In a sign of recovery in Manhattan, office real estate is once again drawing the interest of investors.
This month, real estate investment firm PXR announced the purchase of a 42-story, Class A skyscraper at 590 Madison Ave. for approximately $1.1 billion, the highest-priced deal since Alphabet paid $2.1 billion to acquire the 550 Washington St. building.
After a five-year slump, the New York office market appears to be coming back to life, amid tightening remote work rules by employers, which require employees to spend time in the office.
According to data compiled by Placer.ai in July, New York City and Miami have been leading the return-to-office trend, closing their post-pandemic office visit gaps. New York City’s office visits rose by 1.3 percent above July 2019 levels, while Miami’s visits were just 0.1 percent below….