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iStar money and the Superblock

Just a little perspective on iStar, proposed Superblock builder. According to their web site, they've made "approximately $35 billion of completed financing transactions" since their formation in 1993. This year's Nassau County budget was appx $2.8 Billion. So I'd estimate that iStar has handled more money than the entire Nassau County government has in the same period. iStar's 2012 Annual report says their "current portfolio" is $6.1 Billion. It also states -

"Our residential operating assets consist of luxury condominium projects across the U.S. Our strategy has been to complete unfinished developments, reposition and reintroduce the assets to the market, with a goal of selling out the projects at significantly improved economics."

I think since the City "settled" on the rights, iStar can call the shots. The only reason I hope they will compromise on the scope of the towers is that it would serve them as good P.R. Us screamers might be a tiny little smidgen of bad P.R. Of course the Superblock should be developed, but putting both the financing and building in the hands of this one company concentrates an awful lot of power. Luckily, iStar is in the business of making money, so I doubt their project will flop. But of course the problems about LB infrastructure, etc will not concern their bottom line. Neither will the nature of the tenants, as long as the rent is paid. Neither will the effect on the neighbors, the water table, the shadows etc etc etc. Hopefully, somebody in some level of government will have the spine to enforce the codes that are already on the books.

Information from http://www.istarfinancial.com/

Feel free to re-post this info on other boards or check it out for yourself.

Penquin February 14, 2014 at 08:51 AM
Thanks BeachBingo -= I saw that last night - makes for good learning. Bob - I love your posts. I started to scream because the real questions were not being answered - everything glossed over - hunky dory. I asked straight financial questions. Planning that any business would do with a new "acquisition."
Penquin February 14, 2014 at 08:56 AM
I knew they were a public company, but that's all I knew. Fitch bond rating. Beach/Bob - any advice as to how to learn more about them? Thank you
Penquin February 14, 2014 at 09:25 AM
I asked this question on another thread.... Does Fema/Flood insurance require the building to be built on a podium - just as residential developments? If so, that extra 10-20 feet are not taken into account in the proposal which is 10ft x 16 floors. Look at the picture. Looks raised up. Thank you guys. How did you learn its a pump and dump. Thanks again!
Sent from my Lear Jet February 14, 2014 at 10:45 AM
From last sentence here:http://longbeach.patch.com/groups/opinion/p/superblock-reminder#comment-41227663
Penquin February 14, 2014 at 11:40 AM
Thank you LJ

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