From the Jan. 1, 2008 print edition of The Observer, in a story by Eliot Brown:
Ten building deals over $1 billion, midtown office rents slumbering above $100 a square foot and total investment sales of at least $51 billion closed or in contract by December: Without question, Manhattan’s commercial real estate market, already rallying for years, soared to a high point in 2007.
The question for the New Year, of course, is whether there is any higher to climb; or, in a seemingly more likely scenario, whether we are making our way down the mountain.
After all, given the record-shattering numbers seen in the past 12 months and a less-than-stellar economic forecast in the near term, it’s hard to imagine that the coming year could offer anything to top 2007, at least with respect to investment sales.
The story’s headline: "What a Boffo ’07? But Was It Commercial Market Peak?"
Sometimes you hate to be right.
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