Ben Friedland, senior vice president at CBRE
From the June issue: As New York City real estate is to the country, the Plaza District seems to be to New York: The last to fall and the first to rise. In this month’s Q & A, The Real Deal talked to commercial brokers, analysts and building managers about the office district — one of the toniest commercial submarkets in Manhattan.
They said that while rents there declined by over 40 percent during the recession, they have shot up by as much as 32 percent in the last year, and the district is outperforming other high-profile commercial submarkets like Times Square in its recovery.
While rents are still far off from their peak and landlords are still offering concessions, the market has attracted headlines lately for how quickly it appears to be tightening — particularly on the high end. For more on which buildings are performing best, what kinds of concessions are being offered and where the bargains are, we turn to our panel of experts. Click here or on Ben Friedland’s image to see what he and other commercial real estate insiders had to say about the Plaza District.
