Empty offices sit above empty retail stores on Broadway in downtown Manhattan.
As commercial real estate continues to lie vacant around the U.S., it may contribute to a vicious economic cycle that reshapes our cities.
Adam Johnson enjoys going into the office. It helps that he works in one of the nicest buildings in Midtown Manhattan: a 35-story art deco high-rise at the corner of 58th Street and Fifth Avenue, overlooking Central Park and the Plaza Hotel.
Johnson’s a stock picker — he writes an investment newsletter called Bullseye Brief — and, ostensibly, he shares the sixth floor with a real estate showroom and an assortment of hedge funds. They all left months ago.
“I am the only person who’s been coming in here since April 1st,” he says.