Study: Manhattan CRE Recovering from Sandy

In some good news for New York City commercial real estate, an overwhelming majority of survey participants have changed their outlook on the fate of Lower Manhattan real estate post-Hurricane Sandy. Of more than 100 executives surveyed by accounting firm Marks Paneth & Shron LLP, only 6 percent said they believe property values in Lower Manhattan will drop in 2014. Last year, nearly a third of the respondents forecast a drop in real estate prices for the area. The real estate group at Marks Paneth attributes the positive outlook to the recovery from the hurricane that devastated New York.

A press release from Marks Paneth noted that since Hurricane Sandy, Lower Manhattan commercial property had been a source of concern, or potential opportunity, depending on perspective, for the city’s commercial property leaders. Lower Manhattan CRE was boosted last year in part by an office building comeback that included a $1 billion lease from SL Green’s 388-390 Greenwich Street.

As for federal government help in improving post-Sandy CRE, half of the surveyed executives doubted that it would help foot the bill to prevent future flooding in the area.

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