El Nino is finally here and we’re pretty well prepared, at least with respect to the existing portfolio. But, unsurprisingly, construction workers generally don’t love working in the rain. And that confronts us with an irritating dilemma. We can: Suck up the resulting construction delays; or Bonus the workers (either directly or via their employing
And… we’re back. As you know, we’re in the process of “rehabbing” a 4plex in Echo Park right now. I say “rehabbing”, because it’s effectively new construction, as you will see below. When we started this project, I was mentally prepared to treat it like a standard rehab deal, except with slightly more risk and
Here’s a question that’s been popping up all over the place: Why do developers only build apartments for the rich? The answer, as with most things in our business, is in the math. Imagine you can buy enough land to build 10 units for $1MM, or $100,000 per unit. Let’s say you have two options:
Am unreasonably excited today because we got the drawing below via email from our architect: That’s his first crack at the interiors on the new fourplex we’re building in Highland Park. Now, I’m quite certain that Jon is going to have a field-day marking this baby up (for example: that kitchen is pretty damn small!).
Here’s a ridiculous example of NIMBYism ruining our city. You ought to be able to build lots of apartments in already-dense areas on major commercial streets near subway stations. If you can’t build them there, where should you be able to build them? And, if someone wants to an answer “nowhere”, then that person has to be honest