Real Estate Mogul Predicts Big Apple Market Will Rebound First

New York City's real estate market will recover ahead of other areas of the country, perhaps by the end of the year, predicts Manhattan real estate mogul Elie Hirschfeld. The president of Hirschfeld Properties, who owns more than 1,000 apartments and in excess of 1 million square feet of commercial space in the metropolitan area, says most of New York's overbuilt office space inventory will finally be absorbed in 2010. What's more, he expects more distressed properties will become available through deals or foreclosure sales. Furthermore, developers will have the opportunity to begin repositioning themselves as land, construction and renovation costs drop to more reasonable levels.