From the April issue: In the tight quarters of Manhattan real estate, cobbling together space by assembling blocks of adjacent land has long been one of the go-to strategies to make room for something bigger.
Now there’s good indication that, after a recession hiatus, developers are again turning their attention back to assembling properties.
Real estate firms such as the CIM Group, the Rockefeller Group and Extell Development are betting that as the economy improves, the investments made in these sites will pay off in the same one-plus-one-equals-three way they have for other companies in the past (see the Durst Organization’s One Bryant Park, for example).
In addition, brokers say that increased activity has happened faster than many expected. [more]
