The State of Commercial Real Estate in Manhattan (in photos)
Over the past few weeks I’ve noticed an increase in commercial real estate vacancies around Manhattan, especially ground level retail. Tonight on my walk, I took some photos around Flatiron, NoMad, and Union Square. A few of these places were vacant before the virus came around, such as the Belgian beer spot.
I have a short position on REM with the expectation that real estate (especially commercial real estate) is in for a big price correction. Carl Icahn has also talked about this.
As they say, a picture’s worth a thousand words.