The New York City real estate market may go up and it may go down, but it is never flat, according to Peter Hauspurg, chairman and CEO of Eastern Consolidated.
For better or worse, the city tends towards more dramatic highs and more painful lows than the rest of the country, Hauspurg told Crain’s. And at the moment, the sector’s biggest concern is getting out in front of anything that could derail a market that, for the moment, is booming.
“I’ve never ever seen so much equity capital trying to be in New York City than [sic] we have over the last couple of years … starting in the second quarter of 2010 values had increased on pretty much a 3 to 4 percent-per-month basis, which is a staggering rate of increase for any industry. And it’s continued through the end of 2013.”
The amount of money outnumbers available assets, Hauspurg told Crain’s, which makes him question whether pricing will advance much further. [Crain’s] — Julie Strickland