01 Sep GETTING DIRTY
Industry analysts continue to debate whether the New York City real estate market
has recovered, but there’s no question that land prices here have. In some cases,
development sites are trading for close to – and even exceeding – the levels they hit
just before the 2008 financial crisis.
Eager developers, encouraged by lenders with a newfound willingness to write loans
for construction projects, are acquiring development sites across the city, pushing up
land prices. According to data compiled for The Real Deal by real estate firm Property-
Shark and the commercial brokerage Massey Knakal, the gains in price and volume
are being driven by a flurry of activity in Manhattan and Brooklyn.