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Some developers use downturn to plot long-term projects

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