March 5, 2018

Blockbuster Land Sales Might Be A Thing Of The Past In NYC

Mentions

Bisnow New York

The New York City land market has been deathly quiet in the past few years and, as of yet, there are no real signs it will pick up.

Lenders remain cautious, many developers are still making sense of the new 421-a tax abatement program — now known as Affordable New York — and some sellers will not adjust their prices to match market realities.

“People are back looking at land transactions after a two-year holding pattern,” TerraCRG founder and CEO Ofer Cohen said. “That shows they are feeling comfortable about the strength of the rental market.”

Read more here.