NYC investors are putting their money into Detroit, brought there by the lower cost of entry and the growth opportunities in the Motor City.
“It almost has a Brooklyn-type feel,” says Adam Feldman, an associate at HFZ Capital Group, which just made its first investment in Detroit. “It’s what Brooklyn was like 10 to 15 years ago.”
HFZ snatched up two Detroit landmarks, the Fisher Building and the Albert Kahn Building, for $12.2M through Auction.com, the Commercial Observer reports.
NYC firm Lightstone Group is looking outside the city, to suburban Detroit—developing a 350k SF shopping center across the highway from the Detroit Airport.
These investors think Detroit is back on the upswing, after seeing the death of the auto industry and declaring bankruptcy. If so, now's the time to buy. [CO]
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