BROOKLYN HEIGHTS — It was not all doom and gloom at yesterday’s Brooklyn Real Estate Roundtable although many in attendance were overheard expressing pessimism in their conversations.
And doom and gloom did not hurt attendance at the quarterly event, held at the Brooklyn Historical Society in Brooklyn Heights, where the usual 12 tables of 10 set for lunch appeared to be full.
In fact, David Kramer of The Hudson Companies, a member of the Roundtable Steering Committee and chair of the event, said that raising $140,000 for the Brooklyn Historical Society over the four Roundtable events in 2008 was one of the bright spots in a year “where the real estate market news has been fairly discouraging,”
He shared several other bright spots, namely the success of retailer Ricky’s, where the lines were out the door for Halloween costumes — “good news in terms of consumer spending,” he said.
Tuesday, November 25, 2008
Wednesday, November 19, 2008
Keepin’ It Real Estate: Housing Crash to Reach NYC
Constrained supply, continuous demand and wealth beyond imagining: There’s a reason New York City real estate is the most expensive in the country.
Easy lending, a weak dollar and gobs of Wall Street money pushed already sky-high Manhattan property values into the stratosphere during the housing boom. Now, finally, after the rest of the country has succumbed to the housing crisis, the city that never sleeps could be facing a real-estate crash of its own.
According to Bloomberg, commercial real-estate transactions plummeted more than 60% this year; lending has dried up and buyers have backed off. Despite all the fundamental reasons for New York real estate to remain strong, it’s Pollyanna-ish to believe it will remain an island of calm in an economy deteriorating by the day - especially when the epicenter of the economic calamity can be found at the southern tip of the island.
Easy lending, a weak dollar and gobs of Wall Street money pushed already sky-high Manhattan property values into the stratosphere during the housing boom. Now, finally, after the rest of the country has succumbed to the housing crisis, the city that never sleeps could be facing a real-estate crash of its own.
According to Bloomberg, commercial real-estate transactions plummeted more than 60% this year; lending has dried up and buyers have backed off. Despite all the fundamental reasons for New York real estate to remain strong, it’s Pollyanna-ish to believe it will remain an island of calm in an economy deteriorating by the day - especially when the epicenter of the economic calamity can be found at the southern tip of the island.
Friday, November 7, 2008
Manhattan commercial landlords cut asking prices
NEW YORK, Nov 5 (Reuters) - Manhattan commercial landlords are cutting their asking prices for retail space but still believe they can command a premium in the best shopping areas, according to a report by New York realtors.
Overall asking rents for Manhattan retail space are down 3 percent to $129 per square foot as of Sept. 30, according to a report issued on Wednesday by the Real Estate Board of New York, a private industry group.
By neighborhood, the financial district near Wall Street, hardest hit by the current economic crisis, has seen asking rents fall to $251 per square foot as of Sept. 30, compared to $301 per square foot last year.
Overall asking rents for Manhattan retail space are down 3 percent to $129 per square foot as of Sept. 30, according to a report issued on Wednesday by the Real Estate Board of New York, a private industry group.
By neighborhood, the financial district near Wall Street, hardest hit by the current economic crisis, has seen asking rents fall to $251 per square foot as of Sept. 30, compared to $301 per square foot last year.
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