Nearly 19 percent of all office space in Manhattan has no tenants — the highest on record — as companies shed leases and embrace remote work. Source: New York Times
Posts published in “Real Estate (Commercial)”
New York Faces Lasting Economic Toll Even as Pandemic Passes
By Gotham Rex on June 20, 2021
The city’s prosperity is heavily dependent on patterns of work and travel that may be irreversibly altered. Source: New York Times
National Black Theater Plans Next Act in a New Harlem High-Rise
By Gotham Rex on June 4, 2021
The pathbreaking company plans to replace its Harlem home with a 21-story building with apartments, retail and a new theater. Source: New York Times
A Historic Brooklyn Mansion Goes on the Market for $30 Million
By Gotham Rex on May 28, 2021
The 1901 building, which faces Prospect Park, has been owned by the Brooklyn Society for Ethical Culture for 74 years and could set a borough record. Source: New York Times
A Bright Spot for Small Businesses: Deals on Manhattan Rents
By Gotham Rex on May 27, 2021
Commercial landlords are negotiating, and many entrepreneurs see this as the perfect time to expand. Source: New York Times
Eugene Webb, Leading Harlem Real Estate Broker, Dies at 102
By Gotham Rex on May 14, 2021
Raised in Alabama, he made his fortune in New York and became a banker, civic leader and developer. Source: New York Times
To Save Penn Station, New York Wants to Build 10 Skyscrapers
By Gotham Rex on May 5, 2021
The state says revenue from the new towers can finance the rebuilding of the rail terminal. But the pandemic has upended the need for office space. Source: New York Times
‘We’re Suffering’: How Remote Work Is Killing Manhattan’s Storefronts
By Gotham Rex on May 2, 2021
Landlords cut small retailers a break on rent during the pandemic, but stores are still struggling because too few office workers and tourists have returned. Source: New York Times
NYC Retail Zones: Midtown Has Been Empty, but Other Areas Have Bounced Back
By Gotham Rex on April 13, 2021
Shopping locally has helped foot traffic in some commercial districts across the city return almost to prepandemic levels. Source: New York Times
After Pandemic, Shrinking Need for Office Space Could Crush Landlords
By Gotham Rex on April 8, 2021
Some big employers are giving up square footage as they juggle remote work. That could devastate building owners and cities. Source: New York Times
Remote Work Is Here to Stay. Manhattan May Never Be the Same.
By Gotham Rex on March 29, 2021
New York City, long buoyed by the flow of commuters into its towering office buildings, faces a cataclysmic challenge, even when the pandemic ends. Source: New York Times
WeWork Will Go Public in a Merger With a SPAC
By Gotham Rex on March 26, 2021
The money-losing office space firm plans to merge with a blank-check company backed by big Wall Street investors. Source: New York Times
Inside Stephen Ross' Plan to Influence New York’s Mayoral Race
By Gotham Rex on March 9, 2021
Stephen Ross, the head of the Related Companies, is organizing a meeting of business leaders to “help us get this mayoral election right.” Source: New York Times
Companies Put Return-to-Work Plans in Motion
By Gotham Rex on March 3, 2021
Many employers are not making a decision until many workers are vaccinated. And some are making plans for “hybrid” work arrangements. Source: New York Times
Gucci Extends Lease in Trump Tower
By Gotham Rex on February 23, 2021
Tiffany and other luxury companies have stepped away from deals with the former president’s organization, but not Gucci. Source: New York Times