Catsimatidis "Taking a Hard Look" at 162 Myrtle Project
Not surprisingly, there’s a little more nuance to last week’s news that developer (and likely mayoral candidate) John Catsimatidis was putting his 660-unit development on hold than what New York Magazine reported. Reached by phone on Friday, Catsimatidis conceded that he was “taking a hard look” at the project in light of the current environment,…
Not surprisingly, there’s a little more nuance to last week’s news that developer (and likely mayoral candidate) John Catsimatidis was putting his 660-unit development on hold than what New York Magazine reported. Reached by phone on Friday, Catsimatidis conceded that he was “taking a hard look” at the project in light of the current environment, and implied that it would be pretty silly of him not to. His Red Apple Group owns the land outright, so there’s no mortgage burn to worry about. In the meantime, the first-time home-buyers from Manhattan that he sees as his target market now have to come up with a $150,000 down payment for that $750,000 apartment, rather than, say, $75,000 when the project was conceived. In the end, though, it’ll probably come down to retail. “If we can land some strong retail tenants in advance, we’ll go ahead and do this,” he said. Duane Reade has already signed up. How ’bout it, Whole Foods?
Catsimatidis Puts Myrtle Build on Hold! [Brownstoner]
Catsimatidis Puts Myrtle Build on Hold! [Brownstoner]
Catsimatidis on Myrtle Revealed [Brownstoner] GMAP
Oh, of course. NOW I believe your anonymous postings.
experience and primary resources
“another anon who thinks reading articles makes one a possessor of facts.”
And where are your facts 3:46?
another anon who thinks reading articles makes one a possessor of facts.
until 2 years ago anon had no idea that abs was anything other than an automotive reference and thought that credit crunch was a new offering from kelloggs. now anon is not only an expert in the debt and credit markets, but is also savvy in construction financing and real estate development.
the real travesty in all of this is that anon won’t be forced to account for anon’s boneheaded robotic conclusory ignorance b/c anon is just a mere anon with keyboard courage. run off now dear anon before your sheep flock leaves you behind.
BrooklynLove once again spouts of an utter absence of facts.
It’s the credit crunch. Crunchity crunch crunch crunch!
Why wasting time having this long ass discussion about grocery stores? Just admit that you made a huge mistake buying in this area and call it a day.
apparently the anon experts are a little more mum now. this is a negotiation. cas is a businessman, not a politician – he’s not going to leave any money on the table here – whether that mean sell to another developer, or get more incentives from the city/state. frankly, he’s in a strong position b/c there is now pressure on the city to get this done. either way, this site is not going to sit barren for an extended time. and this is not some casualty of the credit markets, regardless of how much the rags would like the alarmists to think that.
2nd Link is broken too.
GMAP is broken. It’s labed “hhttp”.