Developer Ross Says Real Estate At ‘Best Moment’ in History
Wall Street is jittery about the fallout from a meltdown in the subprime lending industry, a slowdown in consumer spending, and a sagging retail sector.
But for master developer Stephen Ross, the chairman, chief executive officer, and founder of the Related Cos., the economy couldn’t be better.
“From the real estate perspective, this is the best moment in the history of the United States,” Mr. Ross said to a New York Law School group yesterday. “I wish we could freeze it in time because you know it can’t get any better.”
Mr. Ross is the new chairman of the Real Estate Board of New York, a powerful local industry trade association that traditionally excels in hyping the city’s real estate market. During his address to New York Law School’s Center for Real Estate Studies, Mr. Ross described a national and local real estate scene that is as good for developers as it has ever been.