Experts: Bifurcation Will Continue

NEW YORK CITY-It’s not just New York, DC and other key markets; it’s those two cities standing apart from everywhere else, said Fried Frank’s Mechanic.

NEW YORK CITY-It’s a tale of two markets, a split between haves and have-nots when it comes to pricing and the availability of financing—and this will be the case for some time to come, experts said Thursday at a panel discussion presented by Bloomberg.

Core properties in a handful of markets have been both commanding investor interest and fetching top dollar in sales, panelists said. Real estate attorney Jonathan Mechanic, partner with Fried, Frank, Harris, Shriver & Jacobson LLP, would narrow the field of top-tier markets even further: New York City and Washington, DC stand apart even from the likes of Chicago, Boston and San Francisco, he told attendees at the Bloomberg Real Estate Briefing.

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