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Rise of Hudson Yards: From Urban Oasis to Office Epicenter (The New York Times)

By Columbus International,24 April 2024

In March 2019, on the west side of Manhattan, 13,000 people flocked to the Hudson River to witness the unveiling of Hudson Yards, the largest private real estate venture in U.S. history. However, just a year later, the vibrant energy of that opening seemed a distant memory as the new construction lay silent amidst the pandemic.

The once lively corridor of luxury skyscrapers and high-end commercial spaces along the Hudson River had been subdued by closures and urban vacancies. With an extraordinary investment of approximately $30 billion, the ambitious neighborhood appeared to teeter on the brink of failure. Yet, five years later, Hudson Yards not only persevered its initial spirit but emerged as a beacon of resilience, becoming, according to The New York Times, the most sought-after workplace in New York City.

Amidst a shift in remote and hybrid work models, the neighborhood’s glass and steel towers have become magnets for some of the world’s most esteemed companies – BlackRock, Pfizer, Ernst & Young – willing to pay astronomical sums for prime real estate and locations. A remarkable resurgence that silenced even the critics who once looked suspiciously upon the Hudson Yards project, deeming it a soulless enclave catering solely to the wealthy elite. While the office sector thrives, other components of the project, particularly luxury residential buildings and a large shopping center, have struggled to take off. This divergence underscores the growing gap between the fortunes of elite office towers like those around Grand Central Terminal and the broader challenges facing Manhattan’s real estate landscape.

Across Manhattan, the office vacancy rate has reached approximately 18%, nearing record levels with no immediate signs of improvement. However, in Hudson Yards, vacancy rates remain below 10%, with several buildings boasting full occupancy. Rental prices have soared, with some spaces commanding nearly triple the city average. The resurgence of pedestrian traffic, especially at the neighborhood’s shopping center, signals a promising recovery, with companies reporting attendance rates similar to pre-pandemic levels. In particular, employee presence exceeds 80% on weekdays, in stark contrast to the subdued activity observed in other office buildings across the city. Initially criticized as an unnecessary gift to promoters and developers, the tax incentives provided by the city have proven instrumental in the success of Hudson Yards.

Developers argue that without these incentives, the project would have been at risk. The recent relocation of Cravath, Swaine & Moore, a prestigious law firm, to Two Manhattan West, further solidifies Hudson Yards’ status as a premier business hub. Major corporations cite the allure of modern, expansive office spaces as a primary attraction, with companies like BlackRock consolidating their operations within the neighborhood, setting a new standard in luxury office spaces.

Photo via 15 Hudson Yards

Manhattan Investment Market: Foreign Buyers Drive Activity, but Uncertainty Persists

By Columbus International,16 April 20249 November 2024

Manhattan’s investment sales market kicked off the year with a bang, boasting its most robust three-month period since 2022. However, the surge in activity primarily stems from affluent foreign investors with their sights set on a handful of select properties. During the first quarter, commercial property transactions across the city amounted to a staggering $3 billion, with Manhattan accounting for $2.2 billion of that sum.

Although the transaction count was lower than any point since Q1 2023, the last instance Manhattan saw CRE sales surpassing $2 billion was in the final three months of 2022. A significant portion of the borough’s sales tally was attributed to a single deal—the $963 million acquisition of 715-717 Fifth Ave. by Gucci’s parent company, Kering, from Wharton Properties and SL Green. James Nelson, Principal and Head of Tri-State Investment Sales at Avison Young, remarked, “This perfectly illustrates the trend of luxury retailers purchasing their own properties within this market.” Another notable transaction was the $153 million sale of retail condos anchored by Home Depot at 401 E. 60th St. from Israeli firm Gazit Horizons to Hennick & Co., the family office of Canadian real estate tycoon Jay Hennick. Reportedly, Chanel and LVMH are vying for another Fifth Avenue tower.

Brandon Polakoff, Principal at Avison Young, noted, “Sales activity and demand primarily stem from the private sector, particularly foreign high-net-worth individuals driving the mid-market, with end-users fueling the high end.” However, these high-end transactions do not reflect the broader market, which still experiences significantly less activity compared to the long-term average. If the pace of Manhattan sales in Q1 persisted throughout the year, it would be 62% lower than the 10-year annual average. Nelson expressed optimism that potential rate cuts could stimulate buyers and sellers, but recent inflation news has dampened investor enthusiasm for the market. Uncertainty continues to shroud office properties as tenants gravitate towards premier offerings, leaving Class-B and C properties in limbo.

