The Real Deal New York

Unfinished condos feeding ground for investors, Knakal says

September 08, 2009 12:44PM

Investors are taking advantage of the down construction industry in New York City, according to Crain’s, snapping up unfinished or stalled construction projects in the five boroughs. Boaz Gilad, president of Ore International, a real estate portfolio management group, bought an unfinished 21-unit Williamsburg condominium for $2.9 million, a price point 64 percent below what the former owners spent for the land and the construction. At the time of the sale, the previous owners had completed approximately 60 percent of the building. Robert Knakal, chairman of Massey Knakal Realty Services, said this is a growing trend. His group is currently marketing a foreclosed 120-unit Williamsburg condo and the property has drawn 50 bidders. “There are a tremendous number of people who are looking to buy,” Knakal said.

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