New York City real estate professionals are split on what effect the Federal Reserve’s expected raise in short-term interest rates will have on property values and real estate development. According to the latest survey by accounting firm Marks Paneth, 41 percent say an interest rate hike will cause co-op and condo values to decline, 34 percent say they will stay the same, and 18 percent believe they will actually go up.
The survey was conducted among more than 130 property owners, brokers, engineers, accountants and lawyers. Half of the respondents predicted a rate hike will slow co-op and condo construction, 41 percent said it will not slow construction, and 8 percent were unsure.
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