Knakal says rentals always in demand

On Fox Business News recently, Robert Knakal, chairman of Massey Knakal Realty Services, said in New York City the only developments that have a chance of obtaining financing right now are residential rental buildings, because rentals are always in demand. Knakal also said that to get financing for a project, developers have to put down a 50 percent deposit. Knakal noted that activity in the city has gone back to people who can invest their own equity in development, like old real estate families, and has moved away from investors with institutional capital.