News for hackers. Stuff that matters.

A comment on Almost 90 percent of NYC bars and restaurants couldn’t pay August rent. Parent comment

Re:Almost 90 percent of NYC bars and restaurants couldn’t pa... by TuringNYC on Tuesday September 22, 2020 @01:21AM (#24551128)
I always found it curious how large employers in Manhattan would be moving out because the rent was too high.

Simultaneously buildings would be converting into condos because they were unable to fill vacant commercial space. As an example, two buildings where I worked had this happen: 70 Pine Street (AIG) and 75 Wall Street(JPMorgan.)

Doesnt the market meet somewhere in the middle?

[ Parent | on HN ]
Re:Almost 90 percent of NYC bars and restaurants couldn’t pa... by nickff on Tuesday September 22, 2020 @03:00AM (#24551714)
I am not sure about NYC, but commercial property taxes are usually very high, and borne by the tenants; this may be a factor in the employers moving out.
[ Parent | on HN ]