Magazine article Mortgage Banking

NYC Property Values Reach Peak

Magazine article Mortgage Banking

NYC Property Values Reach Peak

Article excerpt

New York City commercial property values have hit the ceiling, a sizable majority of real estate executives said in a new survey by accounting firm Marks Paneth LLP. [paragraph] More than 70 percent of property professionals in the city said values reached their peak, compared with 54 percent who said the same thing in July, the survey found.

Marks Paneth surveyed more than 100 New York commercial property executives. It found that 35 percent of executives think New York property values will start to decline and 36 percent believe they will hold steady. Only 21 percent predicted that values will continue to rise.

"While executives see New York real estate values topping out in a pretty definitive way, they're hardly concerned that today's international crises will slam the market," said William Jennings, Marks Paneth partner in charge of real estate.

Jennings reported that he found "a touch of concern" about China. More than half the executives surveyed--55 percent--said recent volatility in China will negatively affect New York's commercial property market. …

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