In an article that appears in this week’s edition of Real Estate Weekly (but is not available online), Stephen Pozycki, head of New Jersey-based SJP Properties, discusses the state of the New York City commercial real estate market in light of the recent U.S. economic woes. SJP, as you may recall, is building the speculative, LEED Silver 11 Times Square at the corner of 42nd Street and 8th Avenue (just across the street from the New York Times Tower). Last fall, we discussed the project in the context of the subprime lending meltdown and what it might mean for green building generally. Pozycki told Real Estate Weekly that he expects the tower to be half-filled with tenants by summer and that “[t]here’s just not many of these new green buildings that are being built in the city.” He noted the lack of available space in new green towers from the Times, Hearst, Bank of America, and also pointed to Boston Properties’ plans for a LEED Gold building, targeted specifically for law firms, at West 55th Street.
February 6th, 2008 | Stephen Del Percio | 3 comments | Continued