Blackstone is in talks to buy 1345 Avenue of the Americas, a move that indicates confidence in New York's office market recovery.

Blackstone (NYSE:BX) is close to an agreement to acquire 1345 Avenue of the Americas, a 50-story midtown Manhattan office tower with 1.9M square feet of space, according to a media report on Thursday.

New York's congestion pricing has led to 1 million total fewer vehicles entering the busiest part of Manhattan and cut commuting times since the program began on Jan. 5, a transit agency said on Wednesday.

Drive times into Manhattan have dropped dramatically since the institution of New York’s congestion tolling program, according to data released Wednesday by the MTA — with the most significant improvements at the Holland Tunnel.

The analysis did not include changes to travel speeds on the George Washington Bridge or Cross-Bronx Expressway. The environmental assessment published by the MTA before the tolls launch expected traffic in those areas to increase slightly as drivers tried to circumvent the congestion pricing fees.