Billionaires’ Row isn’t for everyone.
The Related Companies has no interest in doing condominium deals on or around the crowded 57th Street corridor, CEO Jeff Blau said at a panel event held at the 92nd Street Y on Tuesday.
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“We don’t have any buildings there on purpose, ” Blau said. “We thought it was really more gambling than investing.”
The gamble? The Billionaires’ Row market is simply too dependent on interest from foreign investors, whose appetites are easily dampened by turmoil in the global markets.
“It was very dependent on what was going on around the world, ” Blau said. “When you develop, you start in one market and you end in another market and you don’t know what could happen between those two points. It could make a deal work or not.”
