A zombie building is one that's too costly for a landlord to rent at prevailing rates.
Office buildings purchased in the past five years could become zombies, a real-estate vet said.
Like many New York office buildings, it's a dead man walking, similar to the hopelessly distressed shopping malls that have multiplied across the country over the past decade.
One in four office buildings in Manhattan is valued at less than they last sold for, according to JLL.
Bringing zombies back to lifeUnlike in the movies, zombie buildings don't remain undead forever.
Persons:
Knotel, Michael Cohen, Cohen, —, haven't, RXR, Chetrit, HPS
Organizations:
New York, Macmillan Publishers, Manhattan, BNP, Real Estate, Green —, Blackstone, Chetrit, HPS Investment Partners
Locations:
New, New York City, New York, Manhattan, That's, HPS