Posted May 7, 2024, 12:34 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,036
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https://therealdeal.com/new-york/202...der-9-percent/
Park Avenue office availability now under 9% — half of Midtown’s
Space tighter than before pandemic: Savills
Holden Walter-Warner
MAY 6, 2024
Quote:
The availability rate in the prestigious office corridor is down to 8.9 percent, about half of Midtown’s 17.6 percent, the New York Post reported, citing data from Savills. The rate was 11 percent on Park Avenue in the fourth quarter of 2019, the last quarter before the pandemic.
… The corridor’s resilience is a promising sign for office projects in the works. RXR plans 2 million square feet at 175 Park Avenue above Grand Central Terminal. The public review process for a new tower at 350 Park Avenue, spearheaded by Vornado, Rudin and Citadel’s Ken Griffin, will start next year. That project is expected to deliver 1.8 million square feet across 62 stories and be anchored by Ken Griffin’s Citadel and affiliate Citadel Securities, which will occupy 850,000 square feet.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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