Names like Goldman Sachs and BlackRock have been on the speed dials of New York landlords, who are reportedly reaching out to the businesses begging them to get back to work and, in turn, save the city's economy. The landlords have formed a "loose coalition" according to a new report by Bloomberg.
The group includes RXR Realty's Scott Rechler, Rudin Management's William Rudin and Marc Holliday of SL Green Realty. These landlords, facing a catastrophic collapse in the price of commercial real estate, argue that it's safe to return to work and that most NYC businesses simply can't survive a shutdown much longer. Some are even calling it the "patriotic" thing to do.
So far, the reception hasn't been overwhelming. And with every day that passes, it becomes a tougher sell. As businesses close up, there becomes less reason to return to work. As a result, landlords could see a major demand drought and prices could crater.