New York City is coming back to life after more than a year of lockdown restrictions as food delivery orders drop as people dine out again, rents rise as demand increases – but Wall Street still isn’t back to work in the office.
It is noticeable that bumper to bumper traffic is plaguing the city.
Data also shows that foot traffic accounted for 34 percent of pre-pandemic activity at the end of March Bloomberg.
And one more sign that things are returning to normal: The number of searches for food delivery orders is declining – likely means New Yorkers are going out to eat again as more of the population is vaccinated and the previously strict rules for in-person dining are relaxed.
New York Mayor Bill de Blasio announced last week that the Big Apple will reopen in full on July 1.
New York City comes back to life after more than a year of lockdown restrictions as dreaded striker resurfaces and supply orders decline
Delivery services have also been impacted (pictured) by New York’s recovery as customers choose to pick up their food or dine in
His announcement was followed by that of New York Governor Andrew Cuomo, who relaxed restrictions on bars and restaurants in New York City.
Cuomo said Friday that bars and restaurants in New York City could expand indoor capacity to 75 percent, up from 50 percent, on May 7. The new limit also applies to hairdressing salons and hairdressers.
New York is making great and steady progress in managing COVID and reopening the economy. The science and data tracking works, ”Cuomo said in a statement.
Coupled with the nice weather and the fact that more than 40 percent of New Yorkers have had at least one vaccination shot, things are starting to get better in the Big Apple.
Meanwhile, Wall Street remains silent. Mohammad Naveed, 47, who operates a coffee cart between Goldman Sachs Group headquarters and the Bank of New York Mellon, said pre-pandemic he sold 500 coffees a day, but now there are only 30 left.
The subways are nowhere near full, however, but de Blasio said 80,000 city workers are expected to return to their offices from Monday.
With the increase in foot traffic, there have been reports of longer wait times at restaurants.
And once bars and restaurants are allowed to reach 75 percent capacity on Friday, waiting times are likely to increase as the summer months draw closer.
However, there is still at least one major part of New York that is not picking up: Wall Street remains silent.
Most of Wall Street’s largest banks have not yet given their all to allow the majority of their employees to work full-time from the office.
Data collected by Orbital Insight for Bloomberg shows that cell phone use in the area is still well below normal – an important indicator that business in the city’s financial district is no longer normal.
Mohammad Naveed, 47, who operates a coffee cart located between Goldman Sachs Group headquarters and the Bank of New York Mellon, told Bloomberg that the area is still quite empty.
Naveed said his cart has been holding the permit on the corner of Murray and Greenwich Streets for about 20 years and can’t just move it anywhere else.
Before the pandemic, Naveed said he would sell about 500 coffee a day. Now he is lucky to have sold 30.
“The place is empty,” Naveed told the news outlets. “There are no people at all.”
He says he may see his regular clients every two weeks when they go to their office for work.
A potentially not-so-welcome return – at least for renters: Average rent is starting to pick up in Manhattan for condos.
And good news for landlords – and the city as a whole – newly signed leases have risen higher since early February, according to data from Urban Digs compiled by Bloomberg.
New York City rents also appear to be in the early stages of recovery, with the number of new active listings decreasing and the number of leases signed monthly increasing.
Bloomberg reported that the number of new active listings has also declined.
However, there are still twice as many apartments for rent in New York City compared to the amount available prior to the pandemic.
Nancy Wu, an economist for StreetEasy, told Bloomberg that the “increase in remote working has shifted the perspective of many tenants.”
Rather than strictly looking for a Manhattan apartment with a short commute to the office, they can afford to explore a lot of other borough neighborhoods that they may not have considered before due to the long rides with the subway, ”Wu said.
Wu also said renters can find great deals on apartments in the coming months.