The Times ran an interview with Jeff Levine this weekend in which the developer of Williamsburg's Edge, a self-described "cockeyed optimist," talks about the present market's challenges. Levine says lack of financing is the biggest barrier to recovery these days but that he thinks New York, last to the downturn party, will also make one of the quickest exits. More interesting: Levine says Phase 2 of the Edge is unlikely to be on the drawing board anytime soon because of lack of financing, and sales at Phase 1 of the development—while marked by high points like the sale of a $5.25 million penthouse—are basically stalled at the 20 percent mark. Nevertheless, unlike neighboring Northside Piers, he's not dropping prices at the project: "We have not reduced prices at all. Obviously, if we have a willing partner who wants to buy a unit, we will work with them to facilitate their purchase — whether that means we help with their closing costs or help them with their parking requirements."
The 30-Minute Interview: Jeffrey E. Levine [NY Times]
Photo from The Real Deal.
