Sorry not directed at you!

From an urban planning perspective, you should build office towers close to mass transit hubs (which would also lower housing needs and congestion within the city) and convert the near-empty older office buildings (or their plots) that are further away for residential use

New office space gets snapped up quickly. Banks, consulting, and law firms are pretty much back in the office full time and the towers in Hudson yards are full every day. Not sure where this sub gets their info that offices are dead. Old crusty offices, sure, but prime space gets leased before the buildings are even finished

There is no reason to convert the buildings near Penn station into apartments…you should keep the huge office buildings close to mass transit centers and convert buildings in more isolated areas into residential housing

What? That doesn’t fall under the remit of any finance person though? Lol

Maybe. Or every big firm has recently signed a long lease over at Hudson yards or another new shiny building (one Vanderbilt, etc) recently — all of which are like 100% lessed — and maybe they haven’t seen much interest in their upcoming penn hotel replacement

The types of tenants that occupy these buildings (banks, law firms, consulting firms, tech) are back in the office for front office teams - banks 5 days a week, and the others 3+ days a week. Just because average companies have gone remote doesn’t mean that anchor trophy tenants have also.

Roth is BFF status with Trump but donated heftily to Hochul’s campaign so that he could finagle this Penn Station deal. Now that she is looking iffy, he’s reeling it back and waiting probably

It doesn’t take a billionaire multiple rate increases to “smell a recession”, and real estate developers who are flush with cash do not pause bottoms up new builds that take many, many years for cyclical events. Either they have run out of cash flow or this is election-driven

Housing can’t go up everywhere. There are zoning regulations, etc.

New office buildings are not the worst thing in the world either and Class A is certainly not ‘sitting empty’ — look at Hudson Yards. It’s the older buildings that are tenantless, but there’s an opportunity there to convert or raze those into residential like they did in Fidi.

Anyway, they are pulling out using soft wording because it’s not as clear 100% anymore if Hochul is going to stay put. It is pretty obvious.

Because anyone actually working in finance already knows what the general pay range is

I don’t think you understand my point?

A ‘young professional’ is someone sub-40 in a white collar job, not a Zoomer living beyond their means.