactions totaling $68.999 million in gross consideration. This was a major improvement from February figures as it represents more than double the transaction/building volume and nearly three times the dollar volume seen in the prior month. March 2012 Brooklyn figures were also well above those seen in March 2011.
Queens: After two strong months of sales, Queens multifamily activity eased up a bit in March. The borough saw five transactions comprised of six buildings totaling $18.6 million in gross consideration.
Trailing 6-Month Sales Averages: For the six months ended in March 2012, average monthly transaction volume went up for the second consecutive month, coming in at 37. This is the highest level since April of 2011, a very active period for the market. The 6-month average dollar volume remained steady at $376 million in March 2012, the third month in a row that this figure has hovered around this level.
Please refer to our Comp-Trak application for a full list of transactions across the five boroughs.
Investors in New York City real estate will be pleased to learn that New York has once again emerged as the “most economically powerful metropolitan” area in the world, according to an article in The Atlantic, which used estimates from the Martin Prosperity Institute at the University of Toronto. One reason New York secured the top spot is “it is the world’s most open and diverse large city.” London came in second, Tokyo third, and Chicago fourth.
The Atlantic published 53 historic photos of New York City that were among the 870,000 released by the city’s Municipal Archives. The photographs include old favorites such as Grand Central Terminal, Coney Island, Times Square, Yankee Stadium, and the New York City skyline.
Century 21 has agreed to open a new 125,000 square foot store at DeKalb and Flatbush in downtown Brooklyn’s Fulton Mall in the fall of 2015. The department store will serve as an anchor for the City Point development, which will feature 675,000 square feet of retail and commercial space and 690 new market-rate and affordable apartments. Ground breaking for the bulk of the City Point development is scheduled to take place this summer.
Manhattan’s Community Board 10 has approved a preservation plan for Harlem that could add as many as nine additional historic districts to the current two-Mount Morris Park and Striver’s Row. Currently 28 buildings have been landmarked in the district, but other buildings are being considered for the designation.
Developers in The Bronx cut the ribbon on the Crotona Park Apartments, a 64-unit, low- to moderate-income project at 1800 Southern Boulevard, and broke ground on La Preciosa, a seven-story affordable housing project at 1070 Washington Avenue in the Morrisania section. The projects are reserved for tenants making less than $23,000 for studios to more than $80,000 for two-bedrooms. Some residents of The Bronx, however, maintain that what the city considers affordable is unaffordable for many.
Bethex Federal Credit Union closed on the largest loan in its 42-year history. The $1.2 million loan to a member enabled him to buy a South Bronx building that houses his two retail stores-New Orleans 99 Cent Store and Soundview Laundromat. The $30 million credit union was named by Crain’s as one of the top SBA lenders in 2011.
Large rental apartment buildings in New York City “bear a disproportionate share of the city’s overall property tax burden,” according to the 10th annual edition of the State of New York City’s Housing and Neighborhoods released by NYU’s Furman Center for Real Estate and Urban Policy. The study showed that large rental buildings are taxed at “five times the rate for one- to three-family homes,” and condo and co-op buildings also are taxed at a lower rate than comparable rental buildings.
The U.S. economy added 115,000 jobs in April, according to the Department of Labor’s monthly release. Employment rose in professional and business services, retail trade, and health care, while transportation and warehousing lost jobs during the month. The unemployment rate fell from 8.2 percent in March to 8.1 percent in April, the lowest level since January 2009. Economists, however, said the unemployment rate declined because discouraged workers have dropped out of the workforce.
The New York City Rent Guidelines Board adopted proposed increases for rent stabilized apartments. Proposed increases for one-year leases range from 1.75 percent to 4 percent, and proposed increases for two-year leases range from 3.5 percent to 6.75 percent. The board will vote on the guidelines on June 21. The new rents will take effect on October 1.
The New York City Council approved the Zone Green Text Amendment, which will remove zoning restrictions for owners making energy efficient improvements to their buildings. The new rules will allow external insulation for existing buildings, external sun control devices and awnings, solar panels, rooftop greenhouses, and wind turbines. New Yorkers spend $15 billion annually to heat and power buildings, which are responsible for 80 percent of the city’s carbon emissions.
The New York Supreme Court denied the Katan Group’s motion to block CPC Resources from allowing its lender, Pacific Coast Capital Partners, to become an equity partner in the Domino sugar factory residential development in Williamsburg. The Katan Group claimed in a lawsuit that it was left out of negotiations and that the deal will reduce its share in the project. The Katan Group, a partner in the entities created to acquire and develop the Domino site, also charged in the lawsuit that that CPC Resources mismanaged the Domino sugar development for eight years.
Owners of New York City apartments governed by rent laws were disappointed this week when the Supreme Court refused to hear a case brought by James D. Harmon Jr. and Jeanne Harmon, who own a five-story brownstone on the Upper West Side. In their lawsuit, which was filed in 2008, the Harmons said three of their six apartments are rent stabilized and that tenants in those apartments pay about 60 percent below market rent, resulting in an unconstitutional taking of their property. Nearly half of the city’s 2.2 million rentals are covered by rent regulations.
The U.S. economy slowed in the first quarter, according to Commerce Department estimates. Real GDP — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.2 percent in the first quarter of 2012 (from the fourth quarter to the first quarter). In the fourth quarter of 2011, real GDP increased 3.0 percent. The first quarter saw a slowdown private inventory investment and a downturn in nonresidential fixed investment, which was partly offset by increases in personal consumption and exports.
The Federal Reserve’s Federal Open Market Committee pledged to maintain low interest rates through late 2014. The Fed has held short-term interest rates near zero since late 2008, and sought to further reduce long-term rates by buying Treasuries. The committee said it expects economic growth to “remain moderate over coming quarters and then to pick up gradually,” and that “the unemployment rate will decline gradually.”
Some housing experts are beginning to believe that that the housing market has hit bottom. The National Association of Realtors reported that contracts to buy previously owned homes rose 12.8 percent in March 2012 compared to March 2011, the highest level in about two years, and up 4.1 percent from February. Housing inventory fell in 28 markets tracked by the Wall Street Journal, and the lack of supply is prompting bidding wars in some markets. New home sales are up 16 percent this year compared to 2011, and in March the inventory of new homes fell to the lowest level since 1963 when record keeping began.
Meanwhile, the S&P/Case-Shiller Home Price Indices for February 2012 showed annual declines of 3.6 percent and 3.5 percent for the 10- and 20-City Composites, respectively. In the New York metro area, home prices in February 2012 fell 3 percent in February 2012 compared to February 2011.
New York City is seeking to reduce carbon emissions by 30 percent by 2030 by increasing the energy efficiency of buildings, which produce three-quarters of the city’s carbon emissions. City Limits profiled efforts taken by the Women’s Housing and Economic Development Corporation (WHEDco) to introduce energy efficient measures in its buildings, including Intervale Green, a new green building in the Crotona East section of The Bronx. In addition, LISC and Enterprise Community Partners have invested $18 million in retrofitting 2,226 affordable apartments in Brooklyn, The Bronx, Manhattan, and Queens.
In the first quarter of 2012, New York City recorded 145 multifamily transactions comprised of 222 buildings totaling $1.15 billion in gross consideration, compared to first quarter 2011 figures of 108 multifamily transactions comprised of 137 buildings totaling $548.9 million in gross consideration, and fourth quarter 2011 figures of 131 multifamily transactions consisting of 137 buildings and totaling $1.47 billion in gross consideration.
The first quarter 2012 report shows that in terms of dollar volume and number of buildings sold, demand is surging for multifamily assets in Manhattan. In Brooklyn, first quarter dollar volume for multifamily properties nearly doubled and multifamily building sales were up a healthy 70 percent, compared to the same period of 2011. Prices for multifamily buildings in Brooklyn appear to be rising at a faster rate than any other submarket, which is following the borough’s trend of rapidly rising rents.
The report also shows that portfolio sales are returning to Upper Manhattan, which in the first quarter of 2012 saw four portfolio trades, signaling investors’ faith in the area and that banks are more comfortable making loans on such packages.
Below are key highlights from the Multifamily Quarter in Review: NYC:
Manhattan (below 96th Street): Manhattan had 36 transactions, comprised of 62 buildings with a total value of $574 million in the first quarter of 2012, compared to 19 transactions, comprised of 23 buildings with a total value at $128 million in the first quarter of 2011. The borough’s average price per square foot is up 43 percent and average price per unit increased 52 percent compared to the first quarter last year.
Northern Manhattan: Northern Manhattan in the first quarter had 26 transactions comprised of 42 buildings, valued at $167 million, compared to 25 transactions, comprised of 37 buildings valued at $103 million in the first quarter of 2011. Prices ticked up a modest six percent on a price per square foot basis and 19 percent on a price per unit basis compared to the first quarter last year.
