Real estate prices in Manhattan are skyrocketing, especially in areas that have been historically low-income. The Metropolitan Transit Authority, which owns much of the land for the subway system, is building luxury apartments in Upper East Side neighborhoods that were once home to subsidized housing.
Commercial real estate in the city is also trending up, with prices over $100 per square foot. One reason cited for the increase is the changes to tax law enacted during President George W. Bush’s administration.
Companies are instead offering tax incentives for their employees to move out of Manhattan and into newly built commercial properties elsewhere in New York state or even outside of New York City altogether.
The article identifies three major trends that are affecting commercial real estate in New York City. First, the tax benefits passed under President Bush are encouraging corporations to offer incentives for their employees to move to new properties outside of Manhattan.
Second, non-profit organizations are selling their Manhattan properties and relocating elsewhere in New York State or out of New York City altogether.
Third, the MTA is building luxury apartments on top of some subway stations where historically there were low-income housing projects.
Disclaimer: The contents of this site, such as text, graphics, images, and other materials contained on the page are for general information purposes only. This article is not a substitute for professional advice on the topics mentioned. This article does not create any form of offers to any legal or professional service. The site assumes no responsibility for errors or omissions in the contents. In no event shall the site be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action to follow the content, negligence or other tort, arising out of the use of the contents of the article. The blog reserves the right to make additions, deletions, or modifications to the contents at any time without prior notice. The site does not warrant that the site is free of viruses or other harmful components. It may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other author, agency, organization, employer or company, including the site itself. It also does not provide professional advice, diagnosis, treatment or any legal service. The site does not endorse official procedures, legal actions or qualified services and the use of its contents are solely at your own risk.