Peter Boritz, President of RDM, reviews the first quarter of the year and offers his thoughts on the industry in the upcoming months.
After a 91% drop in sales volume in 2008 and 2009, the New York City market is making a comeback; with more buildings coming onto the market since 2008. In addition, sale prices are on the rise as buyers begin to outnumber sellers.This turn in the economy has lead to some “testing” of the market. One asset had 20 bidders until an all cash deal was complete for a large Time Square building. At RDM, we have seen a spike in our building measurement services, creating REBNY and BOMA calculations along with updated floor plans to support sales and marketing.
I’m cautiously optimistic about this thaw as we wrap up the first quarter of the year. It will be interesting to see where buildings trade at. It is clear there is a lot of money on the sidelines just waiting to get in the game.
See Peter's full video synopsis of the market on RDM's YouTube Channel.
