The Real Deal New York

Delayed projects not depressing city residents

September 15, 2009 08:31AM

Stalled construction projects aren’t having much of a psychological impact on the city, real estate professionals say. Despite an increasing number of delayed projects, including Boston Properties’ 250 West 55th Street, Larry Silverstein’s 99 Church Street and Sheldon Solow’s First Avenue project, any psychological effects are likely to be short-lived, said Real Capital Analytics’ Dan Fasulo, because New Yorkers know that the projects will be completed eventually. Mary Ann Tighe, CB Richard Ellis tri-state CEO and incoming president of the Real Estate Board of New York, said that she would have expected the suspended projects to be more of a “downer” for the city, but that New Yorkers seem to be able to ignore them.

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