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New York

Affordable housing? RXR’s Pinsky warns of affordable office shortage

Ex-Economic Development boss says city to lose 15M square feet of class B and C work space

From left: Seth Pinsky and office space
From left: Seth Pinsky and office space

Mayor Bill de Blasio may be focused on building and preserving affordable housing, but Seth Pinsky, former president of the New York City Economic Development Council, believes too little attention has been paid to shoring up the city’s stock of affordable office space.

Earlier this year, an EDC report found that existing Class B and C office space in Gotham would be entirely filled by 2018.

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The city is set to lose approximately 15 million square feet of Class B and C office space in the coming years, Pinsky said at a panel hosted by ABS Partners Real Estate, as Real Estate Weekly reported. Pinsky, now an executive vice president with RXR Realty, warned that developers have been too focused on residential development and called on them to build more workspaces that are affordable for start-ups.

“There needs to be affordable office space for the small companies and start-ups we talk so much about attracting to the city,” Pinsky said.  “If we don’t have those jobs then the housing issue is irrelevant.” [REW] – Tom DiChristopher

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Class B Office SpaceOffice MarketSeth Pinsky