Despite more than 2.5 million square feet of space coming to Manhattan’s office market each year, some of the city’s top developers believe it still could use a little more.
During The Real Deal‘s 11th annual New York Showcase, Silverstein Properties’ Marty Burger, HFZ Capital founder Ziel Feldman, Alchemy Properties president Ken Horn and developer Bentley Zhao, largely rejected the idea there is too much supply. As for the availability of debt for new residential projects, non-bank lenders are still filling in the gaps left by traditional banks, they said, in a field that is coming increasingly competitive for lenders.
The panel also touched upon foreign buyers (they aren’t going away), on the potential oversupply of work from celebrity architects Bjarke Ingels and Robert AM Stern (buyers still want it) and tax reform (40 percent of high-end buyers make their income via pass-through entities and are seeing their taxes drop, Feldman said).
Watch the full panel discussion above.