News
BULLS, KITES & GREEN ROOFS
May 12, 2010
| If you're not buying right now, there are opportunities in development, redevelopment, and construction in NYC. |
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| Addressing the Real Estate Lenders Association yesterday at Club 101, Extell Development prez Gary Barnett said some people thought Extell and Angelo, Gordon & Co. overpaid for their recent purchase of The Carlton House, which attracted heavy bidding-but this was an opportunity for redevelopment, including expansion of its retail. "There's potentially nice upside," Gary says. Lenders are finally not looking at you crazily when you ask for a construction loan, and he predicts that in the second half of the year, 50% of the banks will return to these loans and "condo" won't be a dirty word. Overall, NYC is now worth as much as the rest of the country put together, and we've rebounded more than expected-he's seeing good numbers in retail, hotels are coming back, and there's a particular resurgence in multifamily. |
