Sunday, December 13, 2020

Re-imagining post COVID-19: "Midtown Is Reeling. Should Its Offices Become Apartments?"

From the New York Times, an article of interest for Franklin:
"The pandemic is pummeling New York City’s commercial real estate industry, one of its main economic engines, threatening the future of the nation’s largest business districts as well as the city’s finances.

The damage caused by the emptying of office towers and the permanent closure of many stores is far more significant than many experts had predicted early in the crisis.

The powerful real estate industry is so concerned that the shifts in workplace culture caused by the outbreak will become long-lasting that it is promoting a striking proposal: to turn more than one million square feet of Manhattan office space into housing."

Continue reading the article online (subscription may be required)

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