June 14, 2017
Fun fact: One year after its opening, the Empire State Building had an occupancy of only 25% and remained that way for most of the 1930’s, earning it the nickname the “Empty State Building.”
“The Empire State Building did not become profitable for nearly 20 years, until after World War II when companies flooded Manhattan and space became scarce,” according to an essay on the famous tower on QuickLiquidity.
The lesson for today? That any real estate cycle — no matter how bad — or how good — eventually turns.
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