Ghost Town: Office Buildings in New York
City Set New Record for Emptiness
Gateway Pundit,
by
Mike LaChance
Original Article
Posted By: Imright,
4/13/2024 5:56:29 AM
New York City has a serious and growing problem with empty office space. Between rising crime, high taxes, and the crazy rules of the pandemic a few years ago, people have fled the city in huge numbers.
Now the city is home to a record number of empty office buildings. The lack of revenue from these properties has got to be hurting the city’s bottom line and the policies of the current mayor are not helping.
Who would want to spend millions of dollars to open a new office in Manhattan right now?
The New York Post reports:
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Reply 1 - Posted by:
BirdsNest 4/13/2024 6:15:50 AM (No. 1698396)
Just wait til the illegals swarm these buildings and refuse to leave. Squatters
37 people like this.
Reply 2 - Posted by:
FJB 2022 23 24 4/13/2024 6:34:41 AM (No. 1698404)
And thanks to Letitia James it will only get worse, the "big apple" is rotting thanks to Bragg, James and all those leftists judges.
32 people like this.
Reply 3 - Posted by:
mobyclik 4/13/2024 6:42:50 AM (No. 1698409)
It just goes to further prove that tried and true statement: ''Liberals destroy everything they touch.''
38 people like this.
Reply 4 - Posted by:
andyboy 4/13/2024 6:48:54 AM (No. 1698411)
And yet residential apartments are in demand and getting ever more expensive. You'd think at least some owners would think to convert their commercial space into residential space.
13 people like this.
Reply 5 - Posted by:
Strike3 4/13/2024 7:28:08 AM (No. 1698430)
The people who run New York City are no smarter than the young criminals, homeless drug addicts and illegal aliens who are terrorizing their streets. It's all going to burn down one day soon. I hope Adams is not on vacation when it happens.
15 people like this.
Reply 6 - Posted by:
scottj 4/13/2024 7:34:13 AM (No. 1698433)
People are getting the hell out of hell.
23 people like this.
Reply 7 - Posted by:
Krause 4/13/2024 7:43:25 AM (No. 1698438)
The result of leftism, sanctuary City/State sanctimonious status, and soft-on-crime Soros DA's. Highly predictable.
23 people like this.
Reply 8 - Posted by:
Venturer 4/13/2024 7:48:31 AM (No. 1698446)
What business with the funds to be able to survive in new York would want to face the possibility of being screwed over and their business destroyed by Letitia James and Engoron and the rest of the Democrat cabal.
28 people like this.
More space to house all of their Migrants they so desperately want...
18 people like this.
Reply 10 - Posted by:
PostAway 4/13/2024 8:12:51 AM (No. 1698469)
It will be so much easier for this country’s enemies to move into and enjoy the infrastructure of NYC when most Americans have left.
14 people like this.
Reply 11 - Posted by:
NorthernDog 4/13/2024 8:50:16 AM (No. 1698498)
One big problem is NY passed a climate change bill that requires larger office buildings to be 'emission free'. The cost of complying with the law will be astronomical. Curiously, government owned buildings like public housing complexes are exempt.
18 people like this.
Reply 12 - Posted by:
chumley 4/13/2024 9:13:24 AM (No. 1698513)
If you have jobs, come here to the mountains. If all you have is a rude accent and an attitude, stay away.
11 people like this.
Reply 13 - Posted by:
Californian 4/13/2024 9:22:49 AM (No. 1698524)
They can house Joe's illegal alien voters in the abandoned office buildings.
10 people like this.
Reply 14 - Posted by:
southernboy 4/13/2024 10:03:17 AM (No. 1698555)
I always thought there would come a time when "natives"would be burning the furniture in skyscraper offices
for heat. I didn't expect it this soon!
11 people like this.
Reply 15 - Posted by:
DVC 4/13/2024 10:28:44 AM (No. 1698588)
Massive restructuring in the commercial real estate market is well under way. Buildings that were worth $100 million are now worth $30 million. And those commercial real estate investors, many of them big commercial banks, are taking a huge financial loss.
People working from home have made the long term assumptions about office space completely obsolete.
Personally, I think that productivity takes a massive drop with this work from home scam, and if I ran a business, I wouldn't have it. My bet is that people are between 50% and 80% as productive when working at home compared to working in an office.
14 people like this.
Reply 16 - Posted by:
Highlander 4/13/2024 11:16:36 AM (No. 1698641)
Letitia James officially is NY’s number one job killer.
9 people like this.