Although trophy assets remain unsold, properties at the lower end of the market are changing hands, indicating a significant decline in value. Political uncertainty has also cast a shadow over the housing sector, hampering sales of development sites and existing multifamily properties. Multifamily properties accounted for just a quarter of the total dollar volume in the quarter, despite being the most frequently transacted asset class. The second-largest sale of the quarter was A&R Kalimian Realty’s luxury residential building, The Aire, acquired by a joint venture between The Carlyle Group and Gotham Organization for $265 million. Meanwhile, Kushner Cos. sold its East Village portfolio for $41 million to Penn South Capital. However, the sale of 120-125 Riverside Drive by BGO to Aya Acquisitions for $31 million signaled potential trouble for parts of NYC’s rental market. The lack of significant multifamily sales also impacted development sites, with sales volume down 10% from the previous quarter. Nonetheless, the dollar volume for development sales witnessed a threefold year-over-year increase, reaching $205 million, as more condo developers entered the fray. Investors are eagerly awaiting the outcome of housing legislation in the state budget, as decisions regarding good-cause eviction and 421-a incentives will significantly influence their strategies moving forward.

Source: Bisnow

New York City’s Midtown Reawakens: Power Lunches Return with a Vengeance

By Columbus International,15 April 202415 April 2024

As the dust settles from the tumultuous waves of the pandemic, New York City’s Midtown district is experiencing a renaissance of bustling activity, particularly during lunch hours. Wall Street firms like Goldman Sachs Group Inc. and JPMorgan Chase & Co., often the pulse of the city’s financial heartbeat, have played a pivotal role in propelling New York City’s return-to-office (RTO) rate to nearly 80% of its pre-pandemic levels, according to recent data. The revival isn’t confined to the financial powerhouse alone; Miami, too, is witnessing a similar resurgence, marking a positive shift in the broader economic landscape. Placer.ai’s Nationwide Office Building Index, analyzing foot traffic data from approximately 1,000 office buildings across the nation, underscores this trend, highlighting the remarkable rebound in RTO rates for both cities, surpassing the national average by a considerable margin. In the heart of the Big Apple, the iconic power lunch, once confined to select weekdays, is back on the menu five days a week. Midtown’s culinary landscape is witnessing a resurgence, with renowned establishments like Michael’s, Fresco by Scotto, and Daniel Boulud and Jean-Georges Vongerichten’s culinary ventures, witnessing a steady stream of patrons eager to combine gastronomic delights with deal-making discussions. Daniel Boulud, the visionary behind culinary gems like One Vanderbilt’s Le Pavillon and Wall Street’s Le Gratin, remarks on the palpable return of the lunch crowd, signaling a promising trajectory for Manhattan’s office spaces. Similarly, Jean-Georges Vongerichten’s Four Twenty Five, nestled in the heart of 425 Park Ave., has expanded its lunch service, catering to the renewed demand from office-goers and local denizens alike.

The sentiments echo beyond the culinary sphere, encapsulating a broader narrative of revitalization sweeping across Midtown. As foot traffic steadily inches closer to pre-pandemic levels, the district is poised for a new era of prosperity, symbolized by the resurgence of beloved institutions and the emergence of new dining destinations. Rosanna Scotto, a prominent figure in New York’s culinary scene, emphasizes the readiness of establishments to welcome back patrons with open arms. Lauren Mitinas-Kelly, a seasoned broker, recounts her recent experience at Estiatorio Milos, underscoring the palpable energy reverberating through Midtown’s streets. The impending arrival of Rosemary’s, a beloved West Village haunt, further underscores the evolving landscape of Midtown, injecting a dose of warmth and hospitality into the bustling district. Carlos Suarez, the visionary behind hospitality gems like Bobo and Claudette, highlights the district’s craving for neighborhood camaraderie, a sentiment echoed by patrons and proprietors alike. Beyond the gastronomic delights, Midtown’s resurgence holds promise for the city’s economic recovery, with notable figures like Jonathan Tisch, CEO of Loews Hotels, rekindling the tradition of power lunches at iconic locales like the Loews’ Regency. As Midtown continues to reclaim its vibrancy, the echoes of its renaissance resonate far beyond its bustling streets, offering a glimpse into a future brimming with promise and possibility.

