The CoronaVirus pandemic has certainly caused financial tumult in the stock market because of the panic and uncertainty in the corporate world and the devastating effect on the economy and health concerns of the general public.
As far as the effect this has had on New York real estate, Crain’s reports that “some investors are brushing aside mounting concerns about the economic fallout from the virus and pushing ahead with major acquisitions. For example, RFR Realty, owner of several office properties in Manhattan has gone to contract to purchase 522 Fifth Avenue from Morgan Stanley for approximately $350M.
Amazon is buying Lord & Taylor’s former department store building located at 424 Fifth Avenue for approximately $1.15B in cash. The landmarked, 11 story, 660,000 square foot building will house Amazon’s NYC headquarters. The price tag comes to more than $2,000 per square foot for the Midtown property.
Jeff Grandis, broker at Accord Real Estate Group, a Brooklyn based brokerage company whose business spans Manhattan, Brooklyn and Queens says” investors are continuing to purchase great properties with tremendous potential for growth”. “ We are currently doing investment and development deals in Prospect Lefferts Gardens, Fort Greene, Sunset Park and Midwood in Brooklyn”.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
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