Don Peebles, the chairman of Peebles Corporation, the country’s largest African American-owned development company, was recently on Fox Business-Cavuto to discuss the state of the housing market. He predicted a long-term housing recovery, with prices rising across the board for the next few years. “Now is the best time to buy real estate,” he said. Peebles also pointed out that New York’s 14 percent income tax will lead businesses south to places such as Florida.
The developer, who moved last year to the Big Apple with his family, submitted a proposal to the city in August to develop a 13,500-square-foot site at 2040 Frederick Douglas Boulevard in Harlem. [Fox] –Hiten Samtani