modern York developers feel heat of...

modern York developers feel heat of a cooling office market

Since spring, office vacancy rates have been climbing like the hermes in New York City. Moreover, it is unlikely that fall will bring earnestly relief to developers and holders who are sweating out single of the city's worst real estate sink s in recent memory.

In April, downtown Manhattan's primary vacancy rate reached 159 percent its highest on a level in more than two decades. It has since risen to 166 percent according to real estate firm Cushman & Wakefield. The primary vacancy rate in midtown Manhattan, which hang abouted ...