All of a sudden, the world of New York City Commercial real estate could be standing on shaky ground.
Aside from the fact that Mayor Bill de Blasio has actively turned Manhattan into a (crime infested) ghost down through a combination of his pandemic response and his “social justice” policies, the city’s iconic commercial real estate may wind up looking far better from the outside than it does on the inside.
This is because a host of major corporations, including names like Goldman Sachs, are leaving new year in favor of states like Florida and Texas. Kathy Wylde, president of the Partnership for New York City told Bloomberg: “All the banks, insurance companies and hedge funds are considering options.”
In New York, the amount of office space available for rent in Manhattan has now hit the highest level in 2003, as subleases have “flooded” the market. This is on top of local stores and restaurants which have been struggling mightily throughout the course of the year. Even Broadway remains shuttered.
Jeff Blau, chief executive officer of Related Companies, the developer of the Hudson Yards project, told Bloomberg: “This is an important reminder to policy makers that we can’t take jobs for granted, even those that have been here for generations.” – READ MORE
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