Real Estate Deals Vanish in New York
- Builder-in-chief’s D.C. stumbles concern property investors
- Plunge in projects also stems from worries on overbuilding
New York developer Ziel Feldman plans two towers near the High Line, the park above a railroad track in Manhattan's Chelsea neighborhood. First scheduled for completion in 2018, the plan is now for 2019.
Photographer: Michael Nagle/BloombergReal estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue.
Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble.