Neighboring Improvements Increase Future Value
Recently, the significant public and private funding in the Penn Plaza submarket has shifted attention to the west side of Manhattan. The area has become a hotbed for office development and investment, and has emerged as the location of choice for many tenants seeking to relocate within Manhattan. Institutional owners and investors within the Penn Plaza submarket have devoted significant capital to their assets in recent years, demonstrating their commitment to the submarket and their belief in improving market conditions going forward. The future value of 20 West 33rd Street will increase due to its proximity to the neighboring improvements.