Blau: Market not ready for construction starts

Jeff Blau

Jeff Blau, president of Related Companies, is forging ahead with his West Side rail yards project, according to the New York Observer, which recently sat down with the New York City developer to discuss development and the market’s overall strength. Having signed a contract with the Metropolitan Transportation Authority last week, Blau said that he can now “really get started on the development and talking to potential tenants coming to the project.” But Blau has yet to determine when construction will launch, noting that “the markets have just gone through a pretty significant shock,” and that “nobody has a crystal ball to know exactly when to start.” While he is optimistic about the market, Blau said that he doesn’t “think the market is quite ready,
this year, for new construction starts,” and that he doesn’t “think the
construction lending markets are buying debt.” [NYO]

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.