Home The Firm Our Practice Our Professionals News K&S Blog Clients Resources Contact
Home | K&S Blog | RECESSION ADVICE
RECESSION ADVICE

06/24/2008

The perennially optimistic magazine THE REAL DEAL has finally acknowledged the existence of the serious real estate recession that has hit New York over the past year. In an article in their June issue entitled “Office Tenants Waiting for Market to Bottom,” THE REAL DEAL grapples with the fact that there is currently a great deal of space available on the commercial market and that rents in all of the business districts of New York will soon start heading down, if they have not already done so.

Another article in the June issue of THE REAL DEAL discusses the slowdown in the condominium and townhouse market over recent months. I had the pleasure of having two clients, who are both leading members of this industry, quoted in the article. The article points out the weakness in the condo and co-op marketplace, which is sure to continue for some time.

I have the following suggestions:

  • Commercial tenants should wait at least a couple of months before signing on the dotted line. Now is certainly a good time to start looking, however, if your lease expires in the next twelve months.

  • Co-op and condo buyers should start to search for their new house now. Motivated sellers will drop their prices 10-20%. The “pickings” should be good for the balance of 2008 as well.

We will continue to monitor the marketplace for buyers and sellers and landlords and tenants in New York City. If you have any comments, please contact me at Edklein@kleinsolomon.com.

Read the analysis that appears in the articles entitled “Dividends Being Clipped” and “Bill for Borrowing ” in the June 16, 2008 issue of CRAIN’S NEW YORK BUSINESS for a good summary of the economy’s impact on the corporate world. The corporate world is suffering even more that the real estate world. CRAIN’S is an excellent source for reporting the latest economic developments that affect our lovely city. It’s a “must read” for any New Yorker involved in business. –Edward E. Klein

SUBCONTRACT MAY NOT CONTAIN CONDITIONS PRECEDENT MORE STRINGENT THAN STATE FINANCE LAW § 137 01/11/2014
By: Brian J. Markowitz
More Info

CONTRACTOR CANNOT ENFORCE MECHANIC’S LIEN AGAINST LANDLORD’S INTEREST IN THE PROPERTY FOR WORK PERFORMED AT THE DIRECTION OF THE TENANT 01/06/2014
By: Brian J. Markowitz
More Info

K L E I N   &   S O L O M O N,  LLP

© Klein & Solomon, LLP
Attorney advertising notice . Search . Contact . Site Map . Web Site Disclaimer and Notice
Stretch Ink