August 7, 2017
Despite a wave of new development projects underway, the areas with the most upside potential are still in Brooklyn and Queens, according to Matthew Baron, president of Simon Baron Development, and Jacob Sacks, principal of Cayuga Capital Management.
Both Baron and Sacks spoke about how they made decisions on recent development projects and obstacles facing the real estate markets at the latest Coffee & Cap Rates event, held July 27 by Ariel Property Advisors in Midtown Manhattan.
They joined a panel on development trends that included Shimon Shkury, Ariel’s president, who quoted statistics from Ariel’s recent reports. For example, sales of development sites fell sharply in markets like Queens in the first half of 2017, as the number of developments underway has grown and construction financing has become harder to find. Despite challenges like these, experts still think there are opportunities in the outer boroughs.
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