Luxury Upper East Side Townhouse, Renovated by Neighbors, Hits Market for $24.99 Million (New York Post)

By Columbus International,12 April 202412 April 2024

The New York Post reports that a meticulously renovated townhouse situated in the coveted Upper East Side, originally owned by the late Richard “Dick” Snyder, former chair of Simon & Schuster, has been listed for an impressive $24.99 million. This remarkable property, located at 120 E. 78th St., has stirred considerable interest due to its intriguing backstory. Meredith Verona, a prominent figure in the real estate arena and the listing agent for the property, shared insights into this captivating narrative. Verona, who resides adjacent to the townhouse, described the listing as emblematic of a quintessential New York tale, highlighting the vibrant dynamics of the city’s real estate landscape.

Verona and her husband Bryan acquired the residence in 2022 from Snyder’s estate for $9.25 million, subsequently embarking on an extensive renovation journey. The acquisition unfolded against the backdrop of a legal dispute initiated by Snyder, who alleged that the Veronas’ renovation activities on their neighboring property had adversely impacted the marketability of his own residence. However, Verona swiftly dismissed the lawsuit as baseless, emphasizing the positive impact of construction endeavors on enhancing property values within the locality.

Despite initially harboring no intentions of purchasing the townhouse, the Veronas eventually succumbed to the allure of the property as its price gradually declined. Motivated by a sense of responsibility and armed with a comprehensive understanding of the neighborhood’s nuances, they seized the opportunity to acquire the residence at an opportune moment. Spanning over 12,600 square feet, the neo-Georgian townhouse boasts a plethora of luxurious amenities, including nine bedrooms, 12 baths, and six fireplaces. Originally constructed in 1930 by esteemed banker Henry Winthrop, the property exudes timeless elegance, featuring exquisite French paneling, hardwood floors, and ornate marble mantels.

Designed by renowned Beaux-Arts architects Delano & Aldrich, the eight-story residence epitomizes architectural grandeur, with its elliptical staircase, expansive living spaces, and state-of-the-art facilities. The meticulous renovation process, which spanned approximately 12 months, ensured that the townhouse seamlessly melded historic charm with modern comforts. Verona, drawing upon her familial ties to the real estate development sector and her firsthand experience with renovations, spearheaded the restoration efforts with unwavering dedication. Reflecting on the arduous yet fulfilling journey, she expressed profound admiration for the property’s rich history and unwavering commitment to preserving the neighborhood’s architectural legacy. In essence, the listing of this exquisite townhouse symbolizes not only a testament to meticulous craftsmanship but also a celebration of New York City’s vibrant heritage and enduring allure.

Jennifer Lopez and Ben Affleck: The Hollywood Power Couple on the Hunt for a Home in the Upper East Side

By Columbus International,4 April 20244 April 2024

In a city renowned for its luxury residences, the power couple of Jennifer Lopez and Ben Affleck is once again making headlines as they set their sights on exclusive properties in the Upper East Side of New York City. Sources close to the couple have revealed to Gimme Shelter their recent forays into the Big Apple, where they’ve been spotted exploring exquisite residences befitting Hollywood royalty. Among the properties that have caught their discerning eyes was a family-sized townhouse located at 226 E. 68th St., with an impressive price tag of $45,000 per month.

