(Source: New York Times)
Twenty months into a deep recession, the real estate market is battered and the print news media are doing even worse. What kind of time is this for a money-losing publisher to start a print publication about real estate?
A perfect one, according to Jared Kushner, owner of The New York Observer, who is about to introduce The Commercial Observer, a weekly newspaper on the commercial real estate market in New York City. The first issue will be published Sept. 15.
The project combines two elements — a niche topic and a local focus — that analysts say have become central to success in a deeply troubled newspaper industry.
“I think now everyone’s interested in the real estate market, and a product that covers it closely will have great value to advertisers,” Mr. Kushner said in an interview. “Right now, there are no building sales but there are a lot of leases. There are a lot of deals that happen that don’t get picked up anywhere in the media. But people in real estate care.”
Read Richard Perez-Pena’s full article “New York Observer Starts a Paper on Real Estate” in the New York Times (August 23, 2009).