PS90 developer Ron Moelis talks shop

Harlem’s PS90 condominium, at 220 West 148th Street, is hovering under 40 percent sold as closings begin, according to Ron Moelis, CEO of L + M Development Partners. Construction on the former elementary school, which will soon house both low-income and market-rate residents, was completed in July. “I wouldn’t say that sales have been slow, but I think people want to buy something they can move into and they can see and feel,” Moelis told the New York Times. Moelis is also behind the mixed-income Kalahari at 40 West 116th Street, which is now closing its last unit, five years after the buidling’s initial sales launch. “There’s not as big of an upside, but there’s also a lot less downside” to affordable housing development, he said. “When the market was really good in the early- to mid-2000s, we were doing well, but we weren’t hitting home runs. When the market got bad, we were still doing well.” [NYT]