Y. David Scharf Quoted on Project to Build Luxury Condo on Fifth Avenue
May 18, 2017 - Morrison Cohen Partner Y. David Scharf is quoted about a project by developer Boris Kuzinez to build a 928-foot-tall luxury condominium on Fifth Avenue in the Flatiron District in the article “Boris Kuzinez takes the Fifth” that appeared in The Real Deal on May 18, 2017. Yet to secure a local equity partner for the tower, which would be Manhattan’s tallest tower between Midtown and Downtown, David comments on how foreign investors usually team with U.S. investors to build projects of this scale.
Y. David Scharf, an attorney who’s done workouts involving foreign real estate clients, said doing the project solo would be unprecedented.
“The Chinese money we saw coming in four or five years ago, we saw them teaming up with U.S. investors, same thing with Middle Eastern money,” he said. “Certainly with the magnitude of a 1,000-foot tower, I don’t think we’ve seen any foreign investors really do that alone.”