What does it take to make a comeback?

New York /
Oct.October 21, 2010 10:30 AM

Sources say developers can return from real estate purgatory – but only if they handled their troubled projects well


Boymelgreen

From the October issue: Embattled developer Shaya Boymelgreen recently announced that he’s looking for development opportunities in Manhattan. That may sound surprising, given that the erstwhile developer of 20 Pine is facing a bevy of lawsuits by creditors and disgruntled buyers, and his LibertyPointe bank was shut down by regulators in March. But a possible comeback by Boymelgreen — a high-profile casualty of the downturn — is not as outlandish as it seems, experts say. As Donald Trump famously demonstrated with his dramatic comeback from his 1990s financial troubles, the real estate industry is surprisingly forgiving. The many developers whose projects crumbled during the downturn are likely unable to borrow money right now — especially if they went to war with their lenders. But with a little pluck and perseverance, most will be able to do projects again in the future, experts said. Those who will bounce back the fastest are the developers who established themselves before the downturn, but had a tough time during this cycle. [more]

 

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