Opportunity Zones Are Already Boosting The City’s Investment Sales Market
Although investors and developers are being told there is no point doing a deal based on a possible tax break, panelists said there is mounting proof that people will consider paying more for a property if it falls within a qualified opportunity zone. “I got a call from a private guy who is worth $100M … literally told me on the phone last week that he is willing to pay more for an asset,” said TerraCRG founder and CEO Ofer Cohen, adding that he is expecting a pullback on the multifamily market next year. But, in Brooklyn, he believes the effects of Amazon HQ2 and opportunity zones could offset the slowdown in momentum.
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