I just got out of a meeting with our development director who is signing deals left and right - both for small buildings of under 20 units and larger projects. The banks are lending and the rates are, for the moment, relatively low; there is very little inventory in Manhattan with absorption rates anywhere from 8-11 months; and the return on real estate, although the margin has decreased somewhat, is still better than anything in the stock market.
My partner and I look to serve you through Brown Harris Stevens, a company which has had its hand in Manhattan real estate since 1873. We handle straight purchases of income-producing property as well as potential development buildings and sites. We have an amazing development department which will help any developer with projects from soup to nuts. Please email me at dgimelson@bhsusa.com and I will be happy to open a dialogue.
