OT: Empty apartments in Manhattan reach record high, topping 13,000

[T2Kplus10]

Most of these folks will not return. Many businesses are heading out of the city as well. Should be interesting for those that "work" in NYC. Are you guys going back in? Will your company let you WFH in the future? Just curious.

https://www.cnbc.com/2020/08/13/empty-apartments-in-manhattan-reach-record-high-topping-13000.html

 

[ru66]

how do you know that most will not return --are you a psychic?

 

[jay_hq]

No one will return to London after the great fire of London they said. No one will return there after the flu of 1918 they said.

How’s the housing market in London these days???

 

[ru66]

by the way, there's hope---https://nypost.com/2020/08/12/newcomers-boosting-nycs-real-estate-market-amid-covid-19/

 

[Caliknight]

Moving data out of NYC has sky rocketed.

 

[Joey Bacala]

ru66 - You don't need to be a psychic. Most big corporations employing large office staff have delayed return to the office until Jan 1 and at least one very large bank's return to work only contemplates 50% of the workforce EVER coming back into the office on a full time basis if at all. Work from home is not always optimal but many companies, mine included, have experienced productivity on par with the office. There are kinks to be worked out for sure - burnout, difficulty separating work life from home life, etc., but there won't ever be a full return to what we knew as work prior the pandemic. So why pay the rent of NYC (company or residential) if you don't need to be there. This one is going to take a long time to work itself out, real estate all over is going to be in for a long grind.

 

[T2Kplus10]

ru66 - You don't need to be a psychic. Most big corporations employing large office staff have delayed return to the office until Jan 1 and at least one very large bank's return to work only contemplates 50% of the workforce EVER coming back into the office on a full time basis if at all. Work from home is not always optimal but many companies, mine included, have experienced productivity on par with the office. There are kinks to be worked out for sure - burnout, difficulty separating work life from home life, etc., but there won't ever be a full return to what we knew as work prior the pandemic. So why pay the rent of NYC (company or residential) if you don't need to be there. This one is going to take a long time to work itself out, real estate all over is going to be in for a long grind.

+1
Good post. As you mentioned, even some Wall Street firms are decreasing their NYC onsite work force. Not a good sign. Companies are learning that you don't need everyone in the office all of the time. Look for tenants to cut back on square footage in the near future.

 

[mdk01]

Is it temporary? Is it permanent? Nobody really knows. But one thing that's beyond a shadow of a doubt, those who have been saying everything is just peachy keen are delusional.

 

[RocktheRac]

Once the leases are up for some companies they will not renew. Its cheaper by working at home.

 

[mdk01]

Once the leases are up for some companies they will not renew. Its cheaper by working at home.

I wouldn't at all be surprised if they keep space but downsize from what they currently have.

 

[Caliknight]

Guv Boombatts was literally begging people to come back. He sees the writing on the wall. Something similar is happening in Ca., though those people are being replaced by low skilled illegal aliens and the like. 4,000 people pay over 90% of the taxes here. It doesn’t take that many people leaving to have huge negative impact on tax rakes. And that is happening. When one place loses another wins. Montana, Idaho, Arizona to name a few. Texas of course has been the big winner in all of this. Their Gov going on a selling tour was genius.

 

[Proud NJ Sports Fan]

https://www.foxbusiness.com/economy/new-york-last-in-nation-economic-outlook-report

 

[Proud NJ Sports Fan]

Moving data out of NYC has sky rocketed.

New York Shitty again, just like with Dinkins, thanks de Blowzio

 

[rutgersal]

Once the leases are up for some companies they will not renew. Its cheaper by working at home.

companies sign long term leases, like 10 and 20 years, and would have to pay hefty damages to get out of them.

 

[chrisru99]

All of you guys should venture over to the Main Board. You never have to worry about anyone shutting down the thread and you can be as political as you want. Only negative for some of you may be that there are some talented people there that can find your true identity if you annoy them with BS. Very southern heavy posters and very conservative. You can also invite them to your very popular “other board” that so many of you frequent that you no longer need this board because it sucks. Please go check it out please. You can troll everyone there and no one gets mad.

 

[Caliknight]

companies sign long term leases, like 10 and 20 years, and would have to pay hefty damages to get out of them.

Not if some of the bills pass into law like those being considered in Ca.

 

[King of S]

Just lower the rent and it will fill up in weeks.

 

[Caliknight]

How can you lower rent when taxes are going up?

 

[mdk01]

companies sign long term leases, like 10 and 20 years, and would have to pay hefty damages to get out of them.

But how many of them are coming up for renewal in the next few years? They all weren't signed in 2019.

 

[BROTHERSKINNY]

companies sign long term leases, like 10 and 20 years, and would have to pay hefty damages to get out of them.

Rutgersal, You should have gotten a month to month lease in a few more months you will be able to find a luxury apartment for cheap.

 

[T2Kplus10]

Once the leases are up for some companies they will not renew. Its cheaper by working at home.

They will not renew or significantly shrink their space. Either option is bad news for NYC.

