Insiders predict market correction during 2016

By Dan Orlando

After two years without a hangover to nurse as the new year rolls in, several of New York’s biggest real estate players agree that 2016 may require a bit more aspirin to get through.

However, they tend to agree that a relaxed market may not be cause for concern. ...

While the general consensus amongst those in the industry is that a price stabilization is both underway and a positive for the market, Lazer Sternhell, CEO of Cignature Realty, is not yet sold on a correction being imminent.

“Believe it or not, we see prices moving forward and going higher,” said Sternhell, who specializes in large multi-family deals in Upper Manhattan. “We don’t see any indication to the contrary. Interest rates are stable, I know they popped up a bit, but basically they’ve been stable. The rental market is very strong among both foreign and local for real estate investors.

“I can tell you as a broker that there’s a lot of liquidity in the market for real estate.”

Sternhell also said that investment sales will continue stimulate other aspects of commercial real estate such as retail and restaurants.

“One thing we definitely see consistently over the years is gentrification,” he said referring to Upper Manahttan’s growth. “The area has a very strong rental market. There is more of a local vibe uptown,” he added.