Rendering of Millennium Tower in Downtown Crossing
Ron Druker of The Druker Company wonders, is it luck or skill with successful real estate projects?
From Bisnow:
Condos are a tricky business, especially compared to the reliable apartment…there’s a limited window for selling the units, Ron tells us. The developer who misses it can have trouble. Even when the project goes according to plan, Ron says, the risk is high and the reward may not be great. Sales can be strong, but the revenue is booked as ordinary income, which means that taxes can take a big bite. He says he was lucky twice: with The Heritage on the Garden in Back Bay and Atelier 505 in the South End. “I’m not sure I would be so again and choose not to tempt fate.” He’s also not about to build a big office/mixed-use project on spec.
You can read the full article on Bisnow’s website, here.