From left: Grubb & Ellis’ Robert Von Ancken and real estate attorney Edgar Gentry
From the New York website: The optimistic, long-range revenue projections that were popular during the economic boom for valuing commercial buildings have lost favor as a result of the recent recession, and have been replaced with more sober, near-term figures, a top Grubb & Ellis appraiser said.
The industry shift to a more conservative approach follows drops in building values of more than 30 percent in Manhattan properties between 2007 and 2010, Robert Von Ancken, executive managing director of valuation and advisory services at Grubb & Ellis, said. He was speaking this morning in Midtown at an event organized by the Mortgage Bankers Association of New York. [more]