Hunting for office space before the pandemic, executives at ad agency Wellcom Worldwide were dismayed to encounter asking rents of $90 per square foot a year in Manhattan, which wound up being a deal-breaker. The company landed in far-cheaper Dumbo instead.But now, with Manhattan prices still below pre-Covid levels at many addresses, the same executives recently calculated that breaking their Brooklyn lease at 175 Pearl St. and venturing across the East River made financial sense.“It’s a different world in Manhattan now,” said David Bridges, the global CEO of the company. Earlier this year Wellcom relocated to an older, unfussy site with limited bells and whistles and a blend-into-the-background feel: the Class B commercial building 16 Madison Square West. The rent at the property near Madison Square Park was not only about half what Bridges was seeing pre-Covid but even slightly lower than what his firm was paying in Dumbo. “A major correction has occurred,” he added.Wellcom is not alone. Legal industry-focused software startups, music talent agencies, coffee-machine vendors and other tenants that have been based in the outer boroughs for years are now noticing that Class B’s, differentiated from Class A properties because they’re not as new or as amenitized, are priced right, a major factor in their decision to move to Manhattan, according to brokers, landlords and company executives.Indeed, a small but steady stream of midsize firms is packing up and relocating to... Continue reading at 'Crains New York'
[ Crains New York | 2024-11-25 10:48:24 UTC ]
News tagged with:
#planning officials
#unfussy structures
#37th st
#39th st
#100% full
#$144 million
#real winners
#startup mode
#businesses scale
#major owner
#availability rate
#recent fans
#toured felt
#empty offices
#bounce back
#printing press
Written By: Charlotte Williams Publication Date: Thu, 07/04/2011 - 08:59 Tindal Street Press has acquired a debut novel after discovering the author at a writing festival. Editor Luke Brown bought world rights to Robyn directly from author Deborah Morgan. He discovered her work when judging a... Continue reading at The Bookseller
[ The Bookseller | 2011-04-07 00:00:00 UTC ]
More news stories like this | All news stories tagged with:
#book tells
#writing festival
Several years ago, when I was not a bookstore employee but merely a regular customer, I wrote up BookCourt, an independent bookstore in Brooklyn, for the Village Voice's Best of New York. My entry posited, though I had no evidence to support it, that single people claimed the bookstore was good... Continue reading at Slate
[ Slate | 2011-04-04 00:00:00 UTC ]
More news stories like this | All news stories tagged with:
#village voice
#finding love
#independent bookstore
Written By: Lisa Campbell Publication Date: Fri, 11/03/2011 - 08:50 Changing copyright laws in the UK could strike a blow to investment in literature, a report has found. PricewaterhouseCoopers LLP (PwC) has produced the document for the Copyright Licensing Agency (CLA), which reveals that out... Continue reading at The Bookseller
[ The Bookseller | 2011-03-11 00:00:00 UTC ]
More news stories like this | All news stories tagged with:
#report finds
Written By: Lisa Campbell Publication Date: Wed, 23/02/2011 - 17:51 Waterstone's has made 17 members of staff redundant from its head offices in Brentford and Solihull. read more Continue reading at The Bookseller
[ The Bookseller | 2011-02-23 00:00:00 UTC ]
More news stories like this | All news stories tagged with:
#staff redundant
Written By: Lisa Campbell The vice-president of the International Publishing Association's offices came under heavy attack from government forces in Egypt this afternoon. A reporter at the Al Shorouk newspaper, owned by IPA vice-president Ibrahim El Moallem, said she and her colleagues,... Continue reading at The Bookseller
[ The Bookseller | 2011-02-02 00:00:00 UTC ]
More news stories like this | All news stories tagged with:
#tahrir square
#lisa campbell
#ipa vice-president
In two acquisitions this month, Fry Communications, a leading publication printer, has added to the array of services it offers customers. Continue reading at Folio Magazine
[ Folio Magazine | 2011-01-27 00:00:00 UTC ]
More news stories like this | All news stories tagged with:
#offers customers
#fry communications
#publisher services