Heating Up, Burning Man
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|In a deal emblematic of the return to business this year, The Meadowlands—to be the largest shopping center in North America—is getting a makeover that would make Pamela Anderson seem unaltered. Orrick real estate powerhouse Marc Shapiro is repping designated developer Triple Five Worldwide in the multi-billion dollar, 4.5M SF redevelopment, one of the many developers, institutional lenders, and private investors he stands behind. He tellsLegal Bisnow NY that the need for investors to find a home for their capital has finally overcome the reticence in the market. Attractive pricing, affordable debt, reasonable returns, and a perception that the bottom has arrived has created an optimal time to commence projects anticipated to close in three months to a year.|
|Marc’s not receiving a noticeably larger number of inquiries about US opportunities from foreign capital sources, but his phone keeps ringing, which he expects to continue. Meanwhile, he likes to explore life at the other side of the spectrum. In August ’07 and ’10, he attended Burning Man with his 19- and 23-year old sons, Eric andBenjamin, in a rented RV. For those who don’t know (or can’t remember), the extreme event is a clothing-optional performance art festival in the Nevadan Black Rock Desert, which draws in excess of 50,000 to witness the torching of the giant Man and live communally for a week in a gift-only economy (cash will buy onlystrange looks). Marc tells us it takes him about three months to recover from the all-night party scene at the 21st century Woodstock.|