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Sept. 11 Continues to Influence Real Estate Decisions

NEW YORK CITY-The local real estate markets, already weakened by a faltering economy, were temporarily paralyzed by the World Trade Center bombings. But the ongoing impact of Sept. 11 on the industry is difficult, if not impossible to quantify.

By Glen Thompson | Updated on December 28, 2001

NEW YORK CITY-Industry experts across the board agree that the World Trade Center bombings sucker-punched the city’s real estate community. But they differ as to the tragedy’s long-term effects. As Q4 winds down, GlobeSt.com spoke with three prominent analysts to find out how the bombings are affecting the various New York markets

In a recent report from international ratings agency Fitch, senior director Diane Lans and managing director Zayne Lynn conclude that New York real estate will continue to be affected by the Sept. 11 bombings for several years. In an interview with GlobeSt.com, Lans and Lynn both cite the bombings’ psychological impact as the driving force behind the industry’s hoped-for economic recovery.

“Yes, the economy was already in a slide,” Lans tells GlobeSt.com. “But I think the events of Sept. 11 exacerbated the downturn that was already there.”

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