Reply 17 - Posted by:
LC Chihuahua 4/13/2024 11:17:43 AM (No. 1698643)
Welcome to the NYC wasteland. I recall the left coming up with the term 'food deserts' to denote areas that have no grocery stores. They should start classifying poverty zones. Everyone with money is gone. Once again, our government caused this.
8 people like this.
Reply 18 - Posted by:
Birddog 4/13/2024 11:37:28 AM (No. 1698652)
Trump was the one who has always taken under performing, low occupancy "landmark" buildings and made them profitable fully occupied palaces.
His signature tower at 40 Wall st, that Tish James covets, was mostly abandoned, full of trash, gutted floors, homeless squatters, drug dens...only ONE of 36 elevators functioning.
It was the home of Aaron Burrs Bank, then numerous other "Household name" companies both banking and Insurance. The Dept of the Navy and the US War Dept both held multiple floors daring WW2. Ferdinand and Imelda Marcos secretly bought the building in 1985(as well as several other NYC Towers)
Citicorp wrote the valuation of the building down to -$0- in 1993. Trump bought the leasehold in 1995 for...depending on who is telling the story... between $100,000 and $1 Million. By 1998 it was mostly renovated , upgraded and improved and occupancy was near 100%, pulling in $62.5 Million/yr in rents and the buildings valuation was over $400Million. Since the Dems media and court attacks on Trump once he left office the vacancy rate has gone up to 18%, the valuation plummeted...and the Duane Reade store that took several floors has closed due to robberies and shop lifting.
History repeatedly shows...the further Left the NYC Govt gets...the more vacancy rates rise, property values plummet, Tax revenues collapse.Crime rates soar.
9 people like this.
Reply 19 - Posted by:
mc squared 4/13/2024 12:13:44 PM (No. 1698667)
Confluence of issues: covid mandates made employees realize they no longer have to be in an office and employers don't need to pay the overhead.
Safety issues in the subways and elsewhere.
Building owners charge exorbitant sq/foot prices to cover their nut.
New $60 sur-charges for driving a vehicle south of 60th street.
Finally: As said to Jack Nicholson by his partner: 'Forget It Jake, It's New York'.
9 people like this.
Reply 20 - Posted by:
MickTurn 4/13/2024 12:36:50 PM (No. 1698675)
As empty as Leftist's Heads!
5 people like this.
Reply 21 - Posted by:
bighambone 4/13/2024 1:14:07 PM (No. 1698697)
Well the New York City leftist and socialist Democrats could convert each empty office building to living quarters for specific nationalities of illegal aliens. Like the Venezuelans would have one building and the Guatemalans could have another building and so on. Each building could fly the flag of the country where the illegal aliens are from so that the illegal aliens don’t get lost and try to enter the wrong building and living quarters of some other nationality of illegal aliens. The city could then place welfare offices on the first floor of each such building to meet all the illegal alien’s needs and wants, and to hand out debit cards to each illegal alien each month. As more and more illegal aliens arrive the city could convert more buildings. Then all could live happily ever after!
8 people like this.
Reply 22 - Posted by:
JimBob 4/13/2024 10:47:20 PM (No. 1698906)
It seems to me that a combination is at work that is destroying many large cities:
-High Cost
-High Crime
-Highly mobile (online) workforce.
When:
-the cost (taxes and regulation) is high and
-the danger from crime (soft-on-crime DA's & court system, 'no bail' laws so that Perps are out on the streets instead of being punished, such that it is dangerous to walk on the streets, it makes it undesirable to work in that location.
-add in an office workforce that is pretty much all online, and so can work from anywhere in the world, and the result is that those workers who can leave, DO leave..... and the criminals and the 'Gimme-Dats' take over.
At that point the city is in a bad situation. It appears that few, if any, have the political backbone to control the criminals, reduce the crime, and make the city a place that people WANT to come to, and so are WILLING to pay the high cost of working there.
As for me, I am tucked away in a nice quiet part of Flyover Country, where criminals are dealt with and the streets and roads are pretty safe. The population of productive people is growing, as people WANT to live here.
2 people like this.
Reply 23 - Posted by:
mifla 4/14/2024 4:56:06 AM (No. 1699003)
"Come to NYC and be taxed to death, regulated into bankruptcy, and hope your employees don't get killed travelling to work."
1 person likes this.
Reply 24 - Posted by:
Old Army Vet 4/14/2024 8:23:46 AM (No. 1699100)
It's only going to get worse as long as the morons are in charge.
0 people like this.
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