Big Builders Jump Into ‘Financing Gap’ to Fuel NYC Construction Boom
- Silverstein has $4 billion pipeline just weeks after launching
- Void left by big banks, high yields are promising for lenders
3 World Trade Center in New York
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
New York developer Silverstein Properties Inc. built a $4 billion pipeline of real estate deals just weeks after starting. None of the money was for buildings it will own.
The developer of prominent New York city skyscrapers such as 3 World Trade Center has jumped into property lending as demand for financing grows and yields are more attractive. Silverstein set up its first lending venture earlier this month and already has a slew of potential deals going to projects in New York City. Others, including Oxford Properties Group, also have big plans to finance other builders.