Wall Street banks help fill the iconic skyscrapers and commercial buildings that people all over the world associate with New York City.And, of course, Wall Street’s seen better days. The Post sat down with Larry Silverstein, famed commercial real estate mogul, and other players in the industry to talk about how these dark days are effecting their bottom line.
Silverstein said that the Street was definitely worried about the Presidential election, and while most would obviously prefer a Republican win in November, it’s really the uncertainty of it all that’s hurting his business.
Wall Streeters are “holding back and waiting to see what happens tomorrow,” the developer of 4 World Trade centre told The Post. He said that it isn’t just politics, and that the Euro Crisis is also to blame but, “You can have a totally new picture at the beginning of 2013.”
Despite the fact that leasing for the first two months this year was 40 per cent off last year’s figure for the same period, there is an upside says Ken McCarthy, a managing director at firm Cushman Wakefield.
McCarthy saw a silver lining. Although banks continue to shed jobs, he said the “regulatory environment requires people who know how to navigate it,” and so law, accounting and consulting firms are ramping up — to the tune of 32,000 new hires in the city last year.