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DAILY NEWS --NYC commercial real estate industry is having its strongest year since 2007
October 2, 2014
Building sales in the Big Apple are on track to top $52 billion this year, more than $12 billion above 2013 figures, according to a new report. The strong year has been attributed to rapidly rising prices.
The commercial real estate industry is having its strongest year since 2007 thanks to rapidly rising prices, according to a new report released Wednesday.
New York City building sales are on track to top $52 billion in 2014, over $12 billion more than last year, the report shows.
Price growth has been partially fueled by interest in Manhattan real estate from foreign investors, who see New York as a safe haven for their money.
“New York City real estate is to investors what the Swiss bank account has been for years,” said Bob Knakal, president of commercial brokerage Massey Knakal Realty Services, which prepared the report.