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January 4, 2011
New Life for Projects Put on Hold
The Wall Street Journal
Real-estate developers that haven't seen much action lately are hoping 2011 is going to be different.
For more than two years now, the landscape for new real-estate development in New York City has been a cold one. The economic downturn relegated many a project throughout to hibernation mode.
Employment plummeted after 2008, and with it any immediate need for new office space to house the tens of thousands of new office workers expected in a booming economy. While rental housing and hotels have fared better, construction financing remains scarce.
But with green shoots emerging in the New York City economy, developers are dusting off their plans crafted back in 2006 and 2007. A handful are even making a go at getting a shovel in the ground some time this year, even though most are predicting that the economic rebound will be sluggish.
Here's a look at four large sites that may (or may not) see construction in the year ahead:
Atlantic Yards—First Residential Tower
Forest City Ratner
CHANCES: Decent. With a new basketball arena under way, Forest City has said the company will start construction on this 400-unit building in 2011. Then again, the firm, which has hit some tough times, said the same thing last year.
NoLandGrab: The Journal is starting to catch on.
Photo: Daniella Zalcman for The Wall Street Journal
Posted by eric at January 4, 2011 1:20 PM