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Manhattans pandemic-pummeled office market is headed for a spectacular rebound — and not only landlords, but business advocates and eatery owners are thrilled.

Although the Manhattan office market hit bottom in 2023 with more than 20% vacancy rate, the short-term future looks rosier, according to a new report from national real estate technology platform VTS.

Its latest quarterly Office Demand Index (VODI) found that demand for space in the Big Apple rose nearly 40% in 2023 over the previous year — lifting demand to 75% of pre-pandemic times.

By comparison, office space demand grew by only an average 19.6% around the US. The New York City market is the nations largest by far with nearly a half-billion square feet. Runner-up Los Angeles has only 317 million square feet and much-in-the-news Miami  a mere 41 million square feet, according to brokerage CBRE.

VTS chief strategy officer Ryan Masiello said its data tends to lead the market by six to nine months. 

Our prediction is that this year, New York City will break 30 million square feet of total leasing, the highest since before the pandemic, he said.

New York City saw nearly 43 million square feet of new leases, expansions and renewals in 2019. 

Deals made in 2023 totaled 26 million square feet according to CBRE, which was 11% lower than in 2022.

The VTS numbers dont reflect actual new leases and expansions, but rather the amount of space that companies are seeking.

Its data is based on lease proposals, company visits to “kick tires” at office buildings and other types of information VTS gets from its client landlords, which Masiello said constitute 80% of the market.

CBRE tristate CEO Mary Ann Tighe commented that the  VTS data affirm what our  own research is seeing and what our brokers feel on the ground.

Kathryn Wylde, president of the Partnership for New York City business-advocacy organization, said the findings were consistent with anecdotal evidence from our members, many of whom are re-upping leases  or moving to newly renovated or brand new spaces.”

She noted, Financial and professional services industries, which are our  major office employers and tenants, account for an out-sized share of the tax revenues that fund municipal services.

Keeping those businesses and their employees in the city  are not just good for our economy, but essential for the quality of life across all five boroughs.

Several deals that were in the works last year actually got done this week. 

Sources told The Post  that Barclays Bank renewed its lease for 1.1 million square feet at  745 Seventh Ave. Evercore, an investment banking advisory firm, added 95,000 square feet at Fisher Brothers Park Avenue Plaza, lifting its footprint there to more than 500,000 square feet.  

Meanwhile, Blackstone, Jane Street Capital and American Express are among top-class tenants reportedly looking for large blocks of space to move or expand in Manhattan.

Experts attribute the renewed Manhattan energy to growing confidence that return-to-office is gaining steam as well as to a wider sense that the city is no longer a ghost town nor dangerous except in a handful of areas.

Dan Biederman, president of the Bryant Park Corporation and the 34th Street Partnership, noted, Our subways and suburban trains are much more crowded than last year. Just today, I almost got knocked over trying to get to the turnstiles at the Rockefeller Center station.

A leasing boom would also be great news for restaurants in business districts.

Marc Packer, a partner in Avra Group which owns three large Midtown restaurants, called the VTS forecast extremely important for the health of retail/restaurant business and the basic ecosystem of the city.

Dino Arpaia, owner of Cellini on East 54th Street, said that it might bring more employees to offices on the two days in the week when he said there are sometimes zero people at his restaurant.

He said the return-to-offices trend hasnt helped parts of East Midtown as much as it has other areas.

Its still missing on Mondays and Fridays, he said.

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Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

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Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

Pakistan has allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.

The move is part of a broader digital transformation plan spearheaded by the Pakistan Crypto Council and backed by the Ministry of Finance, according to a May 25 report by local news outlet 24NewsHD TV Channel.

In the first phase, the government plans to channel excess power into AI infrastructure and crypto mining operations. Finance Minister Muhammad Aurangzeb said the decision is expected to attract billions in foreign investment while generating high-tech employment across the country.

The initiative’s second phase will introduce access to renewable energy for mining operations, aiming to balance growth with environmental responsibility.

Related: Trump-backed World Liberty Financial partners with Pakistan Crypto Council

Pakistan unveils tax incentives to attract investors

Per the report, interest from international Bitcoin (BTC) miners and AI firms has already picked up. Officials confirmed that multiple foreign delegations have visited Pakistan in recent months to explore potential partnerships.

To further incentivize investment, the Ministry of Finance announced a package of tax incentives for AI centers and duty exemptions for Bitcoin miners.

Bilal Bin Saqib, CEO of Pakistan’s Crypto Council, reportedly welcomed the development, calling it a “turning point” for the country’s digital economy.

Saqib claimed that with clear regulations and a transparent framework, Pakistan could emerge as a significant player in the global crypto and AI sectors.

Saqib first proposed using the country’s runoff energy to fuel Bitcoin mining at the Crypto Council’s inaugural meeting on March 21.

