From the June issue: While many New York City developers are hamstrung by the recession and
scrambling to get their own financial houses in order, some are
starting to think about positioning themselves for a market rebound.
Although many of the projects they’re considering are in their
infancy — and have yet to reach the desks of the city officials who
would need to sign off on them — experts say a few savvy developers are
already plotting their post-credit crunch courses. In most cases, the
planning does not involve laying out serious money, but instead is more
centered around gearing up for zoning approvals or variances on
properties that do not have “as of right” development status. “I think the smart developers are indeed looking at those
properties that present difficulties because they have complex
entitlement issues, zoning issues or environmental issues,” said
Mitchell Korbey, a partner at the law firm Herrick Feinstein and a
specialist in urban planning and land use. “Those properties might have
been on the back burner during the past several years because of the
market’s attractiveness.” [more]