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New York

The great escape: NYC developers who are breaking into other markets

Oregon, Utah and Colorado are some of the areas seeing investment

(click to enlarge)
(click to enlarge)

From the June issue: More than 2,000 miles from his office on Third Avenue, Gary Barnett is quietly buying up acres of land in a locale that might seem worlds away for New York’s luxury condominium king.

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The Extell Development chief has big plans for a hotel and condo project just outside Park City, Utah, according to several people in the know. And he’s one of a growing number of New York developers looking beyond the city’s borders to areas such as Portland, Oregon, St. Louis, Denver and Toronto, as it becomes increasingly difficult to make deals pencil out back home. [more]