In the fall of 2015, Bob Knakal was watching the bids come in for Manhattan land parcels across a portfolio of 40 sites. They weren’t good. Coming off a two year-boom in the market for development sites, buyers had been consistently bidding an average of $685 per square foot for Manhattan dirt. Almost overnight, those offers began plummeting by around 20 percent. Then the chair of Cushman & Wakefield’s New York investment sales team, Knakal […]
source https://therealdeal.com/issues_articles/new-york-city-land-prices/#new_tab
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