Real estate salesmen, whether commercial or residential, hate to admit when there is a sale on, so kudos to New York Times reporter J. Alex Tarquino for his insightful story today about the gap between asking prices for A list commercial space in New York City and what you can get as a sublease.
Tarquino's analysis shows what commercial property in New York is like on the secondary market, cutting through the fog that developers and operators throw up to cover their reputations and protect the next deal.
The thoroughly sourced article deals with real estate brokers, lessors, owners of A list space on Park Avenue putting it up for rent and more.
Too many reporters take whatever numbers are put in front of them at face value and real estate is one area where that's a really bad idea.
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