 

[T2Kplus10]

Guv Boombatts was literally begging people to come back. He sees the writing on the wall. Something similar is happening in Ca., though those people are being replaced by low skilled illegal aliens and the like. 4,000 people pay over 90% of the taxes here. It doesn’t take that many people leaving to have huge negative impact on tax rakes. And that is happening. When one place loses another wins. Montana, Idaho, Arizona to name a few. Texas of course has been the big winner in all of this. Their Gov going on a selling tour was genius.

+1
You are right, he was literally begging people to come back.

 

[MrsScrew]

the high end market is really hurting. My brother is quoted in this Bloomberg article. He was also just interviewed by some Television Tokyo about the Manhattan rental market about rentals in Manhattan.

https://www.bloomberg.com/news/arti...BflIAtbXJgT6hLkeTJaXYgeEO5hciJmX4xYylg0tOe1Us

 

[REDRICH65]

Used to like to visit NYC, but would never live or work there, especially now with the spike in crime and looting. Worse than Dinkins or Lindsey admins. Same with Chicago where I once did live.

 

[patk89]

We have the option to return to the office after Labor Day. Not many taking that option including myself. The commute in on the train is still dangerous and the lunch options in midtown are still very limited. Why risk going back at this point? I would go if required but thankfully that is not the case at this point.

 

[RUinBoston]

Most of these folks will not return. Many businesses are heading out of the city as well. Should be interesting for those that "work" in NYC. Are you guys going back in? Will your company let you WFH in the future? Just curious.

https://www.cnbc.com/2020/08/13/empty-apartments-in-manhattan-reach-record-high-topping-13000.html

One of my biggest regrets is not buying a place in lower Manhattan after 9/11. You could get a million dollar place for 500K Plus the city was offering free financing. Just couldn't scrape together the bucks at the time.

 

[MYHATINTHERING]

the big concern is the spread of the political ideology. I'd rather they all stay in NYC then move elsewhere. I know some left moderates that are moving and due to politics and decaying nature of the city. I think people will go back but it's going to a much different city.

 

[ashokan]

The genius city killers get another notch in their belt. Everything they touch...

 

[Caliknight]

the big concern is the spread of the political ideology. I'd rather they all stay in NYC then move elsewhere. I know some left moderates that are moving and due to politics and decaying nature of the city. I think people will go back but it's going to a much different city.

Texas is concerned about this. Newbies need to understand the reason they moved there in the first place was because of of the type they were voting inviting change in the first place and not do that again.

 

[T2Kplus10]

We have the option to return to the office after Labor Day. Not many taking that option including myself. The commute in on the train is still dangerous and the lunch options in midtown are still very limited. Why risk going back at this point? I would go if required but thankfully that is not the case at this point.

Mass transportation was likely the driving cause of spreading the virus in NYC and NJ.

 

[mdk01]

Can somebody do me a favor and post that picture of Kevin Bacon from Animal House:

"Remain calm. All is well."

All we need to add is "Everything is peachy keen"

 

[goru1869]

No one will return to London after the great fire of London they said. No one will return there after the flu of 1918 they said.

How’s the housing market in London these days???

I personally have not been to London to check out the housing market there as I am sure most people here have not. Please tell us how it is doing . Thanks in advance.

 

[Proud NJ Sports Fan]

Mass transportation was likely the driving cause of spreading the virus in NYC and NJ.

And MurphTard didn't do a damn thing with trains and busses

 

[Caliknight]

I personally have not been to London to check out the housing market there as I am sure most people here have not. Please tell us how it is doing . Thanks in advance.

Who said no one would return in 1918 and how long did it take to become viable? I’d like to see that data.

 

[Proud NJ Sports Fan]

Used to like to visit NYC, but would never live or work there, especially now with the spike in crime and looting. Worse than Dinkins or Lindsey admins. Same with Chicago where I once did live.

The cretins are lighting people on fire, literally, in NYC.

AVOID

 

[goru1869]

how do you know that most will not return --are you a psychic?

Maybe he is , just like the people who claimed 3 million people would drop dead from the virus. Just sayin, ya know.

 

[RUfromSoCal?]

talk about white privilege...

 

[RUBlueLot]

I’ve been going in two days a week for the last three weeks.

NJ transit trains are great - I have the whole car to
Myself and can walk right up to street level and grab a cab.

I heard subways are empty so might be doing that soon

After Labor Day it’s full opening. Hopefully more restaurants open because it seems only Mediterranean options in my area.

Go Knights

 

[BROTHERSKINNY]

We have the option to return to the office after Labor Day. Not many taking that option including myself. The commute in on the train is still dangerous and the lunch options in midtown are still very limited. Why risk going back at this point? I would go if required but thankfully that is not the case at this point.

Are you still paying the NYC and NYS income tax? What do you think about that, assuming you live outside NYC or NYS?

 

[MrsScrew]

Mass transportation was likely the driving cause of spreading the virus in NYC and NJ.

the daughter of a friend of mine lives in Brooklyn and works at Misi a James Beard award restaurant. The owner had all the employees promise they would not take mass transportation in order to avoid Covid and bring it into her restaurant.