Posted Feb 12, 2025, 3:43 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,206
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Meanwhile, Roth is always talking...
https://www.crainsnewyork.com/real-e...ome-scare-over
Vornado declares work-from-home threat is over
Aaron Elstein
Feb 11, 2025
Quote:
An emboldened Roth predicted demand for prime Manhattan office space will only grow.
“We expect rents to go up significantly next year,” Roth said. “Dare I use the word ‘spike.’”
Roth is one of the few developers in the city who seems likely to build a new tower any time soon. He has teamed up with Rudin Management to develop a new building for investment firm Citadel at 350 Park Ave. He predicted high construction costs and elevated interest rates would prevent rivals from building new. Office rents would have to rise to about $200 per square foot to justify the cost of building, he said, which is about double the market rate for space in most Manhattan office towers.
If Roth is right, it would be grim news for rivals including BXP, which hopes to develop a new tower at 343 Madison Ave., and RXR Realty, which wants to build a supertall at 175 Park Ave.
When an analyst on Tuesday’s call asked how many projects like that could break ground soon, Roth proclaimed: “None.”
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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