October 20, 2021
Real Estate

Big Tech is helping to save Manhattan’s real estate market

Google’s $2.1 billion deal to buy a Manhattan office building adds to the rapid growth of Silicon Alley, despite the growth of remote work and a decline in the New York office market.

Google is buying the former St. John’s Terminal on Manhattan’s West Side, expanding its footprint downtown. The company had been leasing the 1.3-million-square-foot building but exercised an option to buy the space. The price is the highest paid for a U.S. office building since 2018, according to commercial realtors.

It also signals the continued march of the Big Three tech firms into Manhattan, as the companies swallow up massive new buildings and entire neighborhoods to house a growing workforce. Google, Amazon and Facebook now have more than 8 million square feet of space in Manhattan, according to real estate experts. And that number is expected to continue to rise as the companies scout for more…

Read full article here: www.cnbc.com