"In centrally located areas, the demand for industrial space far exceeds supply," said Jack Fraker, an executive director of Cushman & Wakefield.

Residential and hotel developers have already expressed interest, said Noel Berk, associate director of Cushman & Wakefield, the development advisers on the project.

"A banner year used to be in the $10 billion range," said Scott Latham, an executive director of Cushman & Wakefield, a brokerage and services company.

Neither does Joseph G. Costabile, an executive director of Cushman & Wakefield.

"Things are awakening in the city again," said Susan Kurland, a senior director of Cushman & Wakefield, the brokerage and services company.

But Andrew M. Peretz, executive director of Cushman & Wakefield, said that number was deceptive.

"Park Avenue is an internationally recognized address," said Howard Nottingham, an executive director of Cushman & Wakefield.

"We won't see thriving markets any time soon," said James S. Vanderslice, managing director of Cushman & Wakefield, an international real estate services firm.

The problem," said Albert Cleary, a director of Cushman and Wakefield, a major international real-estate concern, "is the building, not the site.

"The impact of the porter's wage has come down," said John Peters, an associate director of Cushman & Wakefield.