CityRealty Insider > New Developments in the News

New Developments in the News

JULY 6, 2009

Residential sales may be down but not falling, and lower retail rents entice merchants in the world's most expensive city.

Though Q2 reports indicate that sales of Manhattan condo and co-op apartments continue to be weak (with townhouse sales down as much as 40 percent), the Case-Shiller Index (a popular home-price index) has indicated that the decline in home prices may be nearing a bottom. Robert Shiller, co-founder of the index, says he believes that while there is no sign of a sharp rebound, "home prices are going to level off - they're not going to keep falling."

Though New York City is still the world's most expensive place to set up shop (followed by Hong Kong, Moscow, Paris and Tokyo), retail rents in the city are down significantly compared to last fall, according to a report issued recently by the Real Estate Board of New York. Declining prices may be attracting new retail tenants who are finding the city more affordable.

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