-- Bob Knakal, Chairman and CEO of BKREA (BK Real Estate Advisors), today announced the launch of the BKREA White Paper Series, a new quarterly research initiative delivering in-depth analyses of development policy changes, legislative shifts, and regulatory reforms that directly impact the value of development sites and developer appetite to purchase them across New York City. The inaugural white paper examines New York City’s newly introduced Expedited Land Use Review Procedure (ELURP) and its implications for landowners, developers, and investors.
The ELURP White Paper is also featured in BKREA’s April 2025 Development Site Monthly Newsletter, which tracks Manhattan’s development pipeline and delivers market intelligence to subscribers each month. The two publications serve distinct purposes: the White Paper is a standalone, in-depth research document available as part of the new series, while the newsletter provides the broader monthly market context in which ELURP sits alongside other policy and transaction developments.
Why ELURP — and why a dedicated white paper
New York City’s development approval process has long been one of the most significant sources of entitlement risk for land buyers and a key variable in how sellers price their sites. ELURP introduces a streamlined alternative to the traditional Uniform Land Use Review Procedure (ULURP), which has historically required seven months or more to complete. By potentially compressing that timeline to approximately 90 days for qualifying projects, ELURP has direct implications for carrying costs, development pro forma feasibility, and the pool of developers willing to acquire sites that previously carried heavy approval-timeline risk.
Knakal commissioned the inaugural white paper precisely because ELURP represents the type of structural policy shift that cannot be adequately addressed in a monthly market update. “Development policy changes of this significance deserve their own dedicated analysis,” Knakal noted. “The BKREA White Paper Series exists to give property owners and investors the depth of research they need to understand how legislative and regulatory changes translate into real dollars — on both sides of the transaction.”
“The introduction of the Expedited Land Use Review Procedure marks a structural shift in how certain land use decisions are reviewed in New York City. By consolidating advisory input and fast-tracking approvals for qualifying projects, this procedure has the potential to unlock development opportunities previously constrained by process complexity, timeline risk, and capital exposure.” according to Bob Knakal, Chairman & CEO, BKREA
Key findings in the inaugural BKREA White Paper
The ELURP White Paper presents the following findings for property owners, developers, and investors:
• Dramatically faster approvals: Qualifying projects may complete public review in approximately 90 days — an estimated 80% reduction from the standard ULURP timeline of seven or more months, substantially reducing timeline risk in development underwriting.
• Targeted eligibility criteria: ELURP primarily applies to affordable housing developments and specific infrastructure projects meeting defined criteria. The white paper analyzes which project types qualify and how eligibility is determined.
• Direct impact on land values: Shorter, more predictable approval timelines reduce the entitlement risk premium that buyers apply to development sites. For sellers, this can translate into a larger, more competitive buyer pool and improved pricing.
• Reduced carrying costs: Seven months of carrying costs on a development acquisition represents a material component of total project cost. Compressing that period to 90 days improves project economics and can increase the price developers are willing to pay for land.
• Policy context and outlook: ELURP arrives alongside the City of Yes initiative, the OneLIC rezoning in Long Island City, and ongoing changes to FAR, air rights transfer rules, and affordable housing incentive structures. The white paper situates ELURP within this broader regulatory environment and analyzes the combined effect on developer demand.
Also featured: the April 2025 Development Site Monthly Newsletter
In addition to its publication as a standalone white paper, the ELURP analysis is featured in BKREA’s April 2025 Development Site Monthly Newsletter. Each monthly edition tracks the Manhattan development pipeline — covering pending, active, and potential sites from 96th Street to the southern tip of the island — alongside pricing trends, zoning updates, and transaction commentary from Bob Knakal.
The Development Site Monthly draws on the Knakal Land Index, a 41-year data set of 2,444 Manhattan development site transactions, and the Knakal Map Room, a 24-foot by 10-foot physical map of Manhattan’s development pipeline created through 220 hours of original field research. Subscribers receive the newsletter monthly at no charge.
Subscription to the Development Site Monthly at: www.bkrea.com/development-newsletter
About the company: BK Real Estate Advisors (BKREA) is New York City’s premier development site brokerage, founded by Bob Knakal — the most prolific building seller in the history of New York City, with 2,394 closed sales totaling over $24.1 billion. BKREA exclusively represents sellers, specializing in development sites, investment properties, and capital markets advisory. The firm combines 41 years of proprietary analog data with AI technology to deliver unmatched market intelligence and maximum sale prices.
Contact Info:
Name: Bob Knakal
Email: Send Email
Organization: BKREA
Address: 135 West 36th Street NY NY 10018
Phone: 212-888-8850
Website: https://bkrea.com
Release ID: 89188724
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