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Panel: NYC Remains a Magnet for Investors

NEW YORK CITY-Relatively cheap real estate and the sense that 'people need to be here' help Manhattan stay strong, Cityscape panelists say.

By Paul Bubny | Updated on September 10, 2008

NEW YORK CITY-The greatest thing about the New York commercial real estate scene, Michael Shvo told his audience at the inaugural Cityscape USA conference, is that “it shows the strength of the market. People need to be here.”

Shvo, president of the residential marketing firm that bears his name, was one of a trio of panelists discussing the city’s real estate for an audience that included international attendees along with those from outside the New York region. Notwithstanding the nationwide economic downturn that has reduced deal velocity locally, panelist Lois Weiss said, “We continue to go strong here. There is still a sense that New York is a good investment.”

Titled “Exploring the Epicentre–New York, New York: Future Vision,” the late-afternoon panel session Tuesday at the Jacob K. Javits Convention Center here portrayed a market that has stood up to the challenges even if it hasn’t been completely impervious to them. Weiss, real estate columnist for the New York Post, noted that in the office sector, landlord concessions are up, but not by much, while vacancy remains tight. Downtown retail spaces that once went for $75 per sf now command $400, she noted, especially as foreign retailers come in. Meanwhile, the hotel sector remains strong: Weiss said the only reports she’s heard of softening in hotels is that rooms are not oversold as heavily as before.

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