Brick & Mortar Meltdown Manhattan Style: Lenders Foreclose on Times Square Tower whose Six Retail Floors are 90% Vacant

Another sign the US real estate bubble is about to pop.

AGR Daily News

Brick & Mortar Meltdown Manhattan Style: Lenders Foreclose on Times Square Tower whose Six Retail Floors are 90% Vacant | Wolf Street

Brick & mortar retail in the Times Square Bowtie area (Broadway and Seventh Avenue, and West 42nd to West 47th Streets) has been among the worst hit, in the already hard-hit Manhattan retail scene. According to Cushman & Wakefield, the vacant retail availability rates for direct and sublease space jumped from 22% in Q3 2018 to 31.1% in Q3 2019, “its highest point historically.”

According to the Real Estate Board of New York, in this area of Midtown, average asking rent plunged 49% from $3,683 per square foot per year in the first half of 2015 to $1,889 in the second half of 2019:

via Brick & Mortar Meltdown Manhattan Style: Lenders Foreclose on Times Square Tower whose Six Retail Floors are 90% Vacant | Wolf Street

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6 thoughts on “Brick & Mortar Meltdown Manhattan Style: Lenders Foreclose on Times Square Tower whose Six Retail Floors are 90% Vacant

  1. “Another sign the US real estate bubble is about to pop.” Not on your life: fake news! Fake news! The President is firmly at the helm making America great again! Nothing can go wrong, nothing will go wrong and if something does it will be the fault of the Democrats preventing the great one from governing as he sees fit with their impeachment conspiracy theories. So let’s get the story, sorry, tweet, straight, shall we?

    Liked by 1 person

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