Real estate developer Don Peebles told CNBC on Friday that he anticipates a slow economic recovery for New York City in the wake of the coronavirus pandemic.
“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,” said Peebles, CEO of privately held Peebles Corp., which has a corporate office in lower Manhattan.
He added on “The Exchange,” “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 he foresees challenges ahead for New York City in attracting and maintaining new residents and businesses going forward. Among…