Prices in NY are not economical: Resnick

August 25, 2010 06:30PM

Burt Resnick

While they may not be on the market radar right now, real estate families like Jack Resnick & Sons, currently run by CEO Burt Resnick, played a big role in New York’s real estate development throughout the years. “I started in business in 1956, and I must have gone through 10 busts or more in 50 years,” Burt Resnick told ArchPaper. “It’s always in flux.” Looking toward the future of development in Manhattan, Resick says that
he has no plans to buy now, since prices haven’t come down to a level
that he deems economical. “We could be as busy as we want to be, but the
deals just don’t make sense as far as we’re concerned,” he said. “And
if I can’t add value, there’s no sense in buying.” The Resnicks’ personal philosophy is “to not sign our names to anything and no heavy debt,” he said. As a family business, the Resnicks, as opposed to newer developers, can afford to hold onto properties for years, and are constantly putting more money into their buildings. Resnick is also pursuing LEED ratings at two of their buildings — 250 Hudson And One Seaport Plaza — as well as upgrades across their portfolio. [ArchPaper]