Another noteworthy stop on their tour was a stunning 3,024-square-foot townhouse at 342 E. 69th St., currently listed for $5.95 million. Clad in her distinctive style, J. Lo, a seasoned real estate investor, exuded elegance as she explored potential new abodes alongside Affleck. Despite her ventures into new territories, Lopez remains rooted in the New York real estate scene, retaining ownership of a penthouse at the renowned Whitman in NoMad, a property she acquired for $20.2 million back in 2014. With exclusive access granted to Gimme Shelter, it was revealed that her penthouse, nestled among esteemed neighbors including Chelsea Clinton and her family, is currently listed for $24.99 million. While Lopez’s Bronx roots add a touch of authenticity to her New York endeavors, her presence in the city isn’t solely tied to her real estate commitments. Reports from Page Six suggest she’s in town to shoot a new rendition of the beloved classic, “Kiss of the Spider Woman.” This cinematic venture, following in the footsteps of its predecessors that garnered critical acclaim, adds another layer of excitement to Lopez’s packed schedule. In their quest for the perfect New York residence, Lopez and Affleck spared no expense in exploring luxurious options.

A standout property that caught their attention is a spacious 6,700-square-foot townhouse on East 68th Street. With six bedrooms, six bathrooms, and an array of luxurious amenities including radiant floors and an elevator, this townhouse embodies modern opulence. Its carefully designed interiors, adorned with floor-to-ceiling windows offering panoramic views of a landscaped garden, elevate the concept of urban luxury living. Not far from their initial discovery, the couple set their sights on another prestigious residence. A four-story masterpiece meticulously crafted by AD100 designer Timothy Corrigan, enticed them with its timeless elegance. Featuring exclusive details like a wood-burning fireplace, spa-style bathrooms, and a terrace boasting breathtaking city views, this residence expertly blends classic charm with contemporary comforts.

While details regarding their potential acquisition remain hidden, one thing is certain: the allure of New York City’s Upper East Side has once again captured the hearts of Hollywood’s elite. With esteemed brokers Thomas Wexler, Morgan Garofalo, and Tyler Wexler of Leslie J. Garfield at the helm guiding them on this journey, Lopez and Affleck are poised to make a statement in the city that never sleeps. As the saga of their house hunt unfolds, all eyes remain eagerly fixed on the next chapter of this New York power couple’s story.

The Private Club Scene in New York: A Haven for the Elite

By Columbus International,2 April 2024

New York City, often touted as the concrete jungle where dreams are made, is also home to some of the most exclusive and prestigious private clubs in the world. These enclaves cater to the elite, offering not just social status but access to luxurious amenities, culinary delights, and a network of influential individuals. Let’s delve into some of the most notable private clubs shaping the social landscape of the Big Apple.

Core Club: Redefining Luxury and Community
Nestled within the opulent confines of the SHVO-owned building at 711 Fifth Avenue lies the illustrious Core Club. Founded by CEO Jennie Enterprise, Core Club embodies a commitment to curating a global community of individuals driven by curiosity, cultural exploration, and a passion for life without compromise. With initiation fees ranging from $15,000 to $100,000, Core Club offers its members a plethora of amenities spread across its 60,000 square feet of space.

From rejuvenating spa treatments to a meticulously curated wine library overseen by sommelier Yannick Benjamin, Core Club spares no expense in delivering unparalleled experiences. Members can indulge in culinary delights crafted by renowned chefs like Michele Brogioni, whose Mediterranean-inspired cuisine promises to tantalize the taste buds and foster bonds akin to Italian family gatherings.

ZZ’s Club: Where Culinary Excellence Meets Exclusivity
Helmed by the culinary virtuoso Mario Carbone, ZZ’s Club at Hudson Yards beckons discerning palates with its bespoke dining experiences. Carbone’s unwavering dedication to culinary perfection is evident in dishes like the Lobster Risotto all’Arrabbiata, meticulously prepared to order, ensuring each bite is a symphony of flavors. With initiation fees of $20,000 and annual dues of $10,000, ZZ’s Club is a sanctuary for those seeking gastronomic indulgence in an atmosphere of refined elegance.

SoHo House: A Tale of Glamour and Struggle
Once a bastion of coolness, SoHo House finds itself at a crossroads amidst reports of an existential crisis and dwindling appeal among New York’s elite. Despite its storied past and celebrity allure, the club grapples with criticisms of overcrowding and subpar service, prompting questions about its future viability. With speculations of a potential privatization looming, SoHo House stands at a pivotal juncture, navigating the delicate balance between exclusivity and accessibility.

