According to their abstract, William C. Wheaton, Mark S. Baranski, Cesarina A. Templeton published a paper compiling a limited data base of 86 repeat sales transactions for office properties in lower and mid town Manhattan from 1899 through 1999. The three concluded: 1. taking inflation into account, lower- and mid-town Manhattan, NY commercial office property values were 30% lower in 1999 than in 1899. #2. within any particular decade, real estate values quite often increase and decrease from 20-50% in real terms. Based on these results, William C. Wheaton, Mark S. Baranski, Cesarina A. Templeton determined that "the long-term historic return to New York commercial property must be mostly comprised of yield, with capital gains limited to general inflation." The three also reviewed additional historical studies consistent with this conclusion.
FROM: 100 YEARS OF COMMERCIAL REAL ESTATE PRICES IN MANHATTAN
William C. Wheaton, Mark S. Baranski, Cesarina A. Templeton: Working Paper 08-02 December 10, 2007
Room E52-251 50 Memorial Drive Cambridge, MA 02142
Massachusetts Institute of Technology Department of Economics
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