Developers mothballing projects — when they can

By Alison Gregor | December 24, 2008 03:18PM

From the December issue:
With lenders going into bankruptcy and the sales market disappearing, developers all over New York are facing choices about how to ride out this down cycle. “If you go past construction sites, there are buildings with cranes that aren’t moving,” said Shaun Osher, CEO and founder of Core Group Marketing. “There are half-built buildings where there’s no construction happening.” However, the choice of whether to “mothball” a project isn’t always up to the developer — sometimes the decision is made for him by the current lack of loan availability.

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