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Eight Reasons Why NYC Land Could Become Even More Expensive

NEW YORK CITY—Manhattan's prices are high, but can they get higher? Massey Knakal's James Nelson looks at the numbers.

By James Nelson | Updated on July 01, 2014

NEW YORK CITY—There has been a lot of talk recently of how expensive Manhattan land is and if the development market is overheated.  There have now been at least three sales at over $1,000/BSF, including 1042 Madison Avenue at $1,704/BSF; 437-39 West 13th Street for $1,070/BSF; and 16-18 West 57th Street at $1,062/BSF. These are all retail driven, but surely there are more to come.

In 1Q14, the Manhattan average price per land was $482/BSF which was well above the 5-year average of $363/BSF. This may seem low, but keep in mind this also includes commercially zoned land.

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