New Year to bring more development and fewer amenities, Malin and Kliegerman say

New York /
Dec.December 28, 2011 02:35 PM

alternate
text
From left: Halstead Property Development Marketing President Stephen Kliegerman and Citi Habitats President Gary Malin
Citi Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman whipped out their crystal balls for amNY and noted five trends to watch for in the city’s “booming” real estate market in 2012.

Low interest rates, the strong rental market and the stock market’s daily swings will attract Wall Street investment to new developments, which Malin and Kliegerman say will become more prevalent next year. As for those new buildings, developers will likely offer deals on apartments in buildings that haven’t even begun construction yet in order to kick off sales.

“A number of our clients are considering beginning sales prior to having an on-site model due to high demand and low competition,” Kliegerman said.

However, those buildings likely won’t have the same luxurious amenities that have become standard in recent years as buyers remain careful with their dollar. Moreover, many of the newest developments will rise on the Queens waterfront — including several more TF Cornerstone buildings — which Malin said is the next hot spot for construction.

Finally, the pair warn that New Yorkers looking to buy should do so now, as conditions can’t get much better than they are now. [amNY]


Related Articles

arrow_forward_ios
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
A rendering of 250 Water Street and Howard Hughes Corporation CEO David O'Reilly (SOM; Getty; iStock)

Howard Hughes’ Seaport project dealt major blow

Howard Hughes’ Seaport project dealt major blow
Ray McGuire photographed by Axel Dupeux.

The Closing: Ray McGuire

The Closing: Ray McGuire
SK Development's Scott Shnay and Ironstate's Michael Barry (Google Maps, Scott Shnay via LinkedIn)

Noho offices move forward where city wants housing

Noho offices move forward where city wants housing
Gov. Andrew Cuomo and Brookfield’s Brian Kingston with the High Line and the Moynihan Train Hall (Getty)

New High Line section will connect to Moynihan Train Hall

New High Line section will connect to Moynihan Train Hall
Mickey Rabina and 520 Fifth Ave. (Rabina, Ceruzzi Properties)

Rabina files plans for 70-story tower at beleaguered Fifth Ave site

Rabina files plans for 70-story tower at beleaguered Fifth Ave site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...