How the fall of real estate will play out

October 01, 2008 05:03PM

In light of the death of New York real estate, New York magazine says not to expect to see Hudson Yards, Penn Station or Coney Island revamped any time soon, and gentrification will slow in neighborhoods like Harlem, the Lower East Side and Fort Greene. It’s also bad news for families whose homes are their main source of equity. The magazine says that the price of single-family homes in the five boroughs and surrounding suburbs dropped 7.4 percent over the last year, ending in July.

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