« No budget vote planned in Yonkers, despite deadline | Main | Five years ago today, NJ Nets win conference to advance to NBA Finals »
May 31, 2007
REITs Pouring Investment Into Dense Urban Corners
NY Sun
By Michael Stoler
If you've been wondering what's fueling NYC's current real estate boom, you might want to read about REITs.
We stumbled across Stoler's column because of a quick reference to the Target in Bruce Ratner's Atlantic Terminal mall, located across the street from the footprint of his Atlantic Yards proposal. Stoler conflates the two projects and calls the existing mall "Atlantic Yards":
The majority of real estate leaders agree that New York City has a dire need for additional retail, especially in urban sections of the boroughs. Some of the highest retail sales per foot have been recognized in urban areas such as Harlem and in the Bronx for national and local retailers. For example, one of Target’s highest revenue stores in the nation is located in Atlantic Yards in downtown Brooklyn. The highest grossing Pathmark in the chain is located on 125th Street and Lexington Avenue and the second is at 146th Street and Bradhurst Avenue.
Posted by lumi at May 31, 2007 6:53 AM