No profit, no project: Reynoso tries to demystify development
A basic fact not well understood by the public and politicians is that developers must raise money for their projects — and cannot if the expected return doesn’t compensate for investors’ risk. In other words: No profit, no project. One elected official who gets it is Brooklyn Borough President Antonio Reynoso, a congressional candidate and unofficial member of the city’s YIMBY movement. I was impressed to see this sentence in his conditional recommendation of Monitor Point, a 1,150-unit project on the Greenpoint waterfront planned by the Picket family’s Gotham Organization: “Initial lending of capital is contingent on the developers demonstrating […]
This article originally appeared on The Real Deal. Click here to read the full story.
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