July 27, 2016
During the past two decades, hundreds of funeral homes across New York City have closed down. People are living longer and rituals surrounding death (such as days-long wakes) are changing. Additionally, younger generations aren’t interested in taking over the family funeral business.
When the owners decide it’s time to sell, developers are eager to buy. As land primed for development becomes more scarce, property values increase, and funeral homes are no exception. One example is Michael Cosgrove & Sons funeral home, which operated in Sunset Park, NY for more than 100 years. In 2014, the home and its land sold for $2.12 million to a developer.
“Funeral homes are good for redevelopment and mixed use,” said Aaron Warkov, with Cushman & Wakefield, who has sold two funeral homes in Brooklyn.
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