The pandemic has created a vicious cycle in the ecosystem of New York’s business districts. Without workers in offices, stores in places like Midtown have struggled, which in turn has created bleak streetscapes that discourage some workers from coming back.
Whether the sector can bounce back like the residential market will become clearer in a couple of weeks, when a fresh batch of market reports will shed more light on activity.
In the meantime, landlords around Madison and Fifth avenues, near Central Park in the Plaza District, point to recent high-profile leases as signs of recovery, including one at the former Sony building, where a major renovation was
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