Quote:
Originally Posted by chris08876
Hopefully a key investor takes a majority of the stake and gets it done right.
And I'm usually very optimistic, almost bordering manic, but this project doesn't sit right with me. Just get the feeling that there will be setbacks.
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I do believe that is the plan,
Quote:
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The demolition and construction is projected to cost $7.5 billion. The Kushners are looking for a partner or partners to invest $3.3 billion, including $500 million from the Kushner family and others, who would own a 20 percent stake, according to Mr. Yolles, the company spokesman.
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Keep your eye out for that. Even some of the developments in the city that are already under construction have brought in or are looking for investors to take majority stakes, leaving the developer as primarily the builder. The wave of transactions in Manhattan by investors in skyscrapers, and the super prime location of this property leads me to believe that there will be major interests in this development.