e with vision and guts and ability to see that it’s a good move,” she said. Once that happens, I think others will do it.
High land prices don t exactly encourage variety in development, instead leading developers to build condo towers. Walentas said the city needs to do more to curb the volume of condo development.
The mostly residential-only mega projects that have been built around the city are basically terrible, Walentas said. They are suburban, uninteresting places. Not from an investor standpoint, or even if you live there, but in terms of making the city a more interesting and dynamic place, it doesn t contribute a lot.
Walentas said Brooklyn is also under-retailed. He acknowledged that the sector is struggling in the city but said that was simply because landlords expectations went fucking insane.
He said retail opportunities will persist in the city because people still want to interact with one another. Walentas likened the evolution of retail to a fight he used to have with his father about whether or not New York City was going out of business because of advances in technology.
He was like, they have a thing called the fax machine, and this thing called the computer. And who the fuck would stay in New York and get mugged and get accosted on the subway and get pissed on? Walentas joked. You can go to Austin, Texas, or Seattle and play golf every afternoon. Send everything on the fax machine.’
I was like, ‘nah.’
Tags: Commercial Real Estate, jed walentas, maryanne gilmartin
We are having some technical difficulties. Try again later.