Hauspurg dives into Williamsburg

After his company nabbed two defaulted loans in Williamsburg, Peter Hauspurg, chairman and CEO of Eastern Consolidated, said he thinks the neighborhood might be ripe for distressed asset opportunities. In a recent interview with the Observer, Hauspurg talked about working with his wife, Daun Paris, president of Eastern Consolidated, and not doing his own taxes. He also said Williamsburg “probably has the greatest concentration of troubled real estate projects around.” Williamsburg’s popularity during the boom years likely contributed to its current woes, Hauspurg said, noting that “irrational exuberance” may have been partially to blame. “Everybody went there at the same time,” Hauspurg said. “The banks gave [developers] the money, they put up the structures and there just weren’t enough buyers.”

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