As evidenced by the recent GM building transaction, trophy properties in NYC are in demand right now, and we should see similar deals in the near future.
Employer medical benefits coverage, from a top-talent point of view, is not an issue. But it appears that the legislation that was forced through is a red herring.
There is a self-storage market out there for high-end objects, and one CEO has the foresight to keep his well above ground in anticipation of Sandy-like disasters.
For the revenue-starved federal government, one can predict a move to look at the legislation to find more tax revenues which doesn't bode well for any REIT.