Fed hike may not cool hot NY property market
Investment in hotels has set an annual record while sales volume for commercial real estate seems poised to surpass the boom year of 2007
New York
NOT even a rate hike from the Federal Reserve is expected to cool the hot New York commercial real estate market, where demand remains high, industry executives say.
While there aren't rumblings of an asset bubble in Manhattan property, prices are high, and some valuation metrics are at or near record peaks with sales activity at a record pace.
"I've never seen more capital come into this market in 35 years of doing this," said Peter Hauspurg, chairman and chief executive of Eastern Consolidated, a New York real estate investment service firm. "There's be…
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