Yes, Esperanza does mean hope in Spanish, but the word may amount to more than clever marketing this time, for the unfinished condo tower that replaced the last unfinished condo tower between Third and Fourth avenues.
Asbury Radio has learned from a major industry source that developers are sniffing around unfinished condo developments searching out bargains, but they have to be big bargains.
The major costs in these large projects are getting the project in the ground, said the source, and clearing hurdles such as zoning approvals.
But what about bank funding, which is almost impossible for buildings that aren't completed? These developers are working on mainly private investment financing.
Somebody call Dean Geibel and let him know...
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