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Sitting in a building she herself leased out, CBRE Tri-State CEO Mary Ann Tighe gave her insights on the NYC market on CNBC's Squawk Box yesterday.
Describing the market as "strangely steady," Mary Ann was reluctant to say NYC's in a bull market or a bubble. Midtown South and Downtown are reaching new rent highs, she admits, but Midtown is still shy of its 2007 records. Still, she doesn't see prices softening for the foreseeable future, as long as cap rates remain low.
What does concern her, however, is frozen land sales, a result of the disconnect in buyer-seller expectations and the drying up of financing. We could, she says, be reaching a price plateau.
Finally, the topic of Donald Trump reared its orange head. Mary Ann remains unconvinced Trump's campaign is having any affect on the market, pointing out that he owns almost no actual assets in the city, and the housing market is too tight for residential tenants to refuse a Trump-branded space. [CNBC]
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