The Manhattan commercial real estate market has rebounded strongly, with some of its best buildings experiencing vacancy rates as low as 0-10%, defying predictions of decline due to remote work and high interest rates. This demand indicates a robust market for quality real estate, even amidst broader economic concerns.
In a contrasting narrative, the revitalization case of 28 Liberty St. showcases the potential for commercial space to thrive. Fosun Five Holdings transformed the former Chase Manhattan Plaza into a nearly full building, highlighting how effective management can elevate property value, contrary to the struggling Waldorf-Astoria, which remains closed due to ongoing construction issues.
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