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Commercial Competition

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A dearth of commercial tenants and an abundance of vacant office space in Downtown Manhattan has property owners desperate for any possible new occupants. Bank of New York Mellon announced plans to sell its headquarters at 1 Wall Street and downsize, and now all landlords in the area are trying to woo BNY, which is considering 1 and 4 World Trade Centers, Brookfield Place, 85 Broad Street, and a few places in Jersey City. There are millions of square feet available, so this certainly won't be the last time these developers jockey for tenants. [NYT]

One Wall Street

1 Wall St, New York, NY 10005