New York City has to build more housing to grow: Constructing new apartments is the only way to solve the problem
New York City is facing a worsening housing crisis. Decades of restrictive public policy including a regressive property tax system that discourages rental housing development, profligate landmarking, and onerous public approvals coupled with rising land and construction costs has resulted in lackluster housing production Simultaneously, New York has remained a beacon for talented and ambitious people. Population and jobs have grown at an enviable rate. The result is that demand far outstrips supply, driving up rents and creating housing scarcity. The city must build half a million new rental apartments by 2030 — and we are not even close to…
Date 2023-08-07
Author Douglas Durst
EMPIRE STATE DEVELOPMENT LEASES FIVE FULL FLOORS AT THE DURST ORGANIZATION’S 655 THIRD AVENUE TOTALING 117K SQUARE FEET
New York, NY (August 7, 2023) –The Durst Organization today announced that Empire State Development (ESD) has chosen 655 Third Avenue for its New York City headquarters. ESD, New York State’s economic development and financing agency, is taking five full floors of the building totaling 117,181 square feet, marking one of the largest new leases in Midtown this year “We are proud that Empire State Development has chosen 655 Third Avenue for its New York City headquarters. 655 Third Avenue has a prime location one block from Grand Central Terminal, offering unparalleled access to transit and convenience in New York…
Author The Durst Organization
Durst Signs State Agency To One Of Biggest Midtown Leases Of 2023
Empire State Development is leasing five full floors at Durst Organization’s 655 Third Ave. office tower, a major boost for the city’s muted office market The deal is for 117K SF, Durst announced in a press release. The economic development agency will take space on the second through sixth floors of the 30-story building. ESD's rent wasn't made public. It plans to move its New York City headquarters down the street from Rudder Property Group’s 633 Third Ave., where it leases roughly the same amount of space, a spokesperson said. "We are proud that Empire State Development has chosen 655…
Date 2023-08-07
Author Miriam Hall
Durst lands Empire State Development at 655 Third Avenue
A state office signed one of the biggest leases in Midtown Manhattan this year, inking a deal with the Durst Organization The Empire State Development Corporation — a prominent player in the battle for Penn Station’s future — signed a lease for 117,000 square feet at 655 Third Avenue, the New York Post reported. ESDC will be replacing Mitsubishi, which left for another Durst building. The lease for Empire State’s headquarters is one of the largest in the district this year. The agency will occupy five floors of the 30-story, 425,000-square-foot property. The asking rent for the space was $69…
Date 2023-08-07
Author Holden Walter-Warner
Durst Organization scores new Empire State Development HQ at 655 Third Ave
In another boost for the Durst Organization’s Third Avenue portfolio, the Empire State Development Corp. is moving its headquarters to 655 Third Ave The just-signed lease for 117,181 square feet might be Midtown’s largest new lease so far this year. ESDC will fill five full floors in the 30-story, 425,000 square-foot tower. The space was previously home to Mitsubishi, which moved to Durst’s 151 W. 42nd St., the former Four Times Square. The asking rent was $69 per square foot. The powerful state agency is leaving 633 Third Ave. where it has about the same amount of space. Once a…
Date 2023-08-06
Author Steve Cuozzo