The New York Sun reports that commercial real estate prices in New York are escalating rapidly. Eighteen months ago the highest commercial price ever recorded was $1,000 per square foot. According to the Sun the highest price is nearing $2,000 per square foot. "Investment sales for 2006 reached an all-time record of $34.8 billion."
With a plummeting dollar, spikes in real estate prices and the Dow Jones and S&P 500 at or near all-time highs, it is time to "break out the bubbly". Sometimes you just got to party like it's 1999!
Fortunately for the investors, they are not making any more land, and Manhattan is a very small island.
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