The Bronx: A lack of portfolio sales led to a dip in dollar volume in the first quarter compared to the fourth quarter of 2011, but year over year comparisons with the first quarter of 2011 show significant gains across the board. In the first quarter 2012, The Bronx had 26 transactions consisting of 40 buildings totaling $136 million, compared to 23 transactions, consisting of 27 buildings totaling $105.7 million in the first quarter of 2011. Prices are increasing moderately and consistently as investors seek out the higher returns the borough offers.
Brooklyn: In the first quarter 2012, Brooklyn had 41 transactions, consisting of 56 buildings totaling $170 million, compared to 24 transactions, consisting of 33 buildings valued at $88.6 million.
Queens: Following a relatively light year for Queens multifamily sales, the first quarter 2012 improved significantly from the fourth quarter of 2011. Queens saw 16 transactions, made up of 22 buildings totaling $98 million in the first quarter of 2012, compared to eight transactions, consisting of 11 buildings totaling $69 million in the fourth quarter 2011, and 17 transactions, consisting of 17 buildings valued at $122.9 million in the fourth quarter of 2011.
Please refer to our Comp-Trak application for a full list of transactions across the five boroughs.
The New York State Labor Department reported that the state added 21,500 private sector jobs in March 2012, and that since March 2011 the state has added 155,000 private sector jobs. Since the beginning of the state’s economic recovery in November 2009, New York has added 332,900 private sector jobs and regained all of the private sector jobs it lost during the recession. The state’s private sector job count — 7,317,400 — stands at an all-time high. Now for the bad news—because more people are entering the workforce, the state’s unemployment rate remained at 8.5 percent in March compared to 8 percent in March 2011, and New York City’s unemployment rate increased to 9.7 percent compared to 8.8 percent in March 2011. Nationally, the unemployment rate was 8.2 percent in March.
StreetEasy.com reported that in March 2012 compared to the same period a year ago the median listing price of Manhattan sponsor sales increased by 12.4 percent, the number of new listings fell 17.5 percent, and the number of contracts increased 24.5 percent. In March 2012 compared to March 2011, the median listing price of Brooklyn sponsor sales increased 16.4 percent, listings fell 8 percent, and contracts increased 37 percent. For the same period, the median listing price of Queens sponsor sales increased 16.8 percent, listings increased 35.5 percent, and contracts jumped 733.3 percent. The New Development Report is based solely on sponsor sales listings marketed on the StreetEasy.com site.
In December developer Jay Domb is expected to open The Bronx Opera House Hotel, a 61-room, $10 million hotel, on E. 149th Street in The Hub shopping district. The hotel will be built on the site of The Bronx Opera House, which opened in 1913. Domb has restored the Beaux Arts facade of the original structure, and renovated the four-story front section that housed the lobby and three upper level reception halls. The opera house’s 1,920 seat auditorium was condemned and a three-story section was built to replace it.
The NY Post is reporting that Facebook, Amazon, and IBM are seeking between 40,000 and 120,000 square feet of space in the Flatiron, Chelsea, and Meatpacking districts. Another tech giant, Google, is housed in a building in West Chelsea.
Reports by Prudential Douglas Elliman and Citi Habitats show that Manhattan rents in the first quarter of 2012 broke pre-economic crash records. According to the Elliman report, average monthly Manhattan rents hit $3,650 in the first quarter, a six percent increase from the first quarter of 2011. Citi Habitats showed that the average Manhattan rent was $3,418 in March, which was the highest monthly rent since the firm began collecting data in January 2002. Experts say the demand for rentals is high because the restrictive home lending environment is forcing Manhattan residents to rent rather than buy.
The Federal Reserve’s Beige book shows that the economy in the New York District has picked up since the last report was released on Feb. 29. The job market is stable to slightly stronger; manufacturers report steady improvement in business conditions; commercial real estate markets remained steady in the first quarter of 2012; and bankers report increased loan demand, no change in credit standards, and the most widespread declines in delinquency rates in a number of years.
New York University has agreed to scale back its plans to build 2,275,000 square feet of dormitories and classroom buildings south of Washington Square Park by 370,000 square feet. A proposed 14-story building has been cut in half and will be a seven-story public school run by the city. Two academic buildings of 14 stories and eight stories will be shortened and reduced in size by 85,000 square feet. A dormitory and academic building planned where the current athletic center is located will set farther back. The local community board unanimously rejected the original plan for the development planned on two large blocks surrounded by LaGuardia Place, Mercer Street, West Houston Street, and West Third Street.
