Commercial real estate owners are in a ‘world of hurt’ in New York City.
If they stay, they will face low occupancy and non-paying tenants.
If they sell, they face taking a loss on the property.
Adding to their woes is the increase of number of ‘work-from-home’ businesses who no longer need to rent office space.
And another woe is the use of ZOOM to bring together out-of-town workers for a meeting instead of having the workers fly into NYC for a face-to-face meeting and stay at a fancy hotel nearby the office.
Better to cut losses and get the hell out with small losses rather than ride it down to nothing...Commie hellholes NEVER get better. Ask the people from East Germany or the folks from Havana...
A “LOSS” IS A “TAX” ISSUE
STAYING ALIVE IS A “NOW” ISSUE
After writing my doom prediction for NYC commercial real estate owners, here may be one bright spot.
Make NYC the Artificial Intelligence Capital of the World.
This would start by Trump converting the Trump Tower to a facility with thousands of computers and servers on each floor.