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October 19, 2011
NY property sales soar, but no cigar
Citywide sales on track to reach $25 billion, quadruple 2009's lows but still 60% below 2007 peaks. Gains seen in all boroughs as number of sales also shows big gains.
Crain's NY Business
by Erik Ipsen
Bruce Ratner, gentrifier.
Property sales across New York City hit $19.2 billion in the first three quarters of the year and are on pace to end the year at $25 billion, despite a slowdown in the turbulent third quarter, according to a report released Tuesday by Massey Knakal Realty Services.
...The area around Atlantic Yards, in Brooklyn, has also seen a lot of buying. There, sales volumes and prices are rising in anticipation of further progress on the massive redevelopment of the former rail yards.
NoLandGrab: Not to mention the 60%+ of the site that used to be people's homes and businesses — not railyards.
Posted by eric at October 19, 2011 12:36 PM