The Real Deal New York

NYC looking to trim real estate portfolio

December 15, 2010 08:33AM

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New York City has too much real estate — one million square feet too much, according to Deputy Mayor Stephen Goldsmith. “We have to look at where we own, where we lease, the air rights and development rights and look broadly to return as much as possible to the private sector,” Goldsmith told the executives of the Real Estate Board of New York yesterday. Possible places that he says can be downsized are the 50 data centers and 100 garages in the city. “We are in negotiations with two firms that would help the city the secure new leases, renegotiate existing leases, and consolidate space,” a spokesperson for the Mayor told the Post. In addition to trying to reduce the costs for various building permits, Goldsmith also said he is working to minimize the tension between the industry and the Department of Buildings. “Now 20 agencies have a part and no one is really in control,” he said. “It is agonizing for you and difficult to watch.” [Post, 1st item]

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