Posted Jan 14, 2012, 11:39 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://www.crainsnewyork.com/article...TATE/120119936
City to ponder shot in arm for midtown east
The area that boasts 13 Fortune 500 companies, 250,000 jobs and 70 million square feet of office space
is also home to a lot of old buildings. The Department of City Planning will examine its market.
By Amanda Fung
January 13, 2012
Quote:
New York's Department of City Planning said Thursday it plans to embark on a new study that will examine commercial office market in midtown east, and whether it needs to be reinvigorated. The question is vitally important given the neighborhood's status as New York City's premiere commercial district. It is home to a quarter of a million jobs, no less than 13 Fortune 500 companies, and more than 70 million square feet of office space, according to the city.
Few new office buildings have been built over the last decade in midtown east, and some observers are concerned that existing regulations may be holding landlords back from making new investments in the area. Increasingly out-moded office space could cost the area its edge with tenants, especially the growing number of tech-driven outfits.
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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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