For Richard LeFrak,billionaire head of The LeFrak Organization,it's clear that business conditions are getting better.He sees it in his real estate and hotel businesses.There is also some improvement in his mall sales.
Indeed,they are ready to build a high-rise multifamily project on the New Jersey waterfront in March or April.They have to be a little ahead of demand.It's their first new development in two and a half years.
Mr.Lefrak is starting to see pretty good uptick in certain submarkets,the best of which is Miami.The majority of the buyers are coming from Latin America-all cash buyers looking for income.There's a vigorous demand everywhere in Miami.All those markets are red-hot.
Banks are a little more confident,ready to play with the borrowers.As conditions get better,the problem is shrinking of its own accord,and there's no supply coming on the market.All of these things make it look a little better,Mr.LeFrak observes.
The LeFrak Organization is a multifaceted holding company with extensive properties in New York,Los Angeles and London.
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