Casa Cipriani: A Symphony of Italian Luxury
Nestled within Lower Manhattan’s historic Battery Maritime Building, Casa Cipriani epitomizes the epitome of contemporary Italian luxury. With its restrained opulence and panoramic views of the East River, Casa Cipriani transports guests to a bygone era of sophistication and refinement. Under the stewardship of design legend Thierry Despont, the club exudes an ambiance reminiscent of vintage luxury ocean liners, offering guests an immersive experience steeped in Italian charm and hospitality.

The Knickerbocker Club: A Legacy of Exclusivity
Established in 1871 by dissatisfied members of the Union Club, The Knickerbocker Club remains a bastion of exclusivity and tradition. With a rich history boasting notable members like Douglas Fairbanks and JP Morgan, The Knick continues to uphold its legacy of elitism, maintaining a strict men-only policy and a code of secrecy shrouded in intrigue.

The Lotus Club: A Haven for Literary and Artistic Minds
Since its inception in 1870, The Lotus Club has served as a sanctuary for literary and artistic luminaries seeking intellectual stimulation and camaraderie. From Mark Twain to Arthur Conan Doyle, the club has played host to some of history’s most renowned figures, embodying its mission to promote literature, art, and culture. With its illustrious past and commitment to fostering creative expression, The Lotus Club remains a beacon of enlightenment in the heart of New York City.

Metropolitan Club: A Symbol of Prestige and Tradition
Founded in 1891 by luminaries like JP Morgan and Cornelius Vanderbilt II, the Metropolitan Club stands as a testament to the union of social duty and intellectual pursuits. Housed within a majestic Renaissance Revival structure, the club exudes an aura of grandeur and refinement, offering members a sanctuary for socializing and intellectual exchange amidst the hustle and bustle of Midtown Manhattan.

University Club: Bridging Academia and Social Life
Rooted in the celebration of intellectual pursuits, the University Club of New York has stood as a beacon of erudition and social camaraderie since its inception in 1865. With its storied history and prestigious membership, the club serves as a nexus for scholars, professionals, and thought leaders, fostering a vibrant community dedicated to the pursuit of knowledge and enlightenment.

In the tapestry of New York’s social landscape, private clubs serve as exclusive sanctuaries where the elite gather to indulge in luxury, foster connections, and bask in the glow of prestige. From culinary extravagance to intellectual stimulation, these enclaves offer a cornucopia of experiences, each contributing to the rich tapestry of New York City’s social fabric.

Experience Elevated Living: This Stunning New York Apartment Redefines Luxury Living as an Art Form

By Columbus International,27 March 2024

Dear friends,

Today our brokers take you to the sixtieth floor of an apartment located in the heart of Central Park and New York City. The direct elevator entry leads to a spacious full-floor residence, comprising three bedrooms and three and a half bathrooms. Stunning in design, the northern views offer postcard panoramas of Central Park and beyond, while to the south, views of the river and the skyline of Manhattan.

The finishes demonstrate an extraordinary commitment to craftsmanship and quality. Direct elevator access leads to the grand entrance gallery finished with white macauba stone floors. Dramatic double doors lead to the spacious living room with intricately patterned floors in smoked solid oak and floor-to-ceiling windows through which to enjoy the views.

The New York real estate market at your service

The beautifully designed open kitchen offers views of Central Park, custom cabinets with a light hand-rubbed finish, and countertops and backsplashes in white quartzite and a full suite of everything.

The luxurious primary bedroom suite boasts views of the city’s southern skyline, a spacious dressing room, and a bathroom with a window clad in veined white onyx with a custom bathtub in polished nickel and custom-designed faucets hand-cast.

The secondary bathrooms are finished with gold quartzite and the powder room features a jewel onyx stone sink, floors, and wainscoting.

Descending, here is a two-lane swimming pool with private cabins, sauna and separate treatment rooms, a double-height fitness center with mezzanine terrace, private dining room and chef’s catering kitchen, resident lounge with panoramic terrace, meeting rooms and study, 24-hour attended entrances and dedicated concierge service. Residents will have access to an on-site paddle court, golf simulator, and children’s playroom.

