Hello everybody, welcome back! I have been conducting independent research throughout the week to help further my project. I am still waiting to hear back from my on-site advisor with regards to confirming my placement on the development site in downtown Brooklyn. With that in mind, I decided to continue researching on my own with various articles and sources that I found online, along with some that my school advisor (Ms. Soszynski) provided for me. In this blog post, I will be giving some of the highlights from my sources.
During the first part of the week, I looked into how standard legal regulations and commercial code are being applied to eCommerce. I looked into “Practical eCommerce” which is a journal talking about commercial law and online business. I learned about The Uniform Commercial Code (UCC). The UCC is an American project connected between the American law Institute and National Conference of Commissioners. The organization “harmonizes the common law contracts throughout the country” which means it regulates corporations and business transactions. Ecommerce is involved here as there are new rules implemented to ensure a normal consumer interaction online. Things like the shipment of goods and product warranties are regulated and maintained legally, just as how they would be if the business was occurring in a physical setting rather than a virtual one. The rules of commercial law are being applied to online businesses as well. Real estate is changing because now transactions can occur online and things like privacy or finance have to be regulated under standard commercial law practices.
While doing research I came across the “Matrix Blog,” which is written by a real estate company called Miller Samuel Real Estate. The article is written by Jonathan Miller and it goes on to talk about an interview he had with Lisa Abramowicz on Bloomberg Surveillance. The interview goes into detail about how real estate is changing in New York and Florida. There is a sort of “migration story” going in both areas which will result in changes in both states. For example, optics suggest that there will be fewer people living in Manhattan by the summertime this year because of a variety of factors, the most prominent one being high taxes paid in these highly populated city areas. However, according to the stats in the article it tells a different story. Manhattan contract activity has begun to surge despite the predicted trend (112.4% increase in new leases). Despite the changes in the market there is not much mention of technology let alone eCommerce. One thing to note is how the new development buildings and vacant areas in these cities will be used. My previous knowledge of real estate that I have garnered from Mr. Caswell (my onsite advisor) leads me to believe that these spaces will become distribution locations for products that have been ordered online to be distributed within a big city. Online stores and shopping websites will turn these places into hubs full of products waiting to be shipped out at the click of a screen.
Another interesting source I found was on “Curbed New York.” There is an article talking about shops and restaurants throughout the city. There is an emphasis on the Hudson Yards and how it is structured. It then transitions into a discussion about how malls are operated. Malls are created to be big and for consumers to get lost in so that they spend money. These malls are being impacted by eCommerce because consumers can buy the same products offered in malls online now. However, Vertical Centers (malls where the shops’ layout is from the bottom up) and food halls are keeping malls alive. According to the article, malls that are still around and thriving do so only because there are new services provided in malls that are not available online (like spas for example). This is another way I noticed technology is impacting corporations and real estate.
That is all I have for this week. I have also included a link to my senior project proposal below, which I forgot to include last week if anyone is interested in the background of my project in more detail.
Giacomo, John. “Applying the Uniform Commercial Code to Ecommerce.” Practical Ecommerce, 19 May 2017, www.practicalecommerce.com/applying-the-uniform-commercial-code-to-ecommerce.
Lange, Alexandra. “New York’s New Malls: Hudson Yards, Empire Outlets, and More.” Curbed NY, 26 June 2019, ny.curbed.com/2019/6/26/18693372/new-york-mall-hudson-yards-empire-outlets.
Miller Samuel Real Estate Appraisers & Consultants. “Matrix Blog.” Miller Samuel Real Estate Appraisers & Consultants, 12 Jan. 2014, www.millersamuel.com/blog.