Commercial Landlords Are Throwing “Lavish Parties” To Sell NYC Office SpaceZeroHedge News

Commercial Landlords Are Throwing “Lavish Parties” To Sell NYC Office Space

At this point, commercial landlords will likely try anything to keep people in office buildings in New York City.

As we have noted over the last 18 months, New York has suffered an exodus not only as a result of the pandemic, but also of the ensuing utopian policies of the ever-oblivious Bill de Blasio, who has helped usher in a new wave of high taxes and crime that have forced individuals and businesses to pick up shop and leave the city in favor of places like Florida and Texas. 

And so commercial landlords are now resorting to throwing “lavish parties” to try and get people interesting in city real estate, the NY Post reports, as Manhattan grapples with a record-high 18.7 percent office availability rate.

At one party at Marx Realty’s 545 Madison Ave. location, “a contortionist in gold leggings twisted herself into pretzel shapes.” Peking duck pancakes and vodka sno cones were even offered to those attending. Marx CEO Craig Deitelzweig told the Post that “People wanted to be together again” and that the party was full of “pent up energy and demand”. 

The Post noted that the party featured “abundant alcohol” – with developers perhaps trying their hand at how casinos make their money – get you hammered and then move in for the kill. 

JKS Events founder Janeen Saltman, who has planned similar events, said: “We once had incredible scotch-pairing carts wheeled around for a ‘Mad Men’-themed event.”

Additionally, the report notes that commercial real estate services and investment firm CBRE recently hosted a small party at 441 Ninth Ave. and landlord Joseph Moinian also threw a party at 3 Columbus Circle. CBRE tristate CEO Mary Ann Tighe offered up a bit of a more realistic take, stating: “As nice as broker parties are, what I like most are closing dinners.”

The parties cost between $50,000 to $100,000 to set up, but Deitelzweig says there’s no better way for people to “actually experience” the space up for lease.

Cushman & Wakefield dealmaker Tara Stacom was reminded of what doing business was like around 1500 Broadway in the 1980s. She said: “I had the idea of something for everybody. I asked everyone for their shoe sizes in advance. My team and I ended up handing out 800 pairs of Topsiders.”

“Business is booming well beyond the doomsayers. The recovery is already under way,” said CBRE global brokerage head Stephen B. Siegel.

Maybe if you keep repeating it, Stephen, it’ll come true. 

Tyler Durden
Sun, 07/11/2021 – 11:00Read More

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