[Fredslist] State of the Real Estate market

[Joshua Zinder]

Gotham,
I would like your opinion and any data you may be able to provide with regard to the following question.

I have a client with a redevelopment property that has been valued between 8 and 14 million depending on the zoning that the developer pursues (there are 2 possibilities).  We were about to send out an RFP to engage a developer partner when Covid struck they would like to send it out now but there is some concern about the softness of the market and the timing is poor to get the maximum value and the best deal for my client others have said it is not an issue for a project that will take 2-3 years of approvals and construction and the value for a developer should not be affected.  So  what are your thoughts?  Any real estate experts?  The property would be an apartment building with 30-60 units depending....

Thanks,

Josh

Joshua Zinder, AIA, LEED AP, NCARB
Managing Partner
2020 AIA-NJ President-Elect

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