I’m always amused by the fact that people say “what’s real estate?”, as if they don’t understand that they walk in the real estate environment every moment of their lives, whether its housing, whether its shopping, whether its office work, where its recreation. I want people to understand that the physical environment in which they live is important.
I think New York is experiencing a global recognition of its very special character. It’s not unlike a hundred years ago in the 1920s when this was a city that everybody wanted to be in. It’s growth by young people, and they come with different ideas. They’re not wedded to the past. They’re not wedded to tradition. And that makes it interesting because you don’t know what they’re going to come up with, you don’t know what the expectations will be.
Real estate is a cyclical business. There’ll be times when its overbuilt, and it’ll collapse. But it comes back.
If I look 50 years from now, Hudson Yards is going to be built out. The Bronx is going to be very different than it is today. We might really have real depth in sustainable environments.
I haven’t seen opportunity like this for the 35 years I’ve been studying cities.
About the researcher
Lynne B. Sagalyn is the Earle W. Kazis and Benjamin Schore Professor Emerita of Real Estate at Columbia Business School, where she was formerly...Read more.