Office

The asset is two blocks from Grand Central Terminal.

Coworking spaces increased last year in both secondary and tertiary markets.

It follows a trend in New York.

Twice as many buildings traded in 2024 as the previous two years combined.

Asset values have stabilized, inflation has eased, and central banks are cutting rates which are emboldening real estate investors, according to Colliers’ latest Global Outlook report.

The 1,575-foot tall tower would feature office and hotel components.

Newer building supply peaked in 2022 but has declined 25% since then.

Third-tallest downtown tower, 73% occupied, donates six-month leases.