New York land rush entering uncharted territory
December 4, 2013

A star-studded panel of experts from across the real estate industry shared their predictions for the coming year at a Real Estate Board of New York luncheon in November.

MaryAnn Tighe, CEO of CBRE, posed questions to Woody Heller, an executive managing director at Studley, Robert K. Futterman of RKF; Neil Goldmacher, a vice chairman at Newmark Grubb Knight Frank, and Simon Ziff, president of the Ackman-Ziff Real Estate Group...

“Land is the best indicator of what’s going on in the market,” Heller said, adding that “the highest and best use we’re seeing for land today is clearly residential.”

Developers who in recent years have avoided large condo development sites have been grabbing them up this year, so 2014 should see larger residential developments coming out of the ground...

The hot retail market will continue to make an impact on investment sales next year, panelists predicted. As an example, Heller described a four-store retail property on Broadway in Soho that he has sold three times in three years, with the price doubling in that time in spite of no tenant turnover.

“You have an incredible number of national retailers who want to come into this market,” he said. “The island can get taller, but it doesn’t get wider. So your supply is quite finite but the demand is quite strong.”

New York land rush entering uncharted territory

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