Thomas Kearns Quoted in The Real Deal on Problems Faced by Manhattan Developers During COVID-19

Olshan Real Estate partner Thomas Kearns was recently quoted in an article in The Real Deal on the problems Manhattan developers are facing in the COVID-19 era including developer HFZ Capital Group whose challenges have been in the news. “I’m not sure it’s great for anybody to have a big flameout …, including the lenders,” Mr. Kearns commented. “I think there’s a lot of other distress going on that people are working on quietly, behind the scenes.” At the XI, the firm’s flagship project, the West Chelsea luxury condo and hotel spanning a full city block, Real Deal reported that sales have slowed and construction has stalled as a result of the pandemic, making it unclear when buyers will be able to move in. Mr. Kearns remains hopeful that sales at the XI will survive the pandemic with no serious repercussions: “I think people have short memories on this stuff. Particularly if it’s a spectacular location.”