As leases expire and workers stay home, already sky-high vacancy rates could go higher—and stay there. Some developers see an opportunity as competitors pull back.
The Empire State Building , completed in 1931, has seen 15 recessions. Jonathan Litt thinks the pandemic could be the event that makes a long-term dent in the building’s fortunes.
The hedge-fund manager is shorting the building’s publicly traded owner, Empire State Realty Trust Inc., according to a person familiar with the matter. He is among a small but growing group of investors who believe the Covid-19 pandemic will
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