The increase is prompting landlords to sell their properties. During the the first half of the year, Commercial property prices are the highest since the peak of the property bubble in 2007. "At these levels the New York and NJ market is seeing a major contraction in cap rates of properties for sale" according to Bruce Sturman. He sees significant opportunity in the Gold Coast of New Jersey for the development of Residential condos and rentals as the NY markets because of its location and transpotation options to NYC. The company and its institutional partners have approximately 2000 units planned for the gold coast.
"New York City, Brooklyn and the New Jersey "Gold Coast" are geographic areas of interest for multi housing."
“If the U.S. recovery continues to gain traction helping confidence and growth across all economies, we anticipate that next year will be favorable for much of the market as stimulus measures and recovery spark an appreciation in capital values for good quality space with strong occupier demand,”