The area went from a unsavory location which many avoided, Yoram Eliyahu explains, to a well-maintained popular locale. A 2012 study shows that the 13 buildings immediately surrounding Bryant Park had an astonishingly low 3.8% vacancy rate, when compared to the 11.5% vacancy rate in Midtown Manhattan. Eliyahu notes that the Bryant Park area was asking rents of about $78.29 per square foot, while Midtown was asking about $63.40 per square foot. With these numbers in mind, why is Midtown’s lower rent not attracting and keeping tenants?

Yoram Eliyahu points out that a shift in the mentality of New York’s commercial real estate world was needed to allow this change. Bryant Park’s location as compared to 42nd Street placed it in a less desirable area than the trendy buildings on the other side. It was only when real estate professionals realized the potential of the Bryant Park area that it began to change and grow.

Naturally, revitalizing an area or even a building takes work. Yoram Eliyahu can attest to the effort and funds required. He notes that the investment required by building owners can be major based upon the current conditions. Once a building or area has been renovated, it is up to real estate professionals and tenants to see the improvements and recognize the value, and be willing to lease. Yoram Eliyahu likes to use the success story of Bryant Park to illustrate how it is possible for a less than reputable area to be revitalized and recognized for tremendous worth.