Questions About Atlantic Yards and Real Estate Values


    The Post has a story today examining the impact Atlantic Yards will have on neighboring communities, and most real estate industry people quoted in the article say it’s still unknown whether or not it will boost nearby residential values. Ofer Cohen, president of the commercial brokerage TerraCRG, says that while “no one knows exactly what will change yet,” retail space is in demand. Residential brokers aren’t as bullish, though: Brendan Aguayo, an agent at Aguayo and Huebener, says he hasn’t “seen developers trying to buy close to the stadium.” Aguayo, who has been marketing condos at a couple small buildings near Atlantic Yards, says that the project hasn’t kept anyone from closing on units, but buyers are still “concerned and unsure about what Atlantic Yards will bring.” Meanwhile, the story also touches on sales at Atlantic Terrace, where the developer says prices are going for around $550 a foot. Atlantic Yards Report notes that in a 2009 report by the consulting firm KPMG to the Empire State Development Corporation, the company determined that only a “modest inflation factor” would be needed for Forest City Ratner to achieve its goal of selling units for $1,217 a foot by 2015. That means, as Atlantic Yards Report notes, that “the Atlantic Terrace price of $550/sf would have to more than double across the street” in just a few years.
    Court Vision [NY Post]
    NY Post on Real Estate Around AY [Atlantic Yards Report]

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