A $1.6 billion, 255,000-square-foot expansion of the Penn Station train tracks officially opened to the public on January 1st, 2021. The new Moynihan Train Hall, named after the late Senator Patrick Moynihan, is a significant improvement to Midtown Manhattan’s transportation […]Read more
The new coronavirus has greatly impacted New York City real estate. It’s going to take a long time for the city to bounce back fully. Things might never go back to their pre-pandemic state. But the emergence and approval of […]Read more
The New York City commercial real estate market took quite a hit in 2020. Total office sales dropped 58% during this spring’s lockdown, while retail sales sank a whopping 78%. Brooks Brothers, J.Crew, and other major retailers filed for bankruptcy, […]Read more
New York City real estate is notoriously expensive, with Manhattan boasting some of the world’s highest commercial and residential prices. Office rents, retail rents, and housing prices cost more than anywhere else in the U.S. San Francisco and Los Angeles […]Read more
It’s been more than a year since WeWork’s failed IPO, and much has changed during this time. The global Covid-19 pandemic has taken real estate in New York City by storm, triggering a shift in the way we live, work, […]Read more
Madison Avenue is one of the areas of New York City that has changed significantly since the start of the pandemic. The so-called ‘Gold Coast’ of Manhattan and the epicenter of luxury NYC retail looks very different today than it […]Read more
In early 2019, Queens was all over the news after Amazon scrapped plans to build its HQ2 in Long Island City. This fall, a 6,000,000-square-foot commercial development that would have added up to 20,000 jobs to Brooklyn’s Sunset Park was […]Read more
It’s universally known that New York City office space is among the priciest in the world, and Manhattan office buildings often fetch exorbitant prices, in the range of hundreds of millions, and even billions. But one might wonder why a […]Read more
On an unusually quiet NYC morning on September 14, city officials gathered at One Vanderbilt Avenue to mark the official opening of Midtown East’s newest skyscraper.
Mayor Bill de Blasio was joined by representatives from SL Green, Hines, and the […]Read more
In a recent interview with Institutional Investor, Michael Colacino, president of NYC-based SquareFoot, said that after 9/11, sublease rates in the city doubled, going from 20% to 40-45%. A similar phenomenon took place after the financial crisis of 2008, as […]Read more
The NYC Metropolitan Transit Authority (MTA) is currently facing its biggest challenge yet. The impact of the Covid-19 pandemic and the subsequent lockdown has thrown New York City’s public transportation system into an unprecedented crisis.
The MTA has never had […]Read more
Over the past few months, New York City commercial real estate has gone through a whirlwind of changes, some of them permanent. The coronavirus has solidified remote work as a feasible and productive way of working, and many companies will […]Read more