An art movement launched when artists began moving into the Mott Haven section of The Bronx in 2002 has gained momentum during the last decade and spread throughout the borough. At least four major group art shows opened in The Bronx recently, the borough had a showing in the Armory Show last month, and The Bronx Museum of the Arts is now offering free admission.
New York City multifamily sales activity surged in February 2012, far exceeding January’s lackluster figures and February 2011 sales. The strength of the month’s numbers suggest 2012’s 1Q figures will impress in a few weeks.
February 2012 multifamily sales saw 35 transactions comprised of 70 buildings totaling $404.335 million in gross consideration. This represents a 3% increase in transaction volume, a 49% increase in building volume and a significant 137% increase in dollar volume compared to January 2012, which saw 34 transactions comprised of 47 buildings totaling $170.855 million in gross consideration.
February 2012 figures were also up an impressive 21% in transaction volume, 89% in building volume and 153% in dollar volume compared to February 2011, which saw 29 transactions comprised of 37 buildings totaling $159.659 million in gross consideration.
The market was active both at the institutional and private client level. Ten transactions took place for $10 million but middle-market properties were also active as the median price for properties trading came in at $4.6 million.
Following a relatively light January, Manhattan led the month in transaction, building and dollar volume. The borough saw 13 transactions consisting of 30 buildings for a total of $218.68 million in gross consideration. The upper end of the market dominated as 7 of these transactions were priced at $10 million or higher.
A flurry of portfolio sales also led to a very active month in Northern Manhattan. This submarket was the second most active after Manhattan as seven transactions consisting of 16 buildings totaling $99.448 million in dollar volume took place. Notable trades included The West 116th Street Portfolio, which Ariel Property Advisors sold for $18.4 million at the beginning of the month.
For the second month in a row, Queens’ multifamily market showed strong activity. The borough had 4 transactions consisting of 8 buildings totaling $51.363 million in gross consideration. Most of this activity came from the sale of a 5-building portfolio in Jamaica that sold for $39 million.
Brooklyn’s multifamily market showed modest activity in February compared to other submarkets. For the month, there were 8 transactions consisting of 11 buildings totaling $21.143 million in gross consideration. This is down compared to January figures, but an improvement compared to February 2011, which saw only five sales totaling $19.245 million in gross consideration.
The Bronx also had a relatively light month as only 3 transactions took place consisting of 5 buildings totaling $13.7 million in gross consideration. This is down compared to both January 2012 and February 2011.
Trailing 6-Month Sales Averages: For the six months ended in February 2012 (page 8), average monthly transaction volume rebounded from a dip last month to 35 transactions per month. The 6-month average dollar volume also remained steady at $377 million in February 2012.
Manhattan (below 96th Street): Medium to large size transactions made up February 2012’s Manhattan sales. The largest sale of the month was 247 East 28th Street, a 130-unit elevatored building in Kips Bay. Silverstone Property Group and RWN Real Estate Partners made the purchase for $53 million, which represents $488 per square foot and $408,000 per unit. Another notable trade took place on the Upper West Side at 55 West 92nd Street, just off of Central Park West. This 55-unit, elevatored building sold for $19.5 million which represents $354,000 per unit and $351 per square foot.
Northern Manhattan: As mentioned earlier in the report, one of February’s notable trades was our company’s sale of The West 116th Street Portfolio, a four building package that traded for $18.4 million. The price translated to $189 per square foot, $198,000 per unit and represented less than a 6% cap rate. A $62 million portfolio of Washington Heights buildings sold to Alma Realty in February as well. This transaction represented $143 per square foot and $159,000 per unit. On the lower end of the spectrum, 22 Bradhurst Avenue, a 12-unit walk-up building sold for $1.6 million, which represented $200 per square foot and $133,333 per unit.
The Bronx: Perhaps the most notable February Bronx sale took place at 4396 Furman Avenue. This 6-story elevatored mixed-use building consisted of approximately 36,000 square feet with 44 residential units and 4 retail units. The property sold for $4.6 million, which represents $95,000 per unit and $128 per square foot, strong numbers for The Bronx that can be partly attributed to the retail. A 3-building portfolio also traded in Mott Haven for $6.1 million, though these numbers were much more modest at $61 per square foot and $50,000 per unit.
