Mar
30
Developer of Planned NYC Mosque Sees Further Luxury-Condo Growth
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`There’s still a lot of momentum’ for units, El-Gamal says
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Islamic center replaced last year with residential tower
The developer who wanted to build a mosque near the World Trade Center in lower Manhattan, later replaced with plans for a 70-story condominium tower, said the New York luxury residential market still has room to grow despite signs of overbuilding.
“There’s still a lot of momentum and a lot of growth and opportunity in New York,” Sharif El-Gamal, chairman and chief executive officer of New York-based Soho Properties, said in an interview with Bloomberg Television in Toronto. “If you look at the statistics of ’06 and ’07, we’re nowhere near the peak of product that we had. We’re nowhere near the specific milestones that we had when we hit the peak.”…
Developer of Planned NYC Mosque Sees Further Luxury-Condo Growth
