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September 18, 2008
Financial crisis likely to slow NYC real estate
Associated Press, via amNY
By Amy Westfeldt
The Wall Street crisis that hit the heart of the city's financial district should slow construction of its biggest commercial real estate projects, including the World Trade Center and Atlantic Yards in Brooklyn, real estate experts said Wednesday.
"Basically, people are afraid," said Tom Geurts, a professor at New York University's Schack Institute of Real Estate. "Although a project could be profitable, they are afraid to put their money in it because they don't know what is going to happen."
...
At the multibillion-dollar Atlantic Yards project in Brooklyn, developer Bruce Ratner long ago decided to postpone building a planned office tower until a major company agrees to move into the building.
MetroNY, Wall St. crisis spreads to real estate projects
A slow recover would drive down sales, increase vacancy rates, and possibly delay large-scale redevelopment projects, such as Manhattan's far West Side and Downtown Brooklyn.
NoLandGrab: We presume that "large-scale redevelopment projects" includes Atlantic Yards in Prospect Heights, Brooklyn which keeps being lumped in with the Downtown Brooklyn redevelopment by developer Bruce Ratner and NY City officials.
Posted by lumi at September 18, 2008 6:30 AM