Odd Lots
One New York Office Building Shows the Stress in the $20 Trillion Commercial Real Estate Market
WeWork and Macy’s and balloon payments, oh my!
A WeWork co-working office space in New York, US.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
1440 Broadway is a 25-story building at the corner of Broadway and 40th Street in Midtown Manhattan, not far from the bright lights of Times Square and the grubby dishevelment of the Port Authority Bus Terminal. Designed by Starrett & Van Vleck and completed in 1925, its brick and limestone facade is a prime example of classic New York architecture.
Today, 1440 Broadway is also emblematic of tensions in the $20 trillion market for US commercial real estate too.