Jeff Levine: 'Cockeyed Optimist'
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…
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.
thats a great reason for buying into a place, because the seller is a “smart guy”
my older clearly rich guy dentist in the burg said to me last week that he wants to sell his manhattan property and buy at the edge cause that “levine is one smart guy.” then, here levine is in the times. weird.
who knows what the future holds, but if that property survives this downtown, it will be a huge in the long run. it’s way beyond average if you look at the specs and the plans.
to me, it’s exciting to think of what the waterfront will look like if the bushwick inlet park comes thru and these developments create all this public waterfront space.
I hope you’re putting in concrete countertops though, because granite is so over!
Although, perhaps not in Jersey.
Ditto, your Jersey pad sounds dreamy.
http://www.urbandictionary.com/define.php?term=five%20head
Five-Head?
There’s one very good reason why he can’t drop his prices. He can’t.
The Banks that financed The Edge won’t budge on their agreed s/f price. That’s why they’re doing everything but lower their prices to sell.
So why won’t the banks change their policy? God knows.
lechacal, as someone who loves the neighborhood, I’ve always been really wary of the waterfront towers, partly because I don’t like high-rises, and partly because there’s just so much gdamn risk, and that’s the real issue here, I think. To address your “on the market” questions – it just seems to me they pumped so much into the marketing that it wouldn’t be a particularly beneficial move to pull out of the market now (compare with 111 Kent across the street – no listings out there anymore as far as I can tell). Second, if they really are getting a contract or two signed every week, well at least that’s something. At that rate, they actually won’t do that badly, though I’m a little suspicious about the accuracy of his statement, to be fair.
“…he has enough experience that I wouldn’t just dismiss his strategy so casually, even if I ultimately don’t have as much faith in it as he has…”
Bzzzzzzzzzzzz…
Accept highest bank-approved bid now or less later (minimize loss). No matter how smart you [Levine] THINK you are, you’ve never seen a boom/bust like this (once in lifetime). When Donald Trump files for Chapter 11, I don’t think he has masochism in mind.
***Bid half off peak comps***