Unable to find financing and uncertain about the future, developers have pulled the plug on $5 billion in projects in recents weeks, according to The New York Times. “There’s no way to finance a project,” said the researcher, Stephen R. Blank of the Urban Land Institute, a nonprofit group. Some developers who paid top dollar last year prime properties are having to look for alternative ways to generate cash on them while they wait out the downturn; others, like Donald Capoccia, are pushing ahead with partially-sold condo projects while turning their attention to affordable and elderly housing projects for which government funding is still available. And still others may be turning their attention to non-development matters. “We told them to take up golf,” Mr. Blank of the Urban Land Institute.
Downturn Ends Building Boom in New York [NY Times]
