SOURCE: Marks Paneth LLP

Marks Paneth LLP

January 21, 2015 10:00 ET

How's Mayor de Blasio Treating the Commercial Property Industry? Execs Are Confident About His Plans to Revitalize Midtown East

Nonetheless, Real Estate Executives Aren't Confident in the Mayor's Overall Support for Commercial Property Owners, According to Marks Paneth Survey of NY Commercial Real Estate Executives

NEW YORK, NY--(Marketwired - Jan 21, 2015) - How do New York commercial real estate executives feel about the de Blasio administration's evolving plans to revitalize Midtown East? They're optimistic, according to the results of the Fall 2014 Gotham Commercial Real Estate Monitor survey by accounting firm Marks Paneth.

After revising Mayor Bloomberg's initial plans for air rights sales, the de Blasio administration has begun negotiations with developers. Most commercial professionals (72 percent) say these talks have a good chance of re-establishing Midtown East as one of the city's most vibrant commercial areas. In fact, more than half (54 percent) think the talks will "probably" be enough to boost Midtown East, and 20 percent are even more confident -- they say the talks will "definitely" do the job.

But in the big picture, more than two-thirds (69 percent) think Mayor de Blasio is only doing a "fair" or "poor" job supporting the interests of Manhattan commercial property owners, according to the survey of 124 top-level New York real estate executives, including owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space. Fewer than one in five (17 percent) think he's done either an "excellent" or "good" job at supporting commercial property owners' interests

"In spite of initial poor marks, there is certainly a chance that the de Blasio administration will be able to win over more support from commercial property owners. The air rights negotiations could be central to that process," said William H. Jennings, Partner-in-Charge of the Real Estate Group at Marks Paneth.

To receive a copy of the Fall 2014 Marks Paneth Gotham Real Estate Monitor and/or to speak with a leader from Marks Paneth's Real Estate Group, please contact Katarina Wenk-Bodenmiller of Sommerfield Communications, Inc. at Katarina@sommerfield.com or 212-255-8386.

Methodology
The Gotham Commercial Real Estate Monitor from Marks Paneth represents the findings of a survey of commercial real estate professionals in the New York City market. The 124 professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents, and attorneys and accountants and other professionals specializing in the sector. The research employed self-administered questionnaires completed online and on paper by respondents. The list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of November 6 to December 1, 2014.

About Marks Paneth
Marks Paneth LLP is an accounting firm with over 500 people, of whom 65 are partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services, and energy clients. The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle.

The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth, whose origins date back to 1907, is the 33rd largest accounting firm in the nation and the 10th largest in the mid-Atlantic region. In addition, readers of the New York Law Journal rank Marks Paneth as one of the area's top three forensic accounting firms for the fifth year in a row.

Its headquarters are in Manhattan. Additional offices are in Washington, DC, Westchester, Long Island and the Cayman Islands. For more information, please visit www.markspaneth.com.

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