Industry Insiders See Increased NYC Activity

NEW YORK CITY-Leasing activity on all fronts has been picking up of late. Industry experts gathered at the Rainbow Room for the first USI New York City Roundtable titled, “Lessons from the Downturn, Planning for the Future” discussed topics including Liberty Bonds, the World Trade Center rebuilding process and Times Square development.

“We have 125,000 sf leases coming in the next 10 days,” said William Macklowe, president of Macklowe Properties, Macklowe’s company made history earlier this summer with the record-breaking $1.4 billion winning bid for the GM Building. He anticipates that leases in that property will remain in the $120 to $125 per sf range. “And deals are taking less time to close,” he added.

And even on the residential front, things are picking up. Barbara Corcoran of the Corcoran Group noted that the “floodgates have opened” and properties, some that have been on the market for months, are now under contract. “We don’t have enough product,” she said.