Soon to fade from view: the obituary on the west-facing wall of 5 St. Mark's Place that someone painted here in the summer of 2019 — RIP ST. MARK'S...
And while we're here, a progress check four blocks to the south... where 360 Bowery at Fourth Street recently topped off...
When the two buildings are complete, nearly 30 floors of office space will be added along the corridor.
On this topic... New York magazine's current cover story explores how commercial landlords are scrambling to stave off a real-estate apocalypse as developers try to downsize their office space, from the Financial District to Hudson Yards.
16 comments:
All of these greedy developers should be stripped of their money and exiled out of NYC
Just today found probably one of the first tags on that 5 Saint Marks west wall: some guy with an eyepatch.
There used to be a good view of the sunset from Avenue A & 4th Street. Now that ugly Bowery building blocks the view of the sky.
What is the point of these newer buildings in our communities to come together if a majority of businesses are either closing, downsizing, and/or offering their staff remote positions? I don't know the actual figures, but I think a large percentage of offices still remain vacant here in Manhattan. A few of my close friends, including myself, have not returned to the workspace since the pandemic unfolded, are allowed to work from home, and have no intention of returning. Unless this is allocated for housing or retail possibly, who on earth will be able to afford rent or even purchase space given the financial uncertainty and climate our society is in? Makes no sense. Not to mention an incredible waste of resources.
For better or worse, office buildings like these new buildings are leasing up quickly at high rates, which is what is driving continued interest... It's the run-down, old mid-block stuff that is having huge vacancy issues.
@July 24, 2023 at 11:28 AM
The most obvious real estate troll comment ever to appear on EVG.
Let me remind everyone who may have forgotten. Hudson Yards was "OUR" public land. It could have been another Sty Town, or anything other than a freebie to a billionaire developer is who great at building stuff nobody wants. Cartier and all the typical brands you would find in DuBai airport are the retail norm in HY. Ultimately this boils down to our corrupt political machine who's many elected officials only serve the interest of the ultra wealthy. Mayor Adams will be no better or different from DiBlasio, everything is for sale in this town.
Lol, sure…. Care to back that statement up with sources? If all four of the largest real estate developers in the city are trying to sell their portfolios, and at huge losses, to foreign speculators, I wouldn’t call that ‘continued interest’.
Most of those arrows are pointing directly at shiny new towers.
"The most obvious real estate troll comment ever to appear on EVG."
Correct. And there have been some real REBNY ones over the years here.
It is so odd to attack someone for sharing a reality of NYC that is relevant to developments like this. Simply Googling “Class A vs Class B office occupancy NYC” will give info on what is going on. It’s not someone trolling or trying to incite anger. Just trying to actual share some relevant info. Must be nice pretending you know everything about everything and constantly fighting straw men Nobel
What does class A vs B occupancy have to do with overall vacancy? You are ignoring the only stat that matters OVERALL VACANCY. No one is renting office space. No one is expanding. Keep dreaming.
How about converting all this space to residential?
The guy with the eyepatch is Jon Spacely. He was a neighborhood fixture. He starred in the movie Gringo. The mural was for the movie. Sadly, Spacely died of aids many years ago. He was a good guy. A bit sleazy but a good guy. And he played a mean harmonica.
How about converting all this space into a community garden
at 7:43 AM
My god. Just dig yourself deeper. Your A vs B argument absolutely irrelevant to to the issue.
7 Saint Mark's Place live my friend Jack Starr. (Captain Jack) R.I.P.
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