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

TRD NEW YORK /
Dec.December 28, 2011 02:35 PM

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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]


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