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High interest rates, crippling regulations and large vacancies caused by work-from-home and pandemic downsizing are to blame.
KPG scored a $50 million construction loan on 40 Crosby Street, their boutique office development that will be opening early next year.
Owners, such as Durst, hope they can compete with the nearly 25 million square feet of sublease space now available in Manhattan alone with hospitality vibes.
While the office, hotel and residential real estate markets continue to suffer, retail has undergone a revival in Manhattan and the outer boroughs.
Schott NYC is leaving 236 Elizabeth where it has been for the last decade and moving to 2,500 square feet at 32 Howard Street in SoHo.