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Industry “Optimistic” About Midtown East

NEW YORK CITY—New survey results show that the industry has faith in Mayor Bill de Blasio's negotiations with developers to create a plan, though CRE executives aren't that enamored of the administration's efforts on the whole.

By Rayna Katz | Updated on January 21, 2015

NEW YORK CITY—Commercial real estate executives are optimistic about Mayor Bill De Blasio‘s evolving plans to revitalize Midtown East, according to the results of the Fall 2014 Gotham Commercial Real Estate Monitor survey, conducted by accounting firm Marks Paneth.

After revising Mayor Bloomberg’s initial plan—which called for air rights sales—the de Blasio administration has begun negotiations with developers. Most commercial professionals (72%) say these talks have a good chance of re-establishing Midtown East as one of the city’s most vibrant commercial areas. In fact, more than half (54%) think the talks will “probably” be enough to boost Midtown East, and 20 % are even more confident—they say the talks will “definitely” do the job.

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