What do “funky debt,” Lower East Side retail and office densification have in common? They’re all expected to define the New York City real estate market in 2014.
Real estate luminaries gathered today at the Real Estate Board of New York’s members’ luncheon at the Roosevelt Hotel at 45 East 45th Street, where they offered their thoughts on what the new year will offer for the industry.
Panelists included Woody Heller, executive managing director at commercial brokerage Studley; Simon Ziff, president of real estate consultants Ackman-Ziff; Neil Goldmacher of Newmark Grubb Knight Frank; and Robert K. Futterman of the retail brokerage that bears his initials. Mary Ann Tighe, tri-state region CEO of CBRE Group, moderated.
Heller: Institutional investors will continue to look at Williamsburg as a “box they have to check” in their portfolio, he said, referencing the sale he arranged last year of 111 Kent Avenue, a Williamsburg rental building, for a record price-per-unit to an institutional investor and New York City newcomer.It’s crystal ball time: REBNY panelists predict 2014 market
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