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$2.3B office tower breaks ground in New York City despite COVID-19 challenges

November 18, 2020


Despite the fact that Manhattan’s office towers remain 85% unoccupied, according to the New York Post, the One Madison Avenue development team is betting on a revival of the sector once COVID-19 has passed. The most likely tenants for the building will be technology, accounting, media, engineering and fintech firms, the Post said.

“I think 2023 is the perfect time to bring One Madison onto the market,” SL Green executive vice president and leasing director Steven Durels told the Post this week. “I think we’ll be past COVID and the economy will be in growth mode.”

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