Empty Wall Street Tower Spotlights $5 Billion NYC Office Problem
- Older buildings face hurdles in New York’s battered market
- Landlords pursuing expensive projects to remain competitive
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Owners of older office buildings in Manhattan have an expensive problem.
With a record amount of space available in New York, including at the shiny new towers preferred by finance and technology companies, landlords of dated skyscrapers are in a tough spot, forced to plow cash into pricey renovations to stay competitive in a moribund market.