Law360: Neveloff Comments on Midtown Manhattan Commercial Real Estate Values Nearing 2007 Pre-Crash Peak

Real estate partner Jay A. Neveloff was quoted in a Law360 article about how commercial real estate values in Midtown Manhattan are nearing their 2007 pre-crash peak. According to Green Street's Manhattan Office Price Index, property values in Midtown Manhattan have increased 14 percent over the last 12 months, and Midtown's index has almost reached 100 percent of its 2007 value. Mr. Neveloff was quoted as saying, "There is simply no doubt that Midtown commercial values are almost at their pre-crash peak. Even Midtown development sites are trading at record levels, exceeding the pre-crash peak." The article states that the area’s fully recovered values are due to a combination of high land prices, a dearth of product and increased availability of capital over the last few years.