NYC Real Estate Giants Moving to Outer Boroughs

Written on February 03, 2014 at 11:14 AM

Due to slim returns, real estate giants in New York City are seeking opportunities outside of Manhattan and pushing toward the outer boroughs. Since the commercial real estate market has recovered from the recession, investors are forced to fight over the few Manhattan properties that become available. Highly reputable firms such as RXR Realty, which owns large office buildings located at 75 Rockefeller Plaza and 340 Madison Ave, have had to alter their investment strategies. In fact, RXR has plans to spend $1 billion buying properties such as industrial warehouses in the Bronx, office buildings in Long Island City, Queens, and retail and residential space in St. George, Staten Island.

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Categories: States, Real Property, New York




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