IT WAS A WEIRD YEAR — with material to piece together a blockbuster science-fiction flick and a compelling political drama. Those done, there would be enough left over for a sitcom and to bring a popular children’s book to the big screen. Green eggs and ham, anyone? But despite government shutdowns, the country’s largest municipal bankruptcy, exploding meteorites and a contentious New York mayoral election that has left some in the business community wary, commercial real estate seems poised for a star turn in 2014. Looking back, here’s how last year unfolded. Read More
Year in Real Estate
The United States banking system enters the new year on solid footing. While higher interest rates have weighed on residential mortgage activity, pulling bank revenues lower, other measures of performance show the sector drawing further away from the legacy of the financial crisis. Read More
Just when New York’s traditional geographic dividing lines were beginning to seem quaint, Hurricane Sandy made landfall and brought them back to light.
Downtown, which over the years had become harder and harder to distinguish from uptown, was plunged into darkness, sending the relatively young and vaguely creative well above 14th Street nosebleed territory in search of power. Only the Brooklyn side of the Williamsburg Bridge stayed illuminated, a stark metaphor for the borough’s slow transformation into a contender.
But in commercial real estate, boundaries continued to disappear. In January, Condé Nast expanded its 1.05-million-square-foot lease at 1 World Trade Center by 138,773 square feet, helping lower Manhattan shed its stodgy finance-centric reputation and prompting slight panic among the owners of Midtown media canteens like Michael’s.