New York City May Take a Decade to Recover from Coronavirus Pandemic

August 31, 2020

Article by:  Kevin Stankiewicz

  • “I think New York will ultimately come back. It’ll come back differently. It’ll be a different place, and it will be much more affordable,” real estate developer Don Peebles told CNBC on Friday.
  • But Peebles, CEO of privately held Peebles Corporation, said, “I think it’s going to take New York about a decade or so to dig out of this. Maybe longer. But it’s not going to be soon.”
  • Peebles said New York City is facing increasing competition from places like South Florida and Nashville, Tennessee.

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