NYC Reopening

When you keep your community transmission rate low good things can happen. New York State is setting records for number of people tested and the results keep coming back the same, with less than 1% positive for the coronavirus. Accordingly, the re-openings are coming fast and furious. This week we’ve got The Statue of Liberty Museum and Ellis Island added to the “safe reopening NYC” file. Dream Downtown has reopened. The Standard High Line will be back September 1. There will even be a Fashion Week next month, albeit a modified one.

We see increasing evidence that the desire to get out and travel tracks closely with infection rates. With those rates going down the latest surveys show upticks in intent to travel. Last week’s “NYC & Company Talks: Recovery Ready—Research Outlook” had multiple data points indicating the worst is already behind us.

There’s been a lot of back and forth over whether “New York is dead forever.” (It’s not) says no other but avid New Yorker Jerry Seinfeld. Also as Steve Cuozzo put it in the Post, we’re seeing “huge office leases by Facebook, AIG, TikTok and Raymond James. In the same period, new leases were signed for a massive new Avra restaurant on Sixth Avenue and for several huge food halls. Major new buildings are going up all over Harlem. Every one of these commitments was made during, not prior to, the COVID crisis.”

There is no substitute for New York. We’re already coming back.