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Pinterest Inc. terminated its office lease for approximately 490,000 square feet to be constructed at 88 Bluxome St. near its current headquarters campus, which involved a one-time payment of $89.5 million.
The second quarter return is a "major reversal" from the negative 1% in the previous quarter and made for the second biggest swing in the past 94 quarters, according to Trepp.
Rents in New York have been dropping since the pandemic started. Last month they dropped another 1.1%, which means rents are down 3.3% when compared to last year, said Apartment List's latest New York rent report.