Downturn Means Creative Approach to Tenancy

NEW YORK CITY-State Department of Labor employment figures released late last week showed mixed results for the city’s financial services sector. On balance, the sector had a net loss of 300 jobs during August, with gains in real estate employment offset by losses in the banking, securities and insurance industries; year to date, the tally for securities alone has been 4,000 layoffs. Given these kinds of numbers for bedrock employment sectors, now may be an opportune time to look at areas of future growth, such as the city’s creative community, which serves as a magnet for employers and residents as well as the artists themselves.

Taking such a look will be a panel convening on Monday morning at the new headquarters of Grey Advertising, L&L Holding Co.’s 200 Fifth Ave. Experts including Mary Ann Tighe, CEO of the New York tristate region for CB Richard Ellis and chairman of the Real Estate Board of New York; Seth Pinsky, president of the New York City Economic Development Corp.; Eric Gural, executive managing director of Newmark Knight Frank; and Sam Miller, president of the Lower Manhattan Cultural Council, will discuss whether the current market represents a unique opportunity to address the serious space needs facing New York City artists, arts groups and creative entrepreneurs. The event is sponsored by the Rockefeller Foundation and presented by the Center for an Urban Future, a New York City-based think tank.