Want to know more? Contact our real estate agents today: info@columbusintl.com

Kim Kardashian’s Skims Scores Prime Fifth Avenue Retail Space at Bargain Rates (The Real Deal)

By Columbus International,25 March 2024

In a strategic move that underscores shifting dynamics in New York City’s retail real estate landscape, Kim Kardashian‘s apparel empire, Skims Body, has secured a coveted lease for a sprawling 20,000-square-foot space on Fifth Avenue. This development comes at a fraction of the cost compared to its predecessor, signaling a savvy business maneuver amidst a changing market. According to reports from The Real Deal and Crain’s, Skims Body inked a deal with Oxford Properties and Crown Acquisitions for at least 75 percent below the previous tenant’s lease rates. The stark difference in pricing was highlighted in a recent report by Fitch Ratings, which also noted adjustments in the mortgage structure backing the Skims space and other properties in the vicinity. While specific lease details remain undisclosed, industry experts speculate that Skims Body’s rental rates could be well below the $770 per square foot paid by Versace, the former occupant, as reported by KBRA in 2022.

This suggests that Skims Body is likely paying under $200 per square foot—a substantial reduction reflective of evolving market dynamics. Kim Kardashian’s multifaceted entrepreneurial prowess likely played a pivotal role in securing such advantageous terms, especially as neighboring retailers recalibrate their strategies and vacate Fifth Avenue addresses. This vacancy trend has empowered companies like Skims Body to negotiate from a position of strength, capitalizing on prime retail spaces in iconic locales. Oxford Properties reports full occupancy for Olympic Tower’s retail segment, constituting 28 percent of the property but contributing over 60 percent of total rental revenue. Negotiations are also underway for office space within the same complex, showcasing sustained investor interest despite recent market adjustments. Institutional investors, who have held the mortgage since 2017, recently witnessed Fitch downgrading seven classes associated with the $760 million loan, due for maturity in 2027. The transition in tenant occupancy has coincided with a 13 percent dip in cash flow, now at $56 million annually, since the mortgage’s initial sale. Skims Body is gearing up for a grand opening slated for February, enhancing its brand presence with a high-profile physical retail outlet.

The company’s meteoric rise is mirrored in its valuation, which surged to $4 billion last year—a staggering $800 million leap from 2022 figures. Versace’s gradual exit from the space since 2018, initially signaled by its subleasing efforts, underscores the dynamic shifts reshaping New York’s retail real estate narrative. As Kim Kardashian’s entrepreneurial ventures continue to make waves across industries, Skims Body’s strategic real estate play exemplifies a nuanced understanding of market opportunities amid evolving consumer preferences and economic landscapes. This move not only solidifies the brand’s physical footprint but also underscores the enduring allure of iconic retail addresses amidst transformative market forces.

Photo credit: Skims

Related Companies Reveals Renderings of Massive $12 Billion NYC Casino Complex at Hudson Yards

By Columbus International,20 March 2024

Plans have been revealed by Wynn Resorts for a colossal $12 billion project in Hudson Yards, a once train-filled area in Manhattan‘s West Side. The proposal, crafted in collaboration with real estate powerhouse Related Companies, envisions an imposing 80-story tower overlooking the Hudson River. This towering structure would house a sprawling gaming facility and hotel. Surrounding the magnificent casino skyscraper would be office complexes, residential towers, and an expansive 5.6-acre park, creating a vibrant urban landscape. Strategically positioned between West 30th Street and 33rd Streets, and 11th and 12th Avenues, the resort would be easily accessible to pedestrians strolling along the High Line, a repurposed elevated train line now serving as a public park. The architectural renderings depict a sleek office building and residential tower adjacent to the casino resort tower, enhancing the skyline from the Hudson River viewpoint. Additionally, the project includes plans for a 750-seat public school, a community facility, and a daycare center.

Dubbed Hudson Yards West, the venture, in collaboration with the Oxford Properties Group, promises to generate 35,000 union construction jobs and 5,000 permanent positions within the resort, according to its planners. Advocates for the proposal argue that the hotel component would become a prime destination for visitors attending events at the nearby Javits Center, potentially amplifying tourism and economic growth in New York City. Jeff Blau, CEO of Related Companies, remarked on the project’s potential to further invigorate the local economy, expressing enthusiasm for the development’s role in benefiting the state, the city, and the neighboring communities. Craig Billings, CEO of Wynn Resorts, highlighted the appeal of Wynn New York City as a premier destination for luxury travelers, citing the propensity of Wynn guests to spend more, thereby driving increased tax revenues and local economic activity. While the exact cost of the endeavor remains undisclosed, previous estimates suggest a staggering $12 billion investment, inclusive of expenses associated with constructing atop the rail yard. With the state contemplating the issuance of up to three casino licenses in the downstate region, intense competition among potential bidders has emerged. Notably, in Queens, Steve Cohen, owner of the New York Mets, has proposed an $8 billion gaming complex near Citi Field named “Metropolitan Park.”

