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Burymeincalamine t1_iutdfnu wrote

Reply to comment by myassholealt in Vornado pumps brakes on Gov. Kathy Hochul's Penn Station project by ShinyGodzilla

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

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well-that-was-fast t1_iuxsapj wrote

>>>But Evercore ISI analyst Steve Sakwa told Crain’s that Roth’s statement means the project is “certainly delayed” due to lack of office demand. “They won’t spend billions to build an empty building,” he said.

Presumably this means they don't think Class A occupancy will be back to normal for 3+ years.

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Burymeincalamine t1_iuxtvkl wrote

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

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well-that-was-fast t1_iuxv2lb wrote

It's hard for me to imagine Hudson Yards being full while buildings above Penn are unrentable. I know what I'd find more convenient. But I'm not a billion dollar developer.

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