NEW YORK CITY—In addition to places like SoHo and Tribeca, developers and lenders see Brooklyn, Queens and the Bronx as places which will retain and increase in value over time. “There has a been a slow down in that appreciation, and maybe even a small decline,” said Sorabh Maheshwari, founding partner at Churchill Real Estate Holdings. But the ability to buy into, invest in or even just lend into those areas is still attractive today, he added.
Maheshwari was one of the “Coffee & Cap Rates” speakers, at Ariel Property Advisors' bi-annual discussion on the New York City investment sales market.
Brooklyn has experienced aggressive growth in the last three years in terms of pricing and development, said panelist Susi Yu, managing director, head of development, L&L MAG. “There are opportunities in places like Gowanus, Greenpoint, Southern Williamsburg, closer to Navy Yard where there is an ability to go for increased underlying FAR. I think that's where the potential value is,” she said.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
