From the January issue: While the pipeline for condos has slowed to a near-stop, there are a
few daring developers out there picking up land and buildings in this
tough market. But those who are making purchases and starting up projects now are
doing so with revised cost projections — faced with the reality that
expenses must be contained in a weak sales market. The Related Companies, for example, restarted construction in the
fall on a long-delayed skyscraper at 440 West 42nd Street, which
includes a Frank Gehry-designed theater, a hotel and 800 apartments –
a mix of market-rate rentals, affordable units and condos. The deal was made possible with the help of $25 million from the
city for the theater and a citywide agreement between developers and
more than 40 labor unions to trim construction costs up to 20 percent.
The project had been on hold for months amid the downturn and limited
financing.
What does it take to build a condo?
While few are doing it, some daring real estate souls are revising costs and starting projects
January 08, 2010 03:50PM
By David Jones
