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January 12, 2009

Door slams shut on New York City’s property boom

Taipei Times
AFP, NEW YORK

Bruce Ratner's struggling Atlantic Yards megaproject is the current celebrity spokesmodel for the flagging NYC construction industry and real estate market:

Manhattan has traditionally been a real estate fortress, protected from wider trends simply by the facts that so many people want to be here and space on the island is finite.

Not any longer.
...
Construction, one of the great New York industries, is also stuttering.

Reports suggest that at least US$4 billion worth of construction projects have been cancelled or delayed, among them a 16-storey tower and basketball arena project in the Atlantic Yards neighborhood.

“No one wants to take the risk of putting up a new building,” Harbert said.

The picture is similar in the residential market.

article

NoLandGrab: BTW, the "neighborhood" is "Prospect Heights" — "Atlantic Yards" is the name of the project.

Posted by lumi at January 12, 2009 4:49 AM