Another NYC Project Delayed as Recession Continues to Hammer Office Sector
February 9th, 2009
Just days after news broke that Manhattan’s $1 billion Hudson Yards project would be delayed, another major development in the city has been put on hold as a result of the economy’s continuing struggles. Boston Properties Inc.’s $980 million 250 West 55th St. saw one of its major planned tenants scrap plans to relocate to the 1 million-square-foot tower, forcing the developer to suspend construction. The delays are two of the most visible signs yet of just how much the office market has been battered by the recession, which is eroding tenant demand and limiting financing options for owners.Entry Filed under: News
Leave a Comment
Some HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>
Subscribe to the comments via RSS Feed