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New York begins to shudder

New York City has elevated to singular rank above and beyond other U.S. real estate markets, acheiving status with London, Tokyo and Hong Kong on a global scale. It's the ultimate 24-hour city and world financial capital, drawing brainpower elites and monied moguls from far and wide. The trickle down...

By Jonathan D. Miller | Updated on November 04, 2007

New York City has elevated to singular rank above and beyond other U.S. real estate markets, acheiving status with London, Tokyo and Hong Kong on a global scale. It’s the ultimate 24-hour city and world financial capital, drawing brainpower elites and monied moguls from far and wide. The trickle down effect of Wall Street wealth creation has fueled unprecedented increases in commercial rents and coop/condo prices. The market has boasted the healthiest occupancy rates across all property categories in the country, and helped create an aura, boosting investor appetites for real estate in other markets.

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