Brooklyn: After several months featuring large, institutional sales Brooklyn’s February activity was relatively light. Compared to January’s activity, transaction and building volume were down by roughly a third and dollar volume was down 59%. The largest sale for the month was the $5.050 million sale of 538 East 21st Street, a 53-unit elevatored building in Flatbush. Bed-Stuy was relatively active with 3 transactions for the month, one of which was a 10,000 sq. ft., 16-unit walk-up at 207 Nostrand Avenue. The property sold for $1.825 million, which represents $171 per square foot and $114,000 per unit.
Queens: Queens’ most notable transaction in February was the sale of a 5-building portfolio in Jamaica. Sold to Zara Realty Holdings for $39 million, the price represented $129 per square foot and $111,400 per unit. Another notable sale was 3506-14 94th Street in Elmhurst. This 2-building package contained 73 units and its $8 million price tag translates to an impressive $161 per square foot.
Please refer to our Comp-Trak application for a full list of transactions across the five boroughs.
Economic indicators
as captured by Ariel Property Advisors’ Landlord Dashboard show the following trends:
Unemployment: The first two months of 2012 has seen increases in the unemployment rate. The New York State Department of Labor presented an unemployment rate for January of 8.3% and for February of 8.5%. A 30 and 50 basis point increase over the 8.0% state rates for the end of 2011. Equivocally, the New York City unemployment rate for January was at 9.3% and the February rate was at 9.6%. A 50 basis point increase for January and 80 basis point increase for February from the 8.8% unemployment level in December 2011.
Financing: A panoptical view of interest rates shows an encouraging increase. The 10-year treasury yield saw a healthy increase from the previous month’s rate of 1.87% to 2.03%. Similarly the 30-year Treasury bond increased from 3.01% in February to 3.15% in March. The 5-year note increased 17 basis points from .72% in February to .89% in March. The 1-year T-bill increased as well from 0.13% in February to 0.18% in March.
Rental Market / Vacancy: The rental rates in New York City have seen little change. The 2012 February rental vacancy rate for Manhattan was at 1.25% a slight decrease from the January rate of 1.30%, a 5 basis-point difference. Additionally, rental rates have decreased by 2% for studios, increased by 2% for one and two bedrooms and remained unchanged for three bedrooms.
Expenses: The utility cost in New York City, for the time being has seen little change. The price of No. 2 home heating oil has decreased from 416.2 in February to 416.1 in March per gallon. Residential electricity rates for March increased by a cent per kilowatt hours (KWH) to 15.1 from the February rate of 15.0 cents per KWH.
Nonfarm payroll employment rose by 120,000 in March, and the unemployment rate was little changed at 8.2 percent, down from 8.3 percent in February, according to the U.S. Bureau of Labor Statistics. Private-sector employment grew by 121,000 in March, including gains in manufacturing, food services and drinking places, and health care. Retail trade lost jobs over the month.
An influx of foreign born residents, higher birthrates, and fewer residents leaving New York City resulted in a net gain of nearly 70,000 New Yorkers in the 15 months ended July 1, 2011, Census estimates show. Brooklyn recorded the largest increase in population and The Bronx added more residents than Nassau or Suffolk Counties. New York City’s population is now estimated to be 8,244,910, although City Planning officials believe it is more than 8.3 million.
A breakdown of the Census data shows that 16,686 people left New York County for Bronx County from 2005 to 2009, more than the 15,020 who moved to Brooklyn. Nearly 70 percent of Manhattan migrants from 2007 to 2009 were Hispanic, with about 40 percent identified as Dominican, 22 percent were black, and 7 percent were white.
The median closing price for existing condos in Manhattan increased by 7.6 percent in the first quarter to $1,075,000, compared to the first quarter of 2011, according to a report released by Streeteasy.com. The first quarter median closing price for existing Manhattan co-ops fell 1.9 percent to $608,000, and median closing price for new Manhattan developments fell 17.5 percent to $950,000, compared to the same period the prior year. The volume of closings in Manhattan, however, increased 9.4 percent from last year and by 11.8 percent from the last quarter.
The NY Post reports that 188 storefronts on a 15-block stretch of Columbus Avenue between West 67th and 82nd Streets are 100 percent occupied, a rare achievement in New York City. The area is the target of a proposed rezoning plan that would limit how the storefronts can be used. The Columbus Avenue BID opposes the rezoning, claiming that ample safeguards are in place and the retail mix is already balanced.