The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), and the federal information technology secretary.

Related: Pakistan proposes compliance-based crypto regulatory framework — Report

Pakistan creates Digital Asset Authority

On May 21, Pakistan’s Ministry of Finance endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country.

The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications.

The PDAA will also be tasked with tokenizing national assets and government debt, facilitating monetization of Pakistan’s surplus electricity through regulated Bitcoin mining, and helping startups build blockchain-based solutions at scale.

Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.

Pakistan allocates 2,000MW power for Bitcoin mining and AI centers
Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in 9th. Source: Chainalysis

Data from Statista also shows Pakistan’s crypto market is “experiencing rapid growth,” estimating the number of crypto users to amount to over 27 million by 2025, out of a population of 247 million.

Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24

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Crypto investor charged with kidnapping, torturing an Italian for passwords

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Crypto investor charged with kidnapping, torturing an Italian for passwords

Crypto investor charged with kidnapping, torturing an Italian for passwords

A Manhattan crypto investor is facing serious charges after allegedly kidnapping and torturing an Italian man in a disturbing bid to extract access to digital assets.

John Woeltz, 37, was arraigned on Saturday in Manhattan criminal court following his arrest on Friday. He stands accused of holding a 28-year-old Italian man captive for weeks inside a luxury townhouse in Soho, reportedly rented for $30,000 per month.

According to police reports cited by The New York Times, the victim arrived in the US on May 6 and was allegedly abducted by Woeltz and an accomplice.

The attackers are said to have stolen the man’s passport and electronic devices before demanding the password to his Bitcoin (BTC) wallet. When he refused, the suspects allegedly subjected him to prolonged physical abuse.

Crypto investor charged with kidnapping, torturing an Italian for passwords
Source: Mario Nawfal

Related: Violent crypto robberies on the rise: Six attacks that targeted investors

Crypto victim beaten, electroshocked

The victim described being beaten, shocked with electricity, assaulted with a firearm and even dangled from the upper floors of the five-story building.

He also told police that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were also reportedly made against his family.

Photographic evidence found inside the property, including Polaroids, appears to support claims of sustained abuse. The victim managed to escape on Friday and alert authorities, leading to Woeltz’s arrest.

Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty. Judge Eric Schumacher ordered him to be held without bail. He is expected back in court on May 28.

A 24-year-old woman was also taken into custody on Friday in connection with the incident. However, she was seen walking freely in New York the next day, and no charges against her were found in the court’s online database.

Authorities have yet to clarify the relationship between the suspect and the victim or whether any cryptocurrency was ultimately stolen.

Related: Crypto crime goes industrial as gangs launch coins, launder billions — UN

Crypto executives turn to bodyguards

Executives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge, especially in France.

On May 18, Amsterdam-based private firm Infinite Risks International reported a rise in requests for bodyguards and long-term protection contracts from high-profile figures in the space.

French authorities have responded by introducing enhanced protections for crypto entrepreneurs and their families, including security briefings and priority access to police assistance.

This comes amid a recent surge in kidnappings and ransom attempts. David Balland, the co-founder of hardware wallet company Ledger, was kidnapped in January 2025 and held for ransom for several days before being rescued by French police.

In May 2024, the father of an unnamed crypto entrepreneur was freed from a ransom attempt after French law enforcement officials raided the location in a Paris suburb where the individual was being held hostage by organized criminals.

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

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Gail’s backer plots rare move with bid for steak chain Flat Iron

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Gail's backer plots rare move with bid for steak chain Flat Iron

A backer of Gail’s bakeries is in advanced talks to acquire Flat Iron, one of Britain’s fastest-growing steak restaurant chains.

Sky News has learnt that McWin Capital Partners, which specialises in investments across the “food ecosystem”, has teamed up with TriSpan, another private equity investor, to buy a large stake in Flat Iron.

Restaurant industry sources said McWin would probably take the largest economic interest in Flat Iron if the deal completes.

They added that the two buyers were in exclusive discussions, with a deal possible in approximately a month’s time.

The valuation attached to Flat Iron was unclear on Sunday.

Flat Iron launched in 2012 in London’s Shoreditch and now has roughly 20 sites open.

The chain is solidly profitable, with its latest accounts showing underlying profits of £5.7m in the year to the end of August.

It already has private equity backing in the form of Piper, a leading investor in consumer brands, which injected £10m into the business in 2017.

Flat Iron was founded by Charlie Carroll, who retains an interest in it, but the company is now run by former Byron restaurant boss Tom Byng.

Houlihan Lokey, the investment bank, has been advising Flat Iron on the process.

McWin has reportedly been in talks to take full control of Gail’s while TriSpan’s portfolio has included restaurant operators such as the Vietnamese chain Pho and Rosa’s, a Thai food chain.

A spokesman for McWin declined to comment.

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