Everything's Coming to a Grinding Halt
Unable to find financing and uncertain about the future, developers have pulled the plug on $5 billion in projects in recents weeks, according to The New York Times. There’s no way to finance a project, said the researcher, Stephen R. Blank of the Urban Land Institute, a nonprofit group. Some developers who paid top dollar…
Unable to find financing and uncertain about the future, developers have pulled the plug on $5 billion in projects in recents weeks, according to The New York Times. There’s no way to finance a project, said the researcher, Stephen R. Blank of the Urban Land Institute, a nonprofit group. Some developers who paid top dollar last year prime properties are having to look for alternative ways to generate cash on them while they wait out the downturn; others, like Donald Capoccia, are pushing ahead with partially-sold condo projects while turning their attention to affordable and elderly housing projects for which government funding is still available. And still others may be turning their attention to non-development matters. We told them to take up golf, said Mr. Blank of the Urban Land Institute.
Downturn Ends Building Boom in New York [NY Times]
This is good. Will stop the creation of new projects until absorption of the current building boom is complete. May take a while…
“Is there any law that requires developers to at least finish projects…”
The law of gravity governs all.
***Bid half off peak comps***
This is sadly going to be a recurring theme through out New York but especially here in Brooklyn with the speculative condo boom. Really illustrates how the RE is integrated into Wall street.
Is there any law that requires developers to at least finish projects that are far along e.g. like the above pictured place?