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What is your outlook on New York City?

Panelists describe their outlook on New York and other gateway cities, looking across geographies, asset classes, and property types.


Transcript

James Nelson: We're very bullish on gateway cities. If you just look at New York and job growth over the last 10 years, we've had 600,000 jobs added here compared to the suburbs 100,000. So no surprise that we've got residential vacancy here of 2%. Office vacancy is under 10%. And it's really, you look where people want to live and work today and the millennials now have a larger population in the workforce then the baby boomers, so we don't see that trend reversing. That being said, you can't say ‘I like all of New York City’. I found that today it is so specific, not just on asset class, but location. Take retail, which is getting hit very hard for the reasons you just mentioned on ecommerce. You go to SoHo, the availability rate there is 22 percent. That blows my mind that almost one in every four stores is vacant down in SoHo. Same thing in Times Square. So you need to be very careful when you're looking to invest. You can't just go with you thematically and say ‘I like retail throughout New York City’ - you've got to pick your spots.


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Kenneth Weissenberg CPA, Tax Partner in Real Estate Services, is experienced in tax saving strategies and negotiating sales and acquisitions. He represents owners of some of the most well-known real estate properties in New York City.

About Lisa Knee

Lisa Knee is a Tax Partner and Co-Leader of the national Real Estate practice and leader for the national Real Estate Private Equity Group with expertise in the hotel, real estate, financial services, aviation and restaurant sectors and is a member of AICPA, New York State Society of Certified Public Accountants and the New York State Bar Association.

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