The Real Deal New York

Central Park neighborhood news

  • Billionaire Developer John Catsimatidis could be a mayoral candidate. Along with real estate, his Red Apple Group includes the Gristedes markets and the United Oil Refinery.

  • Foreigners shore up office market

    September 20, 2007 01:18PM

    Foreign investors are offsetting the credit market’s effect on the Manhattan office market, which some analysts say will remain stagnant for up to 18 months. Wachovia Securities predicted commercial prices could drop from five to 10 percent, and sales could fall by 50 to 60 percent. Foreign investors are helping to keep the market afloat with big buys. Italy’s Risanamento recently paid $1,450 per square foot for an office condo at 660 Madison Avenue, the second-highest recorded price for an office building. Africa Israel Investments’ purchase of the old New York Times Building and Somerset Partners’ expected purchase of 450 Park Avenue have also boosted confidence in the office market. more[more]