Dennis M. Sughrue

Pryor Cashman Partner, Dennis M. Sughrue, authored an article discussing the current land prices in the New York City real estate market.

Profit margins are eroding due to escalating land costs, regardless of high rents and $1500 per square foot prices for condominiums. The luxury market is booming, while rental housing and modestly priced for-sale construction have suffered. A solution might lie within a properly structured ground lease, which offers benefits to both landowners and developers. It might even make it possible to develop homes for New Yorkers of modest means.

To read the article in its entirety, please click here