All Letter from New York articles
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InsightData downplays New York’s office return
One subject above all others obsesses the New York City property world: the extent and future of office return, now that the pandemic appears over.
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Insight
Sixth Avenue leads New York’s revival
Manhattan’s Q1 2022 office vacancy rate stood at a record 22%. Yet, newly released data show that one major commercial corridor, under-sung Midtown Sixth Avenue, weathered the pandemic with a vacancy rate of between 12.6% (according to CBRE) and 14.6% (as per Cushman & Wakefield). How did this happen?
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Insight
Letter from New York
New York City’s fitful pandemic recovery has reached a critical inflection point.
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Insight
Letter from New York
No sector of the New York City real estate economy has been so badly mauled by the pandemic as hotels.
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Insight
The Big Apple’s office return
New York City is not quite ready to party. True, the vaccines have routed coronavirus – a seeming miracle after last year’s horrific ‘epicenter’ death toll. Coney Island’s rollercoasters are roaring again.
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Insight
Cuomo’s Penn Station plans spark debate
When it comes to forecasting New York City’s future, none of the conventional market analysis tools seem worth a damn.
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News
Pandemic still biting the Big Apple
New York City’s property-world panic has eased somewhat but the situation remains troubled and tense.
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Insight
Letter from New York
An exodus from Manhattan was the talk of the town in the weeks before the Labor Day holiday weekend. A ‘drastic shift’ to the suburbs became the media buzz. The out-flight resulted in a record 13,117 rental apartments standing vacant, touted as a 122% jump over 2019. Landlords are offering ...
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Insight
Letter from New York
High anxiety grips New York’s real estate world with the approach on 7 September of Labor Day, the holiday that marks the unofficial end of summer.
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Insight
Letter from New York
New York City’s gradual awakening from the pandemic has yet to include Midtown Manhattan: the iconic, skyscraper-filled commercial core and nation’s economic powerhouse. The area is hushed and near-funereal in empty Times Square and little-traversed Rockefeller Center.
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Insight
Letter from New York
New York State governor Andrew Cuomo broke restaurant-lovers’ hearts when he renewed the indoor dining ban that was expected to be lifted on July 20.
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Insight
Letter from New York
An eerie, Twilight Zone-like atmosphere descended on sweltering New York City this week. Over a muted July 4th Independence Day weekend, the Big Apple was torn between celebration and unease.
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Insight
Letter from New York
The Big Apple has come to life again with the start of phase II of reopening. Thousands of restaurants opened outdoor seating and encouraged by good summer weather and a sustained reduction in Covid-19 infections, New Yorkers finally enjoyed a taste of pre-pandemic pleasure.
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Insight
Letter from New York
The mood on the streets lifted as New York state governor Andrew Cuomo announced that phase two of the city’s reopening would begin on 22 June – a mere two weeks after the start of the first phase, which allowed little more than construction to resume.
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Insight
Letter from New York
New York City’s high-end real estate markets remain depressingly stalled. There’s modest life on the office front, but retail is dead in the water.
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Insight
Letter from New York
The first week of June was possibly the most heart-wrenching in New York City’s history. Bad and good news alternated without rhyme or reason.
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Insight
Letter from New York
The beleaguered commercial scene got an unexpected jolt of energy this week. To everyone’s surprise, TikTok signed for 237,000 sq ft of offices in Times Square – the ‘Crossroads of the World’ now devoid of tourists and just about any activity.
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Insight
Letter from New York
New York City mayor Bill de Blasio said on 21 May that “all roads” lead to partial reopening of stores and businesses by mid-June. It was an unexpected upbeat note amid the prevailing gloom.
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Insight
Letter from New York
The Big Apple’s devastated retail scene trembled even more with news that Nordstrom is to close 16 of its 116 full-line stores across the US and Neiman Marcus has filed for Chapter 11 bankruptcy.
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Insight
Letter from New York
New York governor Andrew Cuomo has announced a region-by-region, four-stage plan to reopen the state’s frozen economy, starting with industrial and manufacturing work on 15 May. Three upstate regions have the green light on that date.
