BULLS, KITES & GREEN ROOFS

If you're not buying right now, there are opportunities in development, redevelopment, and construction in NYC.
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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

TPG, ACORE Raise Billions For Opportunistic CRE Funds

Newmark Cuts Earnings Outlook Despite Record Third Quarter

Battered Mortgage REIT Suspends Dividend To Preserve Cash

RXR Marketing Executive Lauren Maturo Dies At 32

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

Blackstone Mortgage Trust Reports Unexpected Q3 Net Loss

Tyko Capital Sets New Record For Florida's Largest Construction Loan

Office Recovery Moving Faster Than Expected, CoStar Finds

Meet Bisnow's 2026 New York Power Women Honorees

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age

Related, Oxford Land Tenant For Top Floors Of 70 Hudson Yards