An article on “How To Get Work in 2011?” in the January 1, 2011 issue of ENR New York (Engineering News-Record) quotes David J. Pfeffer on the outlook for the New York region’s design and construction market. The article also appeared in the December 13, 2010 issue of New York Construction.
Mr. Pfeffer, a Partner who co-chairs Tarter Krinsky & Drogin’s Construction Practice Group, said that the firm’s real estate development attorneys are “seeing things start to percolate” on residential projects in New York. “It’s not like four or five years ago,” he added, “but banks are starting to loosen up their ability to loan money at all levels.”
As Mr. Pfeffer noted, project financing may be a bright spot since the last two months have seen banks finally unloading stalled developments at a loss. “This is a great sign – it frees up more money for them to loan and gets bad assets off the books,” he said. He added that some developers “are winning financing to resuscitate scaled-back projects by converting condominiums to rentals.”