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Facebook mulls a move to historic Midtown post office building

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Plus, how homeless shelters affect property values—and more intel in today’s New York Minute news roundup

Max Touhey

Good morning, and welcome to New York Minute, a new roundup of the New York City news you need to know about today. Send stories you think should be included to

Facebook mulls a move to a Midtown post office

The office space within the soon-to-be Moynihan Train Hall could get one very prominent occupant: The New York Post reports that the tech giant is “in talks” to lease all of the planned office space within the train complex. That would encompass some 740,000 square feet built on top of and within the historic James A. Farley Post Office.

Earlier this summer, Crain’s reported that Facebook was eyeing space within 50 Hudson Yards, the Norman Foster-designed tower rising at 34th Street and Tenth Avenue. The Post’s sources say that the lease at the post office building would be in addition to the Hudson Yards one, creating one giant (if slightly disconnected) Facebook campus in Midtown West.

Facebook currently leases close to 700,000 square feet of space within 770 Broadway, the former Wanamaker Department Store building that’s part of the Noho Historic District.

How do homeless shelters affect property values?

A new report from the NYC Independent Budget Office looked at the impact homeless shelters have on property values in NYC neighborhoods, and found a correlation between proximity to a shelter and slightly lower property values. As the IBO puts it:

[R]esidences located within 500 feet of an adult shelter sell for an estimated 7.1 percent less than comparable residences sold at a comparable point in time located 500 feet to 1,000 feet from shelters; properties located within 500 feet of a shelter for families with children sell for an estimated 6.4 percent less, all else being equal.

The de Blasio administration’s Turning the Tide on Homelessness plan calls for adding 90 shelters throughout the city (but has only added about 25 so far), and in many areas, the proposed shelters have faced fierce pushback.

And in other news…