Eric Rubenstein: Where are we now, where are we headed and where are the opportunities?

Real estate market conditions are "a tale of two cities". Manhattan and the boroughs are booming and our clients are busy acquiring vacant land and doing new construction, primarily for residential rentals and condominiums/coops. Commercial refinancings are also active owing to the continued relative affordability of credit. Activity on Long Island is much less robust, with professionals essentially playing the waiting game until employment expands and companies need additional space, which will drive new leasing and construction opportunities. More opportunities for investors will appear as 5-7 year mortgages taken out at the height of the market mature. Many owners will be unable to refinance these mortgages, given the additional equity requirements, stricter lending criteria and challenges finding tenants, particularly in the office and retail sectors. Eric Rubenstein is with Ruskin Moscou Faltischeck, P.C.