Posted Aug 5, 2025, 5:21 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,619
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https://www.crainsnewyork.com/real-estat...mart-and-555-california-st-san-francisco
AARON ELSTEIN
August 5, 2025
Quote:
While Vornado looks to part with its Chicago and San Francisco buildings, it’s trying to bulk up further in New York, home to 90% of its portfolio. The firm hopes next spring to begin work on a 1.4 million square-foot office tower at 350 Park Ave. for financial firm Citadel. It recently finished the redevelopment of Penn 1 and Penn 2, at a cost of $1.2 billion, and last week Verizon Communications said it would relocate to the complex next to Penn Station from its longtime headquarters overlooking Bryant Park.
Roth said New York is “the single best market in the country by far” for office buildings and the numbers bear that out. New York’s office vacancy rate is 16%, according to JLL, better than any major city but not far below the city’s 17% record set in 1991.
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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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