Steve Witkoff isn’t known for pulling punches. And he wasn’t about to start today.
“I believe that we’re going to see some real distress,” the developer said Tuesday, sounding alarm bells over the state of New York’s new development market.
Speaking about the new development market at Weiser Mazars’ Commercial Real Estate Summit, Witkoff said “Miami is a brewing storm and it’s going to get even worse out there (…) and I think in part we’re going to see it in New York.” His firm, he claimed, tracks at least 15 new projects in New York that sell just one percent of their units per month.
“That’s a 100-month sellout. Unless you’re MaryAnne Gilmartin or Larry Silverstein you can’t withstand a 100-month sellout.”
Gilmartin, the CEO of Forest City Ratner, and Marty Burger, CEO of Silverstein Properties, happened to share the stage with Witkoff for the panel, which also included Howard Hughes Corp. CEO David Weinreb, Ackman Ziff’s president Simon Ziff, and Cole Schotz attorney Leo Leyva.
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