Meanwhile, Resorts World New York City, situated at Aqueduct race track, has announced a $5 billion expansion, seeking approval to offer table games alongside its existing slot parlor. In the midst of this fervent competition, Hudson Yards’ developers face the challenge of securing political and community support, mindful of past opposition that thwarted similar projects, such as former Mayor Bloomberg’s proposed West Side Olympic stadium. State Sen. Brad Hoylman, representing the Hudson Yards neighborhood, has expressed the need to ensure alignment with the site’s original vision, dating back to 2009. The proposed development, with its consolidation of buildings and increased park space, must navigate a rigorous approval process involving city officials and undergo thorough land use review. Amidst skepticism from rival casino bidders, one close source remarks on the shifting prospects of the Hudson Yards plan, indicating a transition from a perceived impossibility to a challenging endeavor.

Source: New York Post
Images: Related Companies and Wynn Resorts

From Covid era to 2024, the return to the office in New York City is still a “work in progress”

By Columbus International,11 March 2024

After nearly four years since the initiation of pandemic-induced lockdown measures, New York City‘s journey towards a full return to office life remains a work in progress. Along this path, the city is approaching two significant milestones, one presenting a positive outlook while the other brings a more somber tone.

The first milestone involves office attendance rebounding to nearly 80 percent of its pre-pandemic levels. New York stands out as one of the top-performing markets in this regard, with workplace visitations in 2023 reaching 77.5 percent of the figures seen in 2019, as reported by Placer.ai. This marked a significant leap forward from the preceding year, witnessing a foot traffic surge of over 30 percent compared to 2022. (Placer.ai’s metrics gauge activity within a building, encompassing ground-floor retail spaces, rather than merely the presence of office workers at their desks.)

Despite this progress, as any office owner would attest, New York still has a considerable distance to traverse. However, the situation appears graver elsewhere across the country. In cities like San Francisco, Los Angeles, Dallas, and Washington D.C., office attendance figures for 2023 lingered at levels well below half of pre-pandemic norms. Only Miami has managed to surpass New York’s performance, with 78.1 percent of 2019’s office attendance levels. Despite frequent anticipations of a game-changing return-to-office wave, progress has been incremental. Optimism surged once more at the onset of the new year, fueled by headlines proclaiming that “90% of Companies Will Return to Office By the End of 2024.”

This narrative echoes previous predictions, such as those made by Resume Builder in late 2022, asserting that “9 in 10 companies will require employees to work from the office in 2023,” based on a survey of 1,000 major business leaders. However, the actual implementation of return-to-office policies has proven sluggish. Even among companies that have succeeded in recalling most of their employees to the office, the transition to a full five-day workweek onsite has been challenging. Nationwide, office attendance remains down by approximately 33 percent on Tuesdays, Wednesdays, and Thursdays, dropping by nearly 50 percent on Mondays and Fridays. Only a handful of firms adhering to strict return-to-office protocols continue to utilize office space at pre-pandemic levels.

Many have adopted a hybrid model, allowing for a reduction in their physical footprints. Consequently, despite the gradual progress of the return-to-office movement, office owners continue to face significant challenges. Manhattan’s availability rate reached a record high of 18.2 percent in February, as reported by Colliers, edging closer to another milestone: 100 million square feet of available office space.

Across the borough’s primary office districts, total office absorption plummeted by 1.43 million square feet, bringing the cumulative available office space to 98.05 million square feet. Thus, while forecasts may paint an increasingly optimistic picture of an imminent return to office normalcy, healthy skepticism remains warranted regarding the immediate prospects for improvement in New York’s office market.

Source: The Real Deal