Even those who didn’t get burned during the downturn turn to smaller projects, venture outside NYC
From left: Josh Guberman, Matthew Blesso
From the October issue: These days, many developers are being forced to find new ways to occupy their time. While projects that were already in the pipeline are finally getting done, getting funding for large-scale new development projects in the city is still a rarity. As a result, many developers are downsizing their plans or looking outside the city for opportunities. Even developers who weathered the downturn well — and are still viewed as attractive borrowers by banks — are branching out. Developer Matthew Blesso, the president of Blesso Properties, said his company avoided losing money during the downturn because their projects were mostly completed when the slump hit. As a result, the firm hasn’t had trouble getting financing. For a new project he’s developing in Chelsea — a nine-unit condo at 421 West 22nd Street — he said he’s received four different quotes for construction financing. [more]
