NYC’s Condo Glut Gives Boost to Silverstein’s Lending Business
- Developer sees opportunity as luxury market struggles
- Financing business could rise to over $1 billion in 2020
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New York City’s struggling luxury condo market is providing a prominent developer with an opportunity to expand the lending unit it launched last year.
Silverstein Properties Inc., looking to double its lending business to more than $1 billion in 2020, is eyeing so-called inventory loans in Manhattan neighborhoods like Gramercy, Tribeca and Midtown East, according to Michael May, president of Silverstein Capital Partners.