Industry News

Manhattan real estate marches on

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Never say die when it comes to New York real estate. All that national jabber about a housing-market meltdown fell flat in Manhattan, said Dottie Herman, president and CEO for Prudential Douglas Elliman, a Manhattan real estate brokerage firm. A crash? Not even close, Herman said. "I would just say that we might have blinked." Herman and other Manhattan real estate luminaries detailed the real estate industry's growth and progress and praised the city's leadership during a session at Real Estate Connect NYC this week that focused on future trends in area real estate. "Most of the reporters are reporting very negative things because they 'cookie-cuttered' the whole country," Herman said. New York isn't like the rest of the country, though, and the market there is doing just fine, she said. Million-dollar bonuses on Wall Street, an influx of foreign purchasers and city leadership have contributed to the strength of the industry, she said. World Trade Center site developer Larry A. Silve...