News
TOUGHING OUT DEVELOPMENT
July 9, 2009
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| We're seeing more holes in the ground where luxury condos or offices were supposed to break ground. Guzov Ofsink attorney Allison Scollar tells us that many developers are running out of money, and if they didn't get the required foundations in by last June, they aren’t eligible for tax abatements. Others are having a harder time leasing because build-outs are too expensive, leaving spaces at high prices. Her advice? Be more aware of the building lot, zoning, school districts, and neighbors before any purchases, and pay more attention to the quality of construction and amenities offered. One trend she sees returning is parking (thank goodness; we’ve been circling the block for the past 15 . . . years), and as a result, more developers are offering garages. |
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| The market is also offering plenty of opportunities from burned commercial and residential developers. Two of her clients are taking over buildings; one bought a note at $150 PSF that should have sold for $300 PSF. Allison, who was just chosen as top woman in real estate and construction for '09 by NY Residential magazine, comes from a family of lawyers, including her brother, cousin, father, and grandfather (family gatherings must be interesting!). No word whether her daughter, who’s currently preoccupied with “Sesame Street,” will follow. |
