How to Take Advantage of “Creeped-Out Market”


That’s the adjective of choice for New York magazine, asking this week if the New York real estate market can be saved. A panel of seven movers and shakers in the industry took up the topic at a roundtable discussion, and eventually Brooklyn did come up &#8212 under the question of “where should we look now?” “Downtown Brooklyn’s undergoing a huge resurgence—full disclosure, I have a project there,” says developer Don Capoccia. “If you’re going to live in Brooklyn, and you’re price-sensitive … we’re selling at half of what is being sold right over the Manhattan Bridge.” Some folks, they say, welcome to slowdown, both because it will lower prices and because it will retard the condoification that has glass towers springing up all over, altering neighborhood character. DC thinks differently. “The only way cities survive is to rebuild themselves,” he says. “I mean, do you want New York to stand still? Nobody wants that.”
Can This Market Be Saved? [New York]

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