Industry News

Lifting the lid off New York real estate

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

NEW YORK–While most of the rest of the U.S. real estate world hangs on every word Federal Reserve Chairman Alan Greenspan speaks, the market here in Manhattan rarely pays attention. Consisting of some of the world's most expensive properties, all-cash deals often are commonplace. A handful of Manhattan's top real estate players discussed the market's unique characteristics, problems and future this morning during Real Estate Connect NYC 2005. Among them were Prudential Douglas Elliman CEO Dottie Herman, Coldwell Banker Hunt Kennedy CEO David Michonski, Real Estate Board of New York President Steve Spinola and Pamela Liebman, CEO of The Corcoran Group. "I see people come from the Midwest, ask what they can afford and start to cry," Herman said. But while the Manhattan market is vastly different from most other real estate markets, it's had its share of ups and downs. Michonski noted the hit lower Manhattan took just after 9/11, with 50 percent vacancy rates. Looking around today...