New York CRE – “Manhattan Is Tilting South and West”

“A combination of strong tenant demand in Midtown South, and new development projects on the West Side, is geographically shifting the focus of the Manhattan leasing market to the South and West,” says Citi’s recent review paper on the New York office space market, quoting Vornado Realty Trust (NYSE:VNO) Chairman and CEO Steve Roth. Time Warner’s landmark deal Thursday, Time Warner Inc (NYSE:TWX) announced plans to relocate its HQ to a new tower in the Hudson Yards project being constructed by developer Stephen Ross-owned Related Companies in the West Side of Manhattan. Said to be the largest real estate project…