(917) 207-7012
Paul.Zweben@Compass.com
Menu
Menu

JAY Z

Jay-Z's Hotel Among Projects Frozen By Building Boom's End

Monday, December 29, 2008, by Joey

The real estate boom was declared dead back on the first of October, and the Times continued the autopsy report over the weekend with a story on the frozen state of development and construction. The statement that New York's landscape will be "virtually unchanged for two years" will be greeted with curses by some and relief by others, and Charles Blaichman falls into the former category. Blaichman—who built Soho House and is currently developing the High Line Building (he's also responsible for that god-awful SVA dorm on Delancey Street, ick)—has seen financing vanish for his buzzy hotel projects, including the controversial Perry Street Hotel in the West Village and the J Hotel in West Chelsea, a partnership with Jay-Z. In fact, Blaichman is trying to rent out the former Time Warner Cable warehouse (right) that was to be razed for the J Hotel. Other developers are feeling the pinch too, of course. In fact, even the once-mighty Shaya Boymelgreen is having trouble raising cash:

Shaya Boymelgreen had banks “pull back” recently on financing for a 107-unit rental tower the developer is building at 500 West 23rd Street, according to Sara Mirski, managing director of development for Boymelgreen Developers. The half-finished project looked abandoned on two recent visits, but Ms. Mirski said that construction will continue. Banks have “invited” the developer to reapply for a loan next year and have offered interim bridge loans for up to $30 million.

And though construction continues on projects that managed to lock in financing before the bust, a researcher with the Urban Land Institute has this advice for real estate execs: "We told them to take up golf." And maybe architects should learn how to caddy?

Have you seen these yet?

Work with The Zweben Team

With The Zweben Team, we guarantee attentive and personalized service. We genuinely listen to your aspirations, offer sincere recommendations, and utilize our expert negotiation skills to fiercely advocate for you. With us, you're choosing unparalleled expertise and a tailored experience to meet your unique real estate needs.
Contact us

Subscribe To

THE ZWEBEN TEAM NEWSLETTER
Experience a monthly dose of handpicked content from The Zweben Team, showcasing exclusive property listings, market updates and a little foodie fun.

Consent
Paul Zweben, Licensed Associate RE Broker
paul.zweben@compass.com
Carolyn Zweben, Licensed Associate RE Broker
carolyn.zweben@compass.com
110 5th Ave, 2nd Floor
New York, NY 10003

Copyright @ 2024 The Zweben Team. All Rights Reserved. Privacy Policy. Powered by 23 Window Media.

The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.

cross