New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 5.3 % vacant to 5.2 % vacant
- Total New York City Office vacancy decreased from 5.4 % vacant to 5.3 % vacant
Developer Larry Silverstein seeks $12.3 billion in damages from the destruction of the World Trade Center. The $12.3 billion amount of the lawsuit had not been known until now and is by far the biggest of any litigant. The claims total about $23 billion. Silverstein is seeking $8.4 billion for the destroyed buildings, $100 million a year in rent to the Port Authority and $300 million a year in lost rental income, along with the cost of marketing and leasing the new buildings.