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As rental prices continue to soar in New York City, real estate developers have largely stopped construction of large-scale buildings potentially worsening the situation for non-homeowners.
LeChase Construction, based in Rochester, has been seeking a taxpayer grant – $260 million, according to two sources – to cover cost overruns, stating that it otherwise risks financial collapse.
The heart of New York is entering its most significant office construction drought in decades. The next wave of towers may not open until at least the early 2030s.
NEW YORK — The Manhattan office construction boom is over. Just three large office towers — of more than 500,000 square feet — are being built across New York City, with two expected to open in 2024 or 2025 and nothing else projected to go up for years. Normally, a handful of sites that size would be in various stages of construction, with at least one opening every year since 2018, according to JLL, a real estate services firm. Nearly 20 large office buildings that developers have proposed, inc