The Real Deal New York

From the January issue: While the economy’s gyrations have caused some investors to lose faith in New York City real estate, experts say some sectors of the real estate market remain largely recession-proof, and some areas of the city will almost always lead to strong returns. New York investors are not likely to stash their cash under the mattress even with the current banking calamity and credit freeze, so The Real Deal asked a number of experts for their take on the safest real estate investments. Several agreed that the most recession-proof sector in these uncertain economic times is multi-family residential. “Think about it,” says David Kennedy, an investor and author who teaches a course in investing in multi-family dwellings at the New York Real Estate Institute. “People are being foreclosed on — where are they going to live? They’re going to rent.”