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The Anti-Donald's Railyards Dreams

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Who's going long real estate in this market? Related Companies' Stephen Ross recently raised outside financing of $1.4 billion from investors such as Goldman Sachs and the Abu Dhabi sovereign-wealth fund. He's building several huge city developments, including one of the largest projects imaginable--a multibillion dollar transformation of the 26 acre West Side railyards property.
Meghan Keane describes Ross as "the anti-Trump" at "He has no reality shows, doesn't date supermodels, and has only been married twice," she writes.
How did Ross get Goldman and Abu Dhabi to put in some much equity? It looks like his success with the Time Warner Center played a major role. The average price per square foot in the TWC is now twice what it was in 2000, despite everything that has happened in real estate. If you're going long real estate, Ross probably looks like a good bet. The total price tag for the development of the railyards is said to be around $3.4 billion, a number which will undoubtedly grow given the way New York city development projects tend to multiply costs.

The Anti-Donald


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