Printer Friendly

Consumer confidence gaining momentum.

The New Year ushers in a welcome sense of optimism in both the commercial and residential markets of New York City.

Consumer confidence, which began to gain momentum during year-end 1992, will likely continue to build during the New Year. We anticipate that the increased consumer spending witnessed during the holiday season will translate into increased traffic and sales at quality residential projects.

Already, there is much evidence that action has replaced hesitancy among residential purchasers. At the Upper East Side's The Oxford on Seventy Second, for example, contracts have been written for the sale of six units so far in the month of January.

While a sense of action-a feeling that now is, in fact, the time to buy-seems to be pervading the market, buyers remain highly discriminating in their purchases. Poorly located or illconceived buildings will continue to struggle as will residences that lack the security of financially stable ownership.

The Oxford o Seventy Second has continued to outpace its competition by offering the quality, stability and lifestyle that satisfies the demands of today's buyers.

On the commercial front, high taxes, high vacancies and a dwindling tenant pool did little, it seems, to quell a surge of space movement among tenants in both the Midtown and Downtown markets. Midtown fared well, bolstered by a number of sizable leasing transactions from corporate tenants such as Price Waterhouse, News American Corp. and others.

Downton, too, while outpaced by Midtown in leasing volume, is nonetheless well-positioned for recovery. A dearth of new product, combined with a number of pending commitments from large space users, provide a favorable backdrop for this region, as it heads into the New Year.
COPYRIGHT 1993 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Review & Forecast, Section V; anticipation of increase in consumer spending spurs optimism in commercial and residential real estate markets of New York, New York
Author:Resnick, Burton P.
Publication:Real Estate Weekly
Date:Jan 27, 1993
Words:277
Previous Article:Public and private join for economy.
Next Article:Signs of awakening economy evident.
Topics:


Related Articles
Report: bottom may be here for some markets.
Appraisal Institute discloses economic forecast.
The value of NYC real estate: it's more than bricks & glass.
Manhattan's health is slow and unsteady.
The rising tide is lifting all boats.
A hot as a pistol market, but for how long?
Cautious optimism to guide us in 1999.
Market strong for acquisitions.
Caution prevails in an office market marked by uncertainty.
Optimism prevails in Manhattan's retail market.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters