| No one cries for the commercial landlord, whose checkbooks (and egos) were built on owning the skyline. But, in this week’s cover story, Andrew Rice gets one of them to open his books, and the results are fascinating: RXR’s Scott Rechler details his “Project Kodak” experiment, in which he reviews all the buildings in his portfolio to decide which to keep, which to renovate, and which are worthless. He’s already given one back to the bank. Why does this matter to you? “If you are a New Yorker,” Andrew writes, “you have a great deal at stake in the market, because of the enormous public revenue offices generate — 21 percent of the city’s property-tax levy — money that goes to pay for the city’s schools, public housing, fire trucks, pensions, parks, and everything that makes life in New York tolerable.” Buckle up for this lucid look at looming office doom. |
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