The Real Deal New York

Many of New York City’s surrounding commercial real estate markets are struggling. Monmouth County, New Jersey, once busy with tech and pharmaceutical firms, is losing tenants and facing layoffs. In three years, an Army communications research center is scheduled to close, leaving 5,000 people unemployed. American Home Mortgage and clinical researcher PRA International have also faced down-sizing their companies, and moving out. In northern New Jersey, commercial sales transactions’ value fell 69 percent in the first quarter compared to a year ago, based on data from Real Capital Analytics. The drops were steep in other areas: 70 percent in Westchester County, 75 percent on Long Island and 83 percent